Friends and Foundation of the Princeton Public Library Inc.

Core Form 990 Disclosures

“FORM 990, PART V, LINE 1 NUMBER OF EMPLOYEES: THE FREE PUBLIC LIBRARY OF PRINCETON, NEW JERSEY PROVIDES THE FOUNDATION WITH MANAGEMENT AND FUNDRAISING SERVICES INCLUDING ACCOUNTING, SUPERVISORY AND SECRETARIAL SERVICES. AN IN-KIND CONTRIBUTION FOR THE DONATED SERVICES IS RECORDED. FORM 990, PART VI, SECTION A, LINE 2 BRETT BONFIELD AND RUTH MILLER HAVE A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B Copies of the completed Form 990, with supporting schedules and footnotes, will be distributed to the Audit Committee, the President of the Board of Directors, and the Library's Executive Director for their review and approval prior to submission to the Internal Revenue Service.Any corrections or changes will be noted and addressed. The President of the Board of Directors shall sign and certify that the IRS Form 990 is accurate and complete. The full board shall receive a copy of the IRS Form 990 within 30 days prior to its submission to the IRS. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY: ALL OFFICERS AND DIRECTORS ANNUALLY COMPLETE A DISCLOSURE FORM IDENTIFYING ANY RELATIONSHIPS, POSITIONS, OR CIRCUMSTANCES IN WHICH THE OFFICER OR DIRECTOR IS INVOLVED THAT THEY BELIEVE COULD CONTRIBUTE TO A CONFLICT OF INTEREST ARISING. ANY CONFLICT DISCLOSED IS REVIEWED BY THE BOARD TO DETERMINE WHETHER THERE EXISTS A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION: THERE IS CURRENTLY 1 EMPLOYEE WHICH THE FOUNDATION REIMBURSES THE LIBRARY FOR THEIR SALARY COST. THERE ARE CURRENTLY NO PAID EMPLOYEES AT THE FOUNDATION AS ALL EMPLOYEES ARE EMPLOYED BY THE LIBRARY. THEREFORE, THERE IS NO PROCESS FOR DETERMINING COMPENSATION FOR THE CEO, EXECUTIVE DIRECTOR, OTHER TOP MANAGEMENT OFFICIALS,OR OTHER KEY EMPLOYEES. A PORTION OF THE SALARIES AND RELATED BENEFITS REPORTED ON THE FINANCIAL STATEMENTS ARE DONATED SERVICES WHICH ARE NOT INCLUDED IN THE 990 AND ADJUSTED ON SCHEDULE D PART XI LINE 2B AND PART XII LINE 2A. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS DISCLOSURE: Only finalized and approved tax returns and audited financial statements may be released to the general public. On an annual basis, the Executive Director will make 3 years of Form 990(excluding Schedule B List of Contributors) and audited financial statements available to the general public.These documents will be posted on the Foundation's website and posted on Guidestar.org. Written requests for the financial information above will be honored within 30 days. FORM 990, PART IX, LINE 1 During 2019, the Foundation adopted ASU 2018-08 - Not for-profit Entities -Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. The Foundation adopted this on a modified prospective method. The adoption of this ASU resulted in a change in the timing of recording grants made. The current year 2019 includes the cash grants paid of $627,972 and grants accrued of $559,374 resulting in a total grants expense in 2019 of $1,187,346. FORM 990, PART XI, LINE 9 RECONCILIATION OF NET ASSETS OTHER CHANGES IN NET ASSETS IS COMPRISED OF A NET PRESENT VALUE ADJUSTMENT ON PLEDGES RECEIVABLE OF $8,818 offset by an increase in the allowance for uncollectible pledges and bad debt of $(9,789) resulting in a net change of $(971).”