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 2020. 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.”

“Farrier expense: program service expenses 51,815. Management and general expenses 0. Fundraising expenses 0. Total expenses 51,815. Repairs and maintenance: program service expenses 39,985. Management and general expenses 0. Fundraising expenses 0. Total expenses 39,985. Horse lease: program service expenses 38,542. Management and general expenses 0. Fundraising expenses 0. Total expenses 38,542. Horse, barn, & show supplies: program service expenses 30,614. Management and general expenses 0. Fundraising expenses 0. Total expenses 30,614. Pasture: program service expenses 17,045. Management and general expenses 0. Fundraising expenses 0. Total expenses 17,045. Auto and truck expense: program service expenses 13,657. Management and general expenses 0. Fundraising expenses 0. Total expenses 13,657. Show groom: program service expenses 13,216. Management and general expenses 0. Fundraising expenses 0. Total expenses 13,216. Taxes: program service expenses 0. Management and general expenses 11,337. Fundraising expenses 0. Total expenses 11,337. Trailering: program service expenses 7,284. Management and general expenses 0. Fundraising expenses 0. Total expenses 7,284. Payroll service fee: program service expenses 0. Management and general expenses 5,578. Fundraising expenses 0. Total expenses 5,578. In-hourse horse show expense: program service expenses 3,456. Management and general expenses 0. Fundraising expenses 0. Total expenses 3,456. Miscellaneous: program service expenses 392. Management and general expenses 1,521. Fundraising expenses 0. Total expenses 1,913. Dues and subscriptions: program service expenses 1,665. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,665.”

“On april 16, 2020, the foundation received loan proceeds in the amount of $178,700 under the paycheck protection program (ppp). Under the coronavirus aid, relief, and economic security act (cares act), the promissory note must be used for certain expenditures within a 24-week period to ultimately be forgiven by the small business administration (sba). During the year ended september 30, 2021, the foundation expended and tracked the ppp funds for purposes outlined in the cares act guidance and met all conditions set forth for full forgiveness. On may 4, 2021, the foundation received notification the total amount of the ppp funds were forgiven by the sba. Accordingly, the foundation recorded revenue from extinguishment of debt during the year ended september 30, 2021, in the statement of activities and change in net assets. On march 16, 2021, the foundation received loan proceeds in the amount of $178,700 under the paycheck protection program. The promissory note bears interest at a rate of 1.00% per year and calls for monthly principal and interest payments amortized over the term of the promissory note with a deferral of payments until ten months after completion of the 24 week spending period. Under the coronavirus aid, relief, and economic security act (cares act), the promissory note may be forgiven by the sba in whole or in part. The foundation used the proceeds for purposes consistent with the paycheck protection program and believes that its use of the loan proceeds has met the conditions for forgiveness of the loan. The foundation applied for forgiveness after completing the 24 week spending period. If forgiveness is granted, the foundation will record revenue from debt forgiveness during the period that forgiveness was approved. Subsequent to year-end, the foundation received notification the total amount of the ppp funds were forgiven by the sba.”