P K T Company

“All alumni in good standing of the Gamma Theta chapter of Phi Kappa Theta fraternity at Ohio State can be members of PKT Company. At the annual meeting all members present vote for a Board of Trustees which is responsible for the operations of PKT Company. The number of members was the same as the number of Trustees elected. All members and Trustees are volunteers and receive no compensation for their services.”

“All members attending the annual meeting vote for the Trustees to run the operations throughout the year.”

“The actions of the Trustees are reported to and approved by the members at the Annual Meeting of the Members on the Sunday of the Ohio State University Homecoming Weekend. This meeting is open to all members.”

“The President is an Accountant and audits the financial activity by the Treasurer and Property Manager by reconciling financial information to external reports from banks, taxing entities, vendors, etc. The President completes the appropriate 990 form. The 990 is distributed to the Trustees upon completion and is reviewed at the Annual Meeting of the Members. A copy is also provided to the bank holding the mortgage and the Property Manager. Currently the audit and tax submission are completed free of charge on a voluntary basis.”

“A copy of the 990 is provided to the Property Manager because that is the entity with exposure to the public”

“As volunteers of a non-profit housing entity there is no need to maintain a website at this time. Documents are provided to anyone asking PKT Company or our Property Manager.”

“Journal entry for unpaid mortgage interest during the loan conversion recorded backwards in the prior year. Interest expense and accounts payable were understated by $13,978.10.”