Westminster Educational Foundation Incorporated

“The Form 990 is prepared by an independent CPA firm. The Controller reviews in detail and approves the 990. It is then sent to the VP of Operations for top-level review. A draft copy of the Form 990 was provided to the Audit Committee and then a final copy was provided to every member of the organization's governing body before it was filed with the IRS.”

“Board members and officers annually sign conflict of interest policy disclosures. The signed statements are reviewed by the Assistant to the President and Secretary (for board members) and the Human Resources department (for employees). Should any potential conflicts of interest be disclosed, the board member or officer would be asked to refrain from participation in any decision with regard to matters affected by the relationship.”

“The organization does not compensate any officers or board members. Therefore, Lines 15a and 15b were answered no in accordance with the instructions.”

“The organization makes its governing documents and financial statements available upon request.”

“In accordance with the principles of FASB ASU 2016-14 (ASC 958),the organization has implemented required changes to its audited financial statements for the period ended 6/30/19. The 2018 Form 990 and its associated schedules have not been updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Part X, Lines 27-29: Line 27 - Net assets without donor restrictions $ - Line 29 - Net assets with donor restrictions $1,438,341 Total net assets $1,438,341”

“The organization's Board assumes responsibility for oversight of the audit of its financial statements and selection of its independent accountant. This process has not changed since the prior year.”