Lubuto Library Project Inc.

“The form 990 is prepared by the outside accountants and is then reviewed by the president of the organization.”

“In the event that the board or committee determines that a conflict of interest exists, the organization may enter into the transaction or arrangement at issue only after the following procedures have been followed. (a) after exercising due diligence, the board or committee shall determine whether the organization can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. The board chair or committee chair may, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. (b) if a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the board or committee shall determine by a majority vote of its disinterested members whether the transaction or arrangement is in the organization's best interest, for its own benefit, and whether it is fair and reasonable. The interested person may be counted in determining the presence of a quorum of the members of the board or committee. In conformiity with the above detennination it shall make its decision as to whether to enter into the transaction or arrangement.”

“The president of the organization typically serves without compensation. In certain years, a grant may fund an amount for her services. In the current year, she received $3,168 that was funded by a grant from a donor. Other salaries are set through the budget process.”

“The financial statements and form 990 are posted on the guidestar website. The governing documents and conflict of interest policy are available upon request.”

“Management services : program service expenses 0. Management and general expenses 9,414. Fundraising expenses 0. Total expenses 9,414. Consultants: program service expenses 2,954. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,954. Security: program service expenses 2,018. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,018. Professional consulting fees: program service expenses 83,625. Management and general expenses 0. Fundraising expenses 0. Total expenses 83,625.”

“On may 3, 2020, llp received loan proceeds in the amount of $9,128 under the paycheck protection program. The promissory note calls for monthly principal and interest payments amortized over the term of the promissory note with a deferral of payments for the first six months. Under the coronavirus aid, relief, and economic security act (cares act), the promissory note may be forgiven by the small business administration in whole or in part. Llp intends to use the proceeds for purposes consistent with the paycheck protection program and believes that its use of the loan proceeds will meet the conditions for forgiveness of the loan. On april 1, 2021, llp received forgiveness of their loan under the paycheck protection program by the sba in the amount of $9,128. There are no further requirements regarding this funding and llp intends to record the amount forgiven as revenue from debt extinguishment during fiscal year 2021.”

“Exchange rate loss -14,146.”