Hampton Lifeguard Association Inc

“Copies of form 990 are presented to all governing body members upon receipt by the treasurer prior to filing.”

“All outside parties were vetted and all transactions reconciled to proper accounts & vendors.”

“No directors receive any compensation at all.”

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

“During the preparation of the organizations 2024 form 990, two prior-year accounting errors were identified that required correction through a prior period adjustment. Because the organizations 2024 revenues did not require audited or reviewed financial statements for the year, these issues were detected during the return preparation process. 1. Misclassification of donation as loan payable: an amount of approximately 100,000, originally recorded in the prior year as a loan payable, was determined the organization has no debt or loan payables and this may have been from a donation. The initial misclassification occurred during a period when the treasurer was managing significant family health matters, and the prior accountant did not receive complete financial documentation. The donor is not an insider, board member, related party, or disqualified person, and the transaction did not involve any private inurement or excess benefit. 2. Checking account understatement: a review of banking activity also identified an 8,903 understatement in prior-year checking account balances resulting from incomplete posting of deposits and activity. A prior period adjustment was recorded to restate beginning net assets, eliminate the incorrectly recorded loan payable, recognize the donation in the appropriate period, and correct the cash understatement. These corrections do not affect current-year operations or mission-related activities and were the result of administrative errors rather than misconduct. The organization has strengthened internal controls, including improved reconciliation procedures and documentation practices, to prevent similar issues in the future.”