Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.
| Return Reference | Explanation |
|---|---|
| Form 990, Header, Line A | The YPO Gold Euro Chapter is a separate corporation from the Young President's Organization Inc. (12-1770417) but is included in its 501c6 blanket exemption number 7096. In April 2017, the Chapter was incorporated in Pennsylvania after having previously been domiciled in Sweden. Most of the Chapter members are European and most of the Chapter events are held in Europe. The Chapter accounts are denominated in euros and euro funds are held at the Wise Europe SA Bank in Brussels, Belgium. The US dollar account is held at PNC Bank NA in Pittsburgh. |
| Form 990, Part V, Line 4a | Since most of the Chapter members and events are in Europe, a euro account is maintained with Wise, an internet wire transfer platform with its associated commercial bank located in Belgium. |
| Form 990, Part VI, Section A, Line 8b | There are no committees with authority to act on behalf of the governing body. All decisions are made and directed by the Board. Minutes of each Board meeting are written up and distributed to the Board and any other interested member. |
| Form 990, Part VI, Section B, Line 11b | A draft of Form 990 and required schedules is prepared and reviewed by the Treasurer of the Chapter. Upon completion of this review, a complete copy of Form 990 and related Schedules is provided to each member of the Board in advance of filing with the Internal Revenue Service. |
| Form 990, Part VI, Section B, Line 12c | At the end of every fiscal (calendar) year, when the new Board is constituted, a questionnaire is provided to each Board member which must be completed to identify any conflicts with the organization. If a conflict is noted, the individual Board member shall not vote or use his / her personal influence on the matter which gives rise to the conflict. |
| Form 990, Part VI, Section C, Line 19 | The Chapter makes its governance documents, financial statements, and conflict of interest policy available to the public upon request. It is also available on the Internal Revenue website. |
| Form 990, Part IX, Line 11a | A part time Chapter administrator, living in Berlin, Germany, provides services to the Chapter. Due to a maternity leave, an additional part time administrator, living in Amsterdam, Netherlands is a temporary replacement. |
| Form 990, Part IX, Line 24a - 24d | Since the Chapter invoices event participants approximately one year in advance, the fees collected are not recorded as income but rather are recognized as deferred revenue. A corresponding deferred program expense is recorded. Event delays related to covid, pushed that out to two to three years in advance since events were postponed. Depending upon the balance at the end of the year, this amount is adjusted to actual at the end of the fiscal year and offset by any prepaid future program expenses. This amount had become larger than normal due to the event postponed by covid travel restrictions. There had been prepaid fees for three events including the two events held in 2022 and a third to be held in 2023. Members are permitted to cancel attendance and request fee refunds prior to the events, sometimes creating negative program fee amounts within a fiscal year. |
| Form 990, Part X, Line 19 | Deferred revenue is generated when Event Fees and Program Service Fees are collected in years prior to the event or activity. It is customary for the Chapter to invoice attending members 12 to 15 months prior to each event. |
| Form 990, Part XI, Line 9 | All Chapter accounting is in euros. Changes in the IRS published exchange rates can create book gains and losses. With the relative strength of the dollar relative to the euro in 2022, the Chapter enjoyed a large gain since most funds are held in US dollars at PNC Bank NA. and nearly all expenses are denominated in euros. Some of this gain has already been reversed in the 1st quarter of 2023. |
| Software ID: | 22015720 |
| Software Version: | v1.00 |