Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.
| Return Reference | Explanation |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 2 | BOARD MEMBERS WILLIAM THOMAS AND ROBERT THOMAS HAVE A FAMILY RELATIONSHIP. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE FORM 990 WAS PREPARED BY THE OUTSIDE ACCOUNTANTS AND REVIEWED BY SENIOR MANAGEMENT AND THE ASSOCIATION'S AUDIT COMMITTEE. THE FORM 990 WAS E-MAILED TO THE EXECUTIVE COMMITTEE OF THE EXECUTIVE BOARD BEFORE IT WAS FILED WITH THE IRS. |
| FORM 990, PART VI, SECTION B, LINE 12C | STAFF AND BOARD MEMBERS ANNUALLY DISCLOSE POTENTIAL CONFLICTS OF INTEREST. THE ASSOCIATION TAKES CONFLICTS OF INTEREST SERIOUSLY, BUT DOES NOT CURRENTLY HAVE AN AUTOMATIC RESPONSE/PENALTY. EACH SITUATION IS CONSIDERED UNIQUE AND DEALT WITH BY THE EXECUTIVE COMMITTEE AND/OR PRESIDENT, AS WARRANTED. |
| FORM 990, PART VI, SECTION B, LINE 15A | THE EXECUTIVE COMMITTEE PERIODICALLY USES AN INDEPENDENT COMPENSATION CONSULTANT TO CONDUCT THE PRESIDENT'S SALARY REVIEW AS PART OF THE UPDATING OF THE EMPLOYMENT AGREEMENT WITH THE PRESIDENT. THIS PROCESS INCLUDES THE USE OF COMPARABILITY DATA. THE COMMITTEE IS ALSO INVOLVED IN THE BUDGET PROCESS AND ULTIMATELY HELPS TO DECIDE ANY ADJUSTMENTS MADE TO STAFF COMPENSATION. RECORDS ARE KEPT DURING THE REVIEW PROCESS AND A MEMO IS SENT TO THE PRESIDENT'S PERSONNEL FILE WITH THE COMMITTEE'S FINAL RESULTS. THE LAST COMPENSATION REVIEW TOOK PLACE IN NOVEMBER 2020. |
| FORM 990, PART VI, SECTION C, LINE 19 | INDIVIDUALS WHO WISH TO VIEW THE FINANCIAL STATEMENTS, GOVERNING DOCUMENTS, OR CONFLICT OF INTEREST POLICY CONTACT THE PRESIDENT AND ARE PROVIDED WITH COPIES OF THE REQUESTED DOCUMENTS. |
| FORM 990, PART XI, LINE 9: | PPP LOAN FORGIVENESS -118,045. |
| FORM 990, PART XI, LINE 9 | PAYCHECK PROTECTION PROGRAM. THE PROMISSORY NOTE CALLED FOR MONTHLY PRINCIPAL AND INTEREST PAYMENTS AMORTIZED OVER THE TERM OF THE PROMISSORY NOTE WITH A DEFERRAL OF PAYMENTS FOR THE FIRST TEN MONTHS. DURING THE YEAR ENDED DECEMBER 31, 2021, THE ASSOCIATION EXPENDED AND TRACKED THE PPP FUNDS FOR PURPOSES OUTLINED IN THE CARES ACT GUIDANCE AND MET ALL CONDITIONS SET FORTH FOR FULL FORGIVENESS. ACCORDINGLY, UNDER GUIDANCE FOUND IN FASB ASC 958-605, THE ASSOCIATION RECOGNIZED THE PPP FUNDING AS A CONDITIONAL GRANT BY WHICH ALL CONDITIONS HAVE BEEN MET. THE ASSOCIATION DEEMED THE FORGIVENESS BY THE SBA TO BE HIGHLY PROBABLE, AN ADMINISTRATIVE TASK ONLY, AND NOT A BARRIER TO RECOGNITION. THE FULL AMOUNT OF THE GRANT WAS RECOGNIZED AS GRANT INCOME IN THE STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS DURING THE YEAR ENDED DECEMBER 31, 2021. ON JANUARY 11, 2022, THE ASSOCIATION RECEIVED NOTIFICATION THE TOTAL AMOUNT OF THE PPP FUNDS WERE FORGIVEN BY THE SBA. THEREFORE, THE FUNDS ARE RECOGNIZED ON THE 2022 990 IN ACCORDANCE WITH IRS INSTRUCTIONS. |
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