Pine Street Inn Inc

“The board also includes three members who are life trustees and do not have voting rights.”

“The 990 is prepared by the organization's independent auditors. It is reviewed by the cfo, who staffs the audit and finance and investment committees, and the treasurer, who is a member of the board of directors. The 990 is distributed to the full board of directors prior to filing and the cfo and treasurer review the document with the board at a regularly scheduled meeting.”

“There is an annual questionnaire that is given to these officers, directors, and trustees to disclose interests that could give rise to conflict.”

“With a goal of setting and maintaining reasonable compensation for all highly compensated positions, pine street's process includes a periodic comprehensive compensation review of all executive level positions, including the executive director's. This analysis is conducted by an independent party and includes an in-depth review of pine street's executive compensation as compared with similar organizations. In between this study, compensation of senior level positions are compared to industry data as needed but at least on an annual basis.”

“The governing document and the annual combined financial statements are available to the public as a result of filings with the commonwealth's secretary of state and attorney general. The conflict of interest statement is available upon request.”

“Other professional fees: program service expenses 7,693,326. Management and general expenses 2,427,973. Fundraising expenses 42,129. Total expenses 10,163,428.”

“The audit/finance committee assumes the responsibility for oversight of the audit of its combined financial statements and selection of an independent audit firm.”

“During fiscal year 2025, management determined that net assets without donor restrictions and deferred revenue were misstated in previous years. This misstatement resulted from the december 2021 sale of property located at 3368 washington street (the lyndia). At the time of the sale, the organization entered into a services agreement with the buyer, requiring the establishment of a services reserve to fund future supportive housing activities at the property location when placed into service by the new owners. Of the total reserve amount, $3.5 million was to be funded from a portion of the proceeds from the sale. These proceeds were originally recognized as a gain on sale of property in fiscal year 2022. In accordance with the services agreement, the proceeds should have been recorded as deferred revenue to be earned as services are provided as specified in the services agreement.”