Ponce Deleon Inlet Lighthouse

“IRS Form 990 was prepared by the incumbent CPA Firm responsible for financial statement and tax return preparation, reviewed by the Executive Director and made available to Board Members for review prior to filing with the Internal Revenue Service.”

“Conflicts of interests are to be disclosed at such meetings and documented using customary guidelines and meeting minutes. All significant operating decision are determined, disclosed and documented in this manor. Operating results and activities are regularly reported to the Board by Management for review and evaluation. Balance sheet amounts, results of operations and administrative and accounting controls are verified by an Independent External Financial Audit at fiscal year end.”

“Compensation of top level management and other key employees are evaluated yearly by the Board of Directors. Comparisons are performed of similar Historical Facility Administration Staff on a national and regional basis. Compensation is determined and adjusted accordingly.”

“Governing documents, conflict of interest policy, and financial statements are available to the public upon request.”

“The Association received a Grant from the Paul B. Hunter and Constance D. Hunter Charitable Foundation, Inc. Total cumulative receipts from this multi-year grant, reported through Fiscal Year 2022 tax filings were $1,750,000. Because this grant was "Unusual" it came under the Criteria for exclusion from reporting on Form 990-Schedule A. This gift falls under IRC Code 1.509(a)-3(c)(3). The use of the "Unusual Grant" criteria generally apply to substantial, unusual contributions with specific criteria. As a result they can be excluded from Schedule A reporting if the organization receives a single unusual gift or if the funds are accrued or received over a period of years. Subsequent grants were received From this Foundation but they are not deemed as "Unusual and are included in Schedule A reporting. The IRS provides guidance on the definition of an Unusual Grant. The unusual grant exclusion criteria include those that: i - are attracted by reason of the publicly supported nature of the organization; ii - are unusual or unexpected with respect to the amount thereof, and; iii - would by reason of their size, adversely affect the status of the organization as normally meeting the one-third support test for any of the applicable periods or if the terms of the granting instrument require the funds be paid to the recipient organization over a period of years, the grant amounts may be excluded for such year or years in which they would otherwise be included in the computing support under the method of accounting on the basis of which the organization regularly computes its income.In addition, the IRS provides additional guidance on other factors which facilitate an unusual grant. These other Determining Factors indicate whether a particular contribution may be excluded. No single factor will necessarily be determinative. The factors to be considered include: i - Whether the contribution was made by any person who created the organization; ii - Whether the contribution was a bequest or an inter vivas transfer; iii - Whether the contribution was in the form of cash, readily marketable securities, or assets which further the exempt purposes of the organization; iv - Whether prior to the receipt of the particular contribution, the organization has carried on an actual program of public solicitation and exempt activities and has been able to attract a significant amount of public support; v - Whether the organization may reasonably be expected to attract a significant amount of public support subsequent to the particular contribution. In this connection, continued reliance on unusual grants to fund an organization's current operating expenses may be evidence that the organization cannot reasonably be expected to attract future support from the general public; vi - Whether, prior to the year in which the particular contribution was received, the organization met the one-third support test without the benefit of any exclusions of unusual grants; vii - Whether neither the contributor nor any person standing in a relationship to such contributor continues directly or indirectly to exercise control over the organization; viii - Whether the organization has a representative governing body; and ix - Whether material restrictions or conditions have been imposed by the transferor upon the transferee in connection with such transfer.The Association significantly meets factors and has excluded reporting from Sch A.”