Gba Ships Florence Inc.

“Form 990 is prepared by an independent CPA firm and reviewed in detail by the organization's top management. The reviewed Form 990 is then provided to the board of directors prior to filing with the IRS.”

“Lines 15a & 15b - As part of OM International, there is an HR Area Leader who reviews and approves the compensation of officers, which is documented. The HR Area Leader is not part of the GBA Florence Inc. legal entity. This person provides oversight to the HR processes and would independently review the salary system and the individual salaries of any officer to be sure they were comparable to other similar positions, and must be completed before a salary is set.”

“Required disclosures are available upon request to the companies' offices.”

“As referenced for Part V, Line 2a & 2b, employees are employed by an affiliated organization and shared with GBA Ships Florence, these individuals are covered under the affiliated exempt entity's conflict of interest policy. Conflict of interest statements are signed annually and reviewed by the affiliated entity.”

“Compensation reported in Part VII, column D is the amount reported on the individual's W-2, box 1 or 5 (whichever amount is greater) per the IRS instructions. In the case of minister's compensation when box 5 of the W-2 is not applicable, box 1 compensation is used. Employee deferrals to qualified retirement plans are normally captured in box 5, not box 1 of Form W-2. For reporting purposes we have included the minister's retirement plan deferrals in Part VII, column F.”

“Form W-3 is not filed by GBA Ships Florence. The organization uses employees of an affiliated exempt entity. The organization reimburses the affiliated entity for the employees' compensation. The number of employees reported on Form 990, Part V, Line 2a is the estimated number of individuals who worked with the organization.”

“The primary program of the organization is to provide literature resources to the Logos Hope "Ships Ministry." As such, the majority of expenses related to this program activity is reported on Part VIII, Line 10b. If those expenses are added to the expenses reported in Part IX, Column B, the total program expense to total expenses ratio would be 80.52%.”

“Currency Revaluation 388.”

“This amount is a change in foreign currency valuation for the year being reported. Foreign Curreny Revaluation - $388”