Meadowbrook Foundation Inc.

“The form 990 was prepared by the outside accountants. The draft 990 was emailed to board members with directions for review prior to filing. If changes are needed and made the return will be resent to the board prior to filing.”

“The conflict of interest policy applies to directors, officers, and employees; a close relative of a director, officer or employee, or a significant other or domestic partner of a director, officer or employee. To avoid a conflict, or even the appearance of a conflict, all employees, officers, directors or trustees disclose any potential conflicts to the general manager, and/or the board of directors and seek consent prior to entering into any potential conflicting relationships. It is the policy of meadowbrook foundation, inc., that the existence of any of the interests described in the policy be disclosed as soon as the conflict is recognized before any transaction is consummated. The board determines whether a conflict exists and in the case of an existing conflict whether the contemplated transaction may be authorized as fair and reasonable to meadowbrook foundation inc.”

“The board of directors reviews the general manager's compensation, usually annually, and decides the amount of an increase, if any, based upon the years activities and the foundation's finances. The last review took place december 2019. The general manager determines compensation for all other employees and reviews compensation annually. Increases are awarded based upon performance, longevity and the market.”

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

“Repairs and maintenance: program service expenses 59,121. Management and general expenses 0. Fundraising expenses 0. Total expenses 59,121. Grain: program service expenses 54,684. Management and general expenses 0. Fundraising expenses 0. Total expenses 54,684. Farrier expense: program service expenses 45,855. Management and general expenses 0. Fundraising expenses 0. Total expenses 45,855. Horse, barn, & show supplies: program service expenses 33,822. Management and general expenses 0. Fundraising expenses 0. Total expenses 33,822. Pasture: program service expenses 29,182. Management and general expenses 0. Fundraising expenses 0. Total expenses 29,182. Taxes: program service expenses 0. Management and general expenses 17,708. Fundraising expenses 0. Total expenses 17,708. Show groom: program service expenses 17,431. Management and general expenses 0. Fundraising expenses 0. Total expenses 17,431. Auto and truck expense: program service expenses 15,198. Management and general expenses 0. Fundraising expenses 0. Total expenses 15,198. Trailering: program service expenses 10,522. Management and general expenses 0. Fundraising expenses 0. Total expenses 10,522. Payroll service fee: program service expenses 0. Management and general expenses 6,292. Fundraising expenses 0. Total expenses 6,292. Dues and subscriptions: program service expenses 2,148. Management and general expenses 0. Fundraising expenses 3,586. Total expenses 5,734. Miscellaneous: program service expenses 4,498. Management and general expenses 600. Fundraising expenses 0. Total expenses 5,098. In-hourse horse show expense: program service expenses 2,426. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,426.”

“On april 16, 2020, the foundation received loan proceeds in the amount of $178,700 under the paycheck protection program. The promissory note calls for monthly principal and interest payments amortized over the term of the promissory note with a deferral of payments for the first six months.under the coronavirus aid, relief, and economic security act (cares act), the promissory note may be forgiven by the small business administration in whole or in part. The foundation intends to use the proceeds for purposes consistent with the paycheck protection program and believes that its use of the loan proceeds will meet the conditions for forgiveness of the loan. The foundation intends to apply for forgiveness after completing the 24 week period. If forgiveness is granted, the foundation will record revenue from debt extinguishments during the period that forgiveness was approved.”