Preservation Buffalo Niagara

“The organization is a membership corporation under state law”

“The members of the organization have the power to elect members of the governing body.”

“A draft copy of the form 990 is reviewed by the finance committee. Upon approval by the finance committee the members of the full governing body (i.e. The board of trustees) are provided access to the return for approval prior to filing.”

“Should there be any possible conflict of interest on the part of any director, such conflict shall be made known to the other directors and made a matter of record. Once the conflict of interest is disclosed, the director may give pertinent information, but may not vote and shall not be counted in determining the quorum for the meeting. The minutes shall reflect that a disclosure was made, the abstention from voting and the quorum situation. The executive director oversees the monitoring and implementation of the compliance plan. She ensures that the compliance plan is maintained, consistent with federal and state and/or other applicable statutes.”

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

“Process has not changed during the current year.”

“The organization's audited financial statements for the year ended december 31, 2012 were restated to record a grant receivable which should have been included in current assets at year end. The following were the impacts of this restatement to the prior year financial data: 1) grants receivable in the amount of $44,500 reported on part x, line 3 -- this also increases part x, lines 16, 27, 33 and 34 as well as part i, line 20. 2) after evaluation of restrictions on net assets, form 990, part x, lines 27 through 29 were adjusted as appropriate. 3) contributions and grants reported on form 990, part i, line 8 (prior year column) increased from $290,213 to $304,713. 4) schedule a, part iii, line 1 2012 column also changed from $290,213 to $304,713. This increased the prior year public support percentage from 99.01% to 99.03%.”

“During the 2013 year, the organization realized that their public charity status as reflected on schedule a, part i was not consistent with their exemption application and determination letter issued by the irs. Based on the irs determination letter the organization's public charity status is under sections 509(a)(1) and 170(b)(1)(a)(vi). As a result, for 2013 we have appropriately checked schedule a, part i, box 7 and complete part ii to compute the accurate public support percentage. It should be noted that this correction does not have a material impact on the organization's actual public support percentage (i.e. 98.58% versus 99.01%) and well within the 33 1/3% required threshold.”