Holy Yoga Foundation

“The treasurer of the organization distributes a pdf copy of the 990 return to all board members for review and comment prior to being filed. At the first meeting of the board following the filing of the 990 with the irs, the complete form 990 is presented to the board by the organizations lead officers with responsibility over the form 990s review thereafter, questions are taken and the form, its preparation, and its public relation impact is discussed.”

“At each board and committee meeting, if there is a discussion of selecting or engaging a vendor or service provider, all in attendance are asked to recuse themselves from this discussion if there could be a perceived conflict. Annually, the organization reviews and discusses the conflict of interest policy and requests that each board member list and acknowledge any known conflicts.”

“The board of directors reviews the compensation for the president and all officers and directors by comparing their compensation to the compensation of individuals in like positions, in comparable organizations using forms 990, compensation studies, and other available data. The board then approves any changes in compensation based on this information. The organization has no paid employees meeting the irs definition of a key employee.”

“The organization will provide in a timely manner, copies of all governing documents including its conflict of interest policies and financial statements when requested in writing or in person.”

“In prior years, the organization has reported scholarships to domestic individuals on line 2 of the form 990 and completed the applicable schedule i, part iii, grants and other assistance to domestic individuals. The organization continued its practice of providing scholarships to individuals seeking to become holy yoga instructors in 2016, providing 85,930 of tuition scholarships in 2016. Program scholarships are approved by the board of directors and are determined based on the need of the individual. All scholarship funds are used to reduce the tuition required to be paid by the scholarship recipient and the scholarship recipient does not receive any funds directly. Based on additional guidance and a change in reporting on the 2016 audited financial statements from the prior year, the organization has reported the 85,930 of tuition scholarships netted with tuition program revenue on form 990, part viii, line 2 a and has not reported the scholarships separately on form 990, part ix, line 2 or schedule i part iii as an a grant expense. This reporting reconciles to the audited financial statements issued for 2016.”

“Other fees for services yoga instructors total 214,977, program 214,217, admin 760, fundraising -0- consultants total 5,641, program 750, admin 725, fundraising 4,166.”

“Prior period adjustment deferred revenue beginning balance adjustment of 148,272.”