Omaha Equestrian Foundation

“After the form 990 is prepared, it is sent to the chairman of the board for review and approval prior to the filing of the form. The members of the board are located in various parts of the country. Therefore, an electronic copy of form 990 will be provided to the board members for review prior to the filing date.”

“Board members are asked to disclose all real or apparent conflict of interests in connection with the organization's activities. The form is distributed on a yearly basis to the board members for completion and is on file at the office. If an officer or director has a conflict of interest, that member abstains from participating in discussion and deliberations with respect to the subject of the conflict and must abstain from voting on that subject. The minutes would reflect the individual's disclosure as well as that person's abstention from participating and voting.”

“Compensation for the organization's officers is reviewed and approved by the board of directors using information from comparable organizations.”

“The organization makes its governing documents available to the public upon request.”

“Horse show staff: program service expenses 240,169. Management and general expenses 0. Fundraising expenses 0. Total expenses 240,169. Production services: program service expenses 266,193. Management and general expenses 0. Fundraising expenses 0. Total expenses 266,193.”

“481(a) adjustment 346,323.”

“Effective for fiscal year ending june 30, 2019, the foundation changed its basis of accounting from an accrual basis consistent with accounting principles generally accepted in the united states of america (gaap) to a modified cash receipts and disbursement basis of accounting. The following schedule summarizes the impact these changes have on the beginning of the year net asset balances: net assets as of 6/30/18 $(1,617,020) change in accounting basis contribution receivable (322,602) accrued expenses 784,366 adjusted balance as of 7/1/18 $(1,155,256) the omaha equestrian foundation hereby agrees to all of the conditions of rev. Proc. 2015-13. The net section 481(a) adjustment is $461,764. The entire positive adjustment will be reported on the 2018 form 990, persuant to section 7.03 of rev. Proc 2015-13.”

“The board of directors assumes responsibility for the oversight of the review and selection of an independent accountant. This process has not changed from prior year.”