Skechers Foundation

“All directors and the new treasurer are employed by skechers usa, inc. In which two are officers and one is inside counsel.”

“Part vi, question 8(b) was answered no as there were no committees that has authority to act on behalf of the board.”

“A draft of form 990 was reviewed by a member of the skechers usa, inc. Tax department. Any comments will be discussed with the outside cpa/tax preparer and any necessary changes will be made to the return prior to filing.”

“The organization monitors and enforces compliance with the policy by requiring any interested persons to disclose financial interest and all material facts. After discussions with the interested persons, the governing board will meet and discuss the determination of a conflict of interest and vote upon the matter.”

“The only officer, director, or key employee (as defined in form 990 instructions) being compensated is treasurer robin curren for grant administrative services she has provided for several years and continues such services since she became treasurer in october 2022. Such compensation has not changed since she became an officer. The amounts reported in part vii only covers the period from the time she was treasurer to the end of 2022.”

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

“Certain accounting information wasn't readily available at the time of preparing this return including receipts received in current year that are being held as agent for other charities and corresponding payments made to charities as an agent. Therefore, the return is being prepared with the best available information. As noted elsewhere in schedule o, the organization's financial statements will be audited by an independent accountant with the goal of such audit being completed by first quarter of 2024.”

“The organization awards scholarships to children of employees of skechers usa to attend college. All employees of skechers usa children who are high school seniors all eligible.”

“The prior period adjustment primarily represents the reporting of certain receipts and corresponding payments that are for other 501(c )(3) charities. Such receipts and payments are considered received and paid by skechers foundation as an agent for such charities and in accordance with generally accepted accounting principles should be treated as a liability (receipt is an increase in a liability and corresponding payment a reduction of a liability). Some of such payments to charities were reported in previous year as a grant expense as opposed to a lability reduction in the approximate amount of $495,000. In addition beginning accounts payable has been adjusted resulting in an increase of approximately $44,000.”

“The organization is in the early stages of having its 2022 financial statements audited by an independent accountant. The goal is to have such audit complete by end of first quarter of 2024.”