East Central Iowa Housing

“After the executive director receives a draft of the form 990, she provides it to the board members. The executive director and the board review the 990 and request any changes identified. The accountant then provides a final form 990, and upon confirmation by the executive director that the changes were made, the accountant provides a final form 990 ready for completion and filing.”

“At least annually, and more often as necessary, each board member is required to complete a conflict of interest declaration form stating if any conflicts exist and the nature thereof, or stating that no conflicts exist. If a board member determines that he/she has a conflict of interest, that board member is to abstain from any discussion and vote on the subject matter. If a board member believes that another board member has not declared a real or perceived conflict of interest, the board member with the real/perceived conflict may be asked to clarify the situation. If a vote has been taken and a board member believes that another board member has a real or perceived conflict of interest at the time of the vote, the matter will be reviewed to determine if there is a conflict of interest and if a re-vote should be taken. If a board member has not recused himself, due to a potential conflict, the other board members or the executive director will inquire as to why it may not be a conflict of interest.”

“The organization's governing documents, adopted policies, financial statements and form 990 are available upon request to the organization.”

“Prior period adjustment - during the current year, management identified that the organization classified net assets without donor restrictions as net assets with donor restrictions for the june 30, 2021 financial statements. The total amount reclassified from with donor restrictions to without donor restrictions as of july 1, 2021 was 40,485. Also, notes receivable with zero interest rates did not have an implied contribution recorded. The financial statements have been restated as of july 1, 2021 for this item, resulting in a reduction of previously reported net assets without donor restrictions of 66,591. In addition, the june 30, 2021 financial statements did not include an amount as revenue that was earned and receivable at june 30, 2021. Management has restated for this error, which resulted in an increase to unrestricted net assets of 39,014.”