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 determination 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 $4,846 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.”

“On may 3, 2020, llp received loan proceeds in the amount of $9,128 under the paycheck protection program. On february 8, 2021, llp received a second round of funding under the paycheck protection program in the amount of $9,327. Under the coronavirus aid, relief, and economic security act (cares act), the promissory notes must be used for certain expenditures within a 24-week period to ultimately be forgiven by the small business administration. During the year ended december 31, 2021, llp expended and tracked the ppp funds for purposes outlined in the cares act guidance and met all conditions set forth for full forgiveness. Llp received notification the total amount of the ppp funds were forgiven by the sba on april 1, 2021 and december 8, 2021, respectively. Accordingly, llp recorded revenue from extinguishment of debt in the amount of $18,455 during the year ended december 31, 2021.”

“Consultants: program service expenses 17,562. Management and general expenses 0. Fundraising expenses 0. Total expenses 17,562. Security: program service expenses 1,057. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,057. Professional consulting fees: program service expenses 95,623. Management and general expenses 1,704. Fundraising expenses 335. Total expenses 97,662.”

“Exchange rate loss -24,074.”