American Baptist Foundation

“The organization's form 990 is reviewed by the executive director who is assisted in the process by the controller before filing with the irs.”

“All employees are required to sign a conflict of interest statement. Compliance with this policy is monitored on a consistent basis by the board of directors. If any potential conflict arises, the board immediately makes it known to the person(s) involved.”

“The compensation of the president and other organization officers is determined by the board of directors using all relevant information that is readily available.”

“The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request.”

“Distributions from endowment -1,649,722. Change in value of split interest agreements -27,786.”

“The organization has a committee that assumes responsibility for the oversight of the audit of its financial statements and the selection of an independent auditor. The process has not changed from the prior year.”

“An amended form 990 is being filed for the year ended december 31, 2019. The return is being amended due to the fact that the original form was filed using audited financial statements which were not finalized. The financial statements were finalized on january 5, 2021, which is subsequent to the november 15, 2020 extended filing deadline for the form 990. There were a few numbers on the final audited financial statements that changed from the numbers shown on the draft financial statements that were used to prepare the original form 990. Summary of changes to the form 990: 1. Part x, balance sheet: accounts payable and accrued expenses on line 17 increased from $40,777 to $320,777. This caused total liabilities on line 26 to increase from $100,896,280 to $101,176,280, total net assets without donor restrictions on line 27 to decrease from $5,108,272 to $4,828,272 and total net assets or fund balances on line 32 to decrease from $56,162,020 to $55,882,020. 2. Part ix, statement of functional expenses: total management and general expenses on line 25, column (c) increases from $824,758 to $1,104,758. Due to the addition of $280,000 of settlement expenses on line 24a. 3. Part xi, reconciliation of net assets: line 2, total expenses increase from $2,273,737 to $2,553,737. This causes line 10, net assets or fund balances at end of year to decrease from $56,162,020 to $55,882,020. 4. Schedule d, part xii, reconciliation of expenses per audited financial statements with expenses per return: line 1, total expenses and losses per audited financial statements increased from $3,923,459 to $4,203,459. This causes line 5, total expenses to increase from $2,273,737 to $2,553,737.”