Q Place

“The Executive Committee consists of the officers of the corporation and other persons as required. The Executive Committee has the authority to act on behalf of the Board in the event of crisis, appoint a temporary Chairperson to preside at a meeting of the Board in the absense of the Chairperson, and take such other actions as may be requested by the Board except for filling vacancies in the Board or amending the Articles or Bylaws.”

“The Form 990 is prepared by an independent CPA firm, reviewed in detail by the Executive Director and audit committee, and then presented to the full board prior to being filed with the IRS.”

“Trustees and officers are required to annually report conflicts of interest and are advised to seek guidance from the board chair regarding any potential or pending actions that may create a conflict of interest. The conflict of interest declaration statements are reviewed by the board chair and reported to the board of trustees. Should any potential conflicts of interest be disclosed, the board member or officer would be asked to refrain from participation in any deliberation or decision with regard to matters affected by the relationship.”

“Line 15a - The organization is in the process of implementing a compensation determination process for the Executive Director. This question will be answered "yes" on the 5/31/2019 tax return. Line 15b - The organization did not compensate any other officers or key employees. Therefore, this line was answered no in accordance with the instructions.”

“The governing documents, conflict of interest policy, and financial statements are available upon request.”

“In accordance with the principles of FASB ASU 2016-14 (ASC 958), the organization has implemented required changes to its audited financial statements for the period ended 5/31/2019. To date, Form 990 and its associated schedules have not been updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Part X, Lines 27-29: Line 27 - Net assets without donor restrictions -$ 87,877 Line 29 - Net assets with donor restrictions $ 365,006 Total net assets $ 277,129”

“The organization's Board assumes responsibility for oversight of the audit of its financial statements and selection of its independent accountant. This process has not changed since the prior year.”