Licking County Center for the Visually Impaired Inc

“Form 990 is examined by the organization's Executive Director and made available for review to the members of the Board of Directors.”

“The organization's governing documents, operating policies, and its financial statements and filings are available upon request directed to the organization's executive director at the organization's office.”

“Difference in fmv & book value of contributed real estate = -$175844”

“Increase in unrealized gains on marketable securities = $1429”

“Organization received donation of five residential real estate properties in December,2013. No rental income received and no expenses incurred during the tax year on the properties, but the contributions of the property were not recorded as income in 2013 and the properties were excluded from the balance sheet as management mistakenly believed that transfer occurred in the beginning of 2014. Addition of combined fair market values of these properties of $214,000 pushes gross receipts above the $200,000 filing threshold for filing Form 990, so the amended return is reported on that form instead of the Form 990-EZ previously filed and contributions have been increased by $214,000. Additionally, it was determined that organization does not record depreciation on its books, so $316 of equipment reported on original 990-EZ was amended to full cost of $350 on Form 990 Part X and previously reported depreciation expense of $34 was deleted from Part IX Functional Expenses in Column A and Column C. Finally, the discrepancy in reporting real estate contributed at fair market value ($214,000) for income purposes while reporting asset value on balance sheet at donor's adjusted basis of $38,156 has been reconciled with a balancing entry in Part XI of $-175,844 to account for the possible unrealized gain residing in the assets and to report organization's depreciable and total assets in future years at adjusted cost basis per IRS requirements. Schedule A has been amended to increase contributions by $214,000 to account for the real estate contributions and Line 7 has been amended to show excess contributions (above 2% of total gross income) by donors created by the contribution of the real estate in 2013. With filing of Form 990 and inclusion of the value of the real estate contributions, there is a requirement to file Schedules B, D, I and M which have also been included with the amended return.”