Greater Providence Young Mens Christian Association

“The bylaws were amended during 2014. Significant changes made to the bylaws during 2014 are as follows. More than 50% (previously 1/3) of the membership of the board of directors shall constitue a quorum for the transaction of business at any time. In addition, the notion of members was removed whereas instead of the board of directors appointing themselves, the governance committee shall provide a slate of recommended directors to serve as officers of the board. The board of directors shall also accept nominations from the floor and elect a slate of officers at the annual meeting.”

“The audit committee, which is a sub-committee of the board of directors, reviews the form 990 in detail and provides a high level report to the board of directors or their designee prior to the 990 being filed. A draft copy of the form 990 is provided to each member of the board of directors. A copy of the final form 990 report is made available to the members of the board of directors upon his/her request.”

“The conflict of interest policy is being monitored on a case by case basis where any material transaction with the related party is presented to the board for review and approval. Annually, key employees and the board of directors are asked to fill out and sign a conflict of interest statement.”

“A review of officer and executive director compensation lies with the executive committee. On an annual basis, the vp of human resources submits a salary survey that is shared with the executive committee.”

“The organization makes their governing documents, conflict of interest policy and financial statements available to the public upon written request.”

“Unrealized loss on perpetual trust -101,882. Unrealized gain on interest rate swap contract 40,724.”

“The audit committee of the board of directors is responsible for the complete oversight of the annual audit of financial statements.”

“Change in accounting principle in april 2015, the financial accounting standards board issued accounting standards update no. 2015-03, interest - imputation of interest, which simplifies the presentation of debt issuance costs. The amendments change the presentation of debt issuance costs from an asset to a direct deduction of the debt on the accompanying statement of financial position. In addition, the amortization of debt issuance costs is now included in interest expense rather than amortization expense in the accompanying statement of functional expenses. This asu is effective for annual periods beginning after december 15, 2015. The organization has elected early adoption of the amendments for the year ended december 31, 2014. The amendments have been retrospectively applied. As a result, debt issuance costs of $130,553 have been reclassified from assets to a direct deduction of the debt in the statement of financial position as of december 31, 2013, and $4,515 of amortization expense has been reclassified to interest expense in the statement of functional expenses for the year ended december 31, 2013.”