The Rebuild Foundation Nfp

“Theaster Gates and Mercedes Zavala, who are both Board officers, share a business relationship.”

“Management reviewed the Form 990 prepared by an independent CPA firm, and provided a full copy to all voting members of the governing body prior to filing. A meeting or conference call was scheduled for the CPA firm and Organization management to discuss Form 990 with all voting members of the governing body and to answer any questions prior to filing Form 990 with the IRS.”

“Officers, Directors and Board Members are required annually to complete a conflict of interest disclosure statement as a precursor to their service to the Organization. Potential conflicts are logged with and monitored by the Secretary of the Board. Officers, Directors and Board Members are expected to provide notice of any material change that develops during the year.”

“Financial statements are available on the Illinois Attorney General's website. Governing documents are available through the Illinois Secretary of State. The Conflict of Interest policy is available upon request.”

“The original return was filed based on unaudited numbers. The 990 is amended to reflect audited financials. Key changes include depreciation expense of $78,088 and a reclassifiaction of contributions as a Refundable Advance for $202,201. Additionally, subsequent to the issuance of the Organization's December 31, 2012 year-end financial statements, management became aware of accounting errors related to recording of payments on outstanding accounts receivable totaling $149,542, which were incorrectly reported as 2012 contribbutions. A temporatily restricted contribution of $15,000 recorded in 2013 should have been recorded as contribution revenue and a contribution receivable at December 31. 2012. Consequently, certain amounts have been restated as of January 1, 2013 also.”

“Consulting: Program service expenses 187,764. Management and general expenses 96,556. Fundraising expenses 1,759. Total expenses 286,079.”