Southern Tier AIDS Program Inc.

“Special events expenses 57,287.”

“Special events expenses 57,287.”

“Amount represents special event expense.”

“In april 2020, stap entered into an arrangement with a bank under the auspices of the paycheck protection program (ppp) established by the coronavirus aid, relief & economic security act (cares act) through which stap received $550,000. This arrangement is evidenced by a loan agreement that includes provisions whereby the loan balance can be fully or partially forgiven based on stap's use of the funds, maintenance of its personnel complement, and compliance with certain reporting elements to the bank in accordance with the requirements of the ppp program. Stap has elected to account for its ppp arrangement as a conditional contribution, meaning that revenue is recorded as the conditions meeting the requirements for forgiveness are met. Ultimately, forgiveness will be adjudicated by the bank and approved by the u.s. Small business administration (sba). The final outcome of whether this arrangement will be forgiven has not been determined as of the date these financial statements were available to be issued. Stap expects this determination to be made during its fiscal year ending june 30, 2021. Through june 30, 2020, stap estimates that it administered the proceeds of its ppp arrangement and managed its staff complement in a manner that met the conditions for forgiveness for $374,281 of the balance received under the ppp arrangement. This amount is recorded in government grants income in the accompanying form 990, part viii, line 1e. The remaining balance of $175,719 is recorded as refundable advances liability on the accompanying balance sheet as of june 30, 2020. These estimates, while considered reasonable, are subject to change based on stap's administration of its ppp arrangement subsequent to year-end. Under the terms of the ppp loan agreement, any balance related to this arrangement that is not ultimately forgiven will be repayable in monthly installments including interest at 1%, starting on the date the determination of an unforgiven balance is made. No payments would be required if the determination is made that the advance is fully forgiven by the lender and the sba.”