Edify

“The Form 990 is prepared by an independent CPA firm and then provided to the CEO, CFO, and Board of Directors to review prior to filing. After the return is thoroughly reviewed by the CEO and CFO, it is given back to the CPA for electronic filing with the IRS.”

“Edify requires officers, directors, senior management team, and key employees to disclose in writing information regarding their interests and those of their family members that could give rise to conflicts of interest or an appearance of impropriety. Written disclosures are updated at least annually. Actual or potential conflicts of interest will be reviewed by the CEO, Chairman, or Vice Chairman of the Board, and then presented to the Governance, Nominating and Compensation Committee. Persons with a disclosed actual or potential conflict will be prohibited from participating in deliberations and decisions by the Governing Board or Governance, Nominating and Compensation Committee. If a conflict is proved to exist, the person with the conflict will be asked to discontinue such action/relationship or otherwise remove such conflict.”

“Compensation is set by the CEO for all employees except for himself based on industry standards and comparable salaries. The independent board approves and documents in the minutes the salary for the CEO and key employees (if applicable) after reviewing compensation committee recommendations based upon industry standards and published non-profit surveys for comparable positions. Substantiation of salaries for other officers is documented in personnel files.”

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

“Mr. Park was compensated in calendar year 2018 for his responsibilities as an independent contractor between Oct 2017 and March 2018. He joined the Edify board as a board member as of January 1, 2019. His 2018 calendar year compensations is reported on Form 990, Part VII according to the instructions.”

“Program contract workers: Program service expenses 1,398,009. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,398,009. Program consultants: Program service expenses 107,813. Management and general expenses 0. Fundraising expenses 0. Total expenses 107,813. Other: Program service expenses 54,499. Management and general expenses 20,753. Fundraising expenses 1,103. Total expenses 76,355.”

“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 09/30/2019. The 2018 Form 990 and its associated schedules were not 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: Net assets without donor restrictions Line 27 - Unrestricted net assets $2,389,125 Net assets with donor restrictions Line 28 - Temporarily restricted net assets 1,275,019 Line 29 - Permanently restricted net assets 0 ---------- Subtotal 1,275,019 ---------- Total net assets $3,664,144”

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