Hope Hollow Ministries

“Peggy mckey (board) is the mother of carol matheny (board). Myra penn (board) is the sister of martie kwasny (ed). Rick benson (board) father-in-law of victoria benson (director of ministry operations). Victoria benson (director of ministry operations) is the daughter of martie kwasny (ed).”

“The organization changed its name from hope hollow ministries to quiet waters ministries inc. And has been confirmed on the irs.gov website.”

“A draft of form 990 is sent to all board members. Form 990 is reviewed and any questions that arise from the committee or board members are answered and/or cleared prior the filing of the return.”

“The conflict of interest policy is provided to all the board members annually. It is revised and any necessary disclosures are made annually. Any conflict of interest that arises is resolved by the executive director and/or the board of directors and will be recorded in the official board minutes.”

“Compensation is subject to periodic reviews to determine if compensation arrangements are reasonable. Any salary adjustment may be reviewed by outside advisors to ensure the organization is operating in a manner consistent with its charitable purposes.”

“The organization makes its governing documents, conflict of interest policy and financial statements available to the general public upon request.”

“The nonprofit organization has adopted the modified cash basis of accounting for financial reporting purposes. Under this method, revenues are recognized when received rather than when earned, and expenses are recognized when paid rather than when the obligation is incurred. This method has been modified for these financial statements to include a provision for depreciation of property, equipment, furniture and fixtures, to record long-lived assets, and long-term obligations. As the organization grows this method provides more financial transparency than the previous use of the cash method of accounting.”

“The auditor delivers the financial statement to the board of directors at the completion of the audit for the year answering any of the board's questions. The auditor works closely with the board of directors during the year should any concerns arise.”

“As quiet waters ministries, inc. Grows, the determination was made that the most appropriate method of accounting for reporting was the modified cash method, which is a change from the 2023 cash method of accounting. This change was made to report organization growth and improve financial transparency. The change in accounting method is a net asset adjustment and the prior period balance sheet has not been restated.”