Long Island Association for AIDS Care Inc

“A copy of the form 990 is provided to the governing body and is reviewed and approved before the tax return is filed.”

“On an annual basis, the organization monitors its compliance with its conflict of interest policy by asking all board members if they have any conflict of interest with the organization.”

“The organization reviews the compensation of the officers and key employees and then compares them to similar data from other organizations annually.”

“The organization makes its governing documents available upon request and on its website.”

“The organization's cdc grant term ended in march 2022 and was not renewed, and the samhsa grant term ended in september 2022 and was not renewed. The loss of these grants resulted in a lack of feasibility to continue to sustain operations. A liquidation plan was developed and approved by the board of directors on october 27, 2022, and liquidation was imminent as of that date. The organization anticipates dissolving once its final debts and obligations are fulfilled. Management is continuing to manage the closure and wind-down process. Dissolution is anticipated during 2024. Given this information, the liquidation basis of accounting has been adopted as of the date the liquidation became imminent, october 27, 2022. Actual and expected closedown costs through 2023 and 2024 have been accrued at december 31, 2022 as it relates to the liquidation of the organization. Such costs total $844,285 and are primarily inclusive of salaries and wages, fringe benefits, occupancy costs, consultants and contractual services, and administrative expenses. Additionally, revenue expected to be received in 2023 as it relates to the liquidation of the organization has been accrued at december 31, 2022. Such revenues total $41,298 and are primarily inclusive of medicaid services revenue and contributions. Additional closedown costs were recorded to account for the write off of assets, including security deposits and property and equipment, net of accumulated depreciation, as well as the adjustment of the life insurance policy to net realizable value. The total closedown costs amounted to $883,503 and are shown on the statement of functional expenses.”

“The audit committee is responsible for the review of the audited financial statements and selection of an independent auditor. This process has not changed from the prior year.”