Next Generation Scholars Inc.

“The Board reviews the 990 before it's filed.”

“Documents are available upon request.”

“Next Generation Scholars Finance SubcommitteeMay 2, 2022 ResolutionThe Next Generation Scholars (NGS) Finance Subcommittee proposes to make the following two changes to NGSs FY 2020 and FY 2021 financials.Change #1Change the accounting for the $104,435 PPP loan received via the Bank of Marin on June 2, 2020.Background: The PPP amount was a loan and should have been recorded as a liability on NGSs FY 2020 balance sheet with an offsetting entry into cash. Rather than recording the amount as a loan (liability), it was recorded as income in June 2020 and offset in Bank of Marin checking account against two payrolls checks: one on 6/10/20 for $18,887.84 and the second on 6/26/20 for $42,973.94.Impact: QuickBooks Financial Statements - The impact of making this change is that income for FY 2020 will be reduced by $104,435 (reduction in revenue of $42K and increase in S&W expenses of $62K) and accrued liabilities increased in FY 2020 by $104,830 (loan principal + accrued interest).Change #2Change the accounting for the $625,000 Satterberg Five Year Core Support Grant Award dated May 24, 2021.Background: The multi-year award was recorded in NGSs accounting system as having been received in FY 2020 as opposed to FY 2021. Making the change has no impact on NGSs net operating income as the change is simply a function of accrual accounting and NGS did receive the first $125,000 grant award in FY 2021.Impact: QuickBooks - FY2020 Grant income reduced by $625,000 and FY2021 Grant Income increased by $625,000.”

“Our programs served a total of 200 students, ranging in age from 10 to 23. 120 middle and high school age students completed our rigorous Summer Academy, through in person and virtual classes and almost as much flexibility and patience as our staff provided them. This required a great amount of adjustment, providing immediate in-home tech support and ensuring all of our students had both the devices they needed, and access to wi-fi. As a result, each student was well prepared to begin their new school year in September, with 10 of our high school seniors accepted into, and now attending a four-year college. In addition to these students, approximately 350 of their family members were served, ranging in age from infant to 92 years. Services received included food and housing security assistance, clothing, legal assistance, mental health counseling, parenting skills workshops and parenting support, Summer Academy activities for younger siblings, and emergency assistance. NGSs research and experience shows that family support is a vital component to our students likelihood of success, and therefore a robust family service component is inherent to our programming. Our major accomplishment is that we were able to deliver our 9 programs, without interruption or academic slides for our students, during an unprecedented time of a pandemic, extreme social injustice issues and wildfires raging through our state of California. A successful learning environment was maintained for the students, as their family culture supported the importance of their focus on education.”