The Book Thing of Baltimore Inc

“Pt V, Question 7. TBT HELD A SILENT AUCTION AS PART OF A LOCAL FUNDRAISING EVENT IN 2024. THE BIDDERS WHO PAID MORE THAN $75 PAID VIA PAYPAL GIVING FUND, A DAF, OR DONORBOX, FOR THEIR ITEM. THOSE PAYMENT SYSTEMS PROVIDE DONOR RECEIPTS DIRECTLY. THERE WERE 15 LOTS. 6 LOTS INCLUDED TBT USED BOOKS WITH THE STANDARD 50 CENT VALUE. TBT VALUED OTHER DONATIONS AFTERWARDS AT $810. TBT HAS INCLUDED $1,554 OF THE TOTAL $2,374 RECEIPTS AS 100% DONATIONS IN PART VIII FOR REVENUE ON LINE 1c. TBT REVIEWED THEIR PROCEDURES FOR THE AUCTION, INCLUDING THE FAILURE TO NOTIFY SOME BIDDERS OF THE FMV OF GOODS RECEIVED AND ANY REMAINING DONATION ELEMENT. TBT WILL IMPLEMENT A SYSTEM TO PROVIDE THAT INFORMATION SHOULD THEY DECIDE TO HOLD ANOTHER AUCTION EVENT.”

“A complete copy of the 990 was provided to the current board to review prior to filing. The 990 and supporting statements were prepared in conjunction with the taxpayers designated volunteers and board members by a cpa. The board was kept aware of all aspects of the 990.”

“Copies were/are available upon request and on various websites.”

“Copies are available upon request.”

“LINE 10a CONTAINS AMOUNTS FROM THE SALE OF DONATED BOOKS TO PROVIDE CASH FOR THE PROGRAM. COSTS ASSOCIATED WITH SELLING THOSE BOOKS ARE DEDUCTED FROM THE GROSS SALES AMOUNT. THE ENTITYS AVERAGE VALUE FOR DONATED BOOKS AT FIFTY CENTS PER DONATED BOOK SOLD IS ALSO DEDUCTED. IN ADDITION, THE ENTITY DETERMINED THAT 201,810 BOOKS WERE DONATED IN 2024. AT THE AVERAGE OF FIFTY CENTS PER BOOK, NONCASH DONATIONS ARE REPORTED AS $100,905 ON LINE 1f AND 1g.”

“Pt ix, expenses; operations during 2024 were primarily related to the regular program of exchanging books. The taxpayer held one fundraising event staffed by employees and volunteers. This event was reported on line 8 of part viii. In addition, fees associated with collecting donations have been treated as fundraising costs. 2024 allocations of office and it expenses between program and management were based on a detailed review of the various costs in those categories. Payroll and payroll taxes were allocated based on a review of time spent on program activities and management activities to determine an appropriate percentage. All other costs were also reviewed by the taxpayer to determine whether allocation was needed. The allocation was consistent with prior years.”

“Annual disclosure was performed in 2024. All board members completed a disclosure which was reviewed by the board president and secretary.”

“A conflict of interest policy was adopted in january, 2020. In may 2020, the board adopted updated bylaws to remove outdated language. No changes were made in 2024.”

“Part xii; the independent cpa preparing form 990 also assisted in making post-close bookkeeping adjustments to the unadjusted financials to agree to gaap cash basis reporting requirements.”

“Donated books and books given away: in 2020, a system was adopted and continued in subsequent years to track the books donated and subsequently sold or given away so as to assign an average fifty cent value to non-cash donations and donations sold in part viii. In addition, the entity was able to determine the approximate number of books given away for program accomplishments in part iii.”

“Part ix reflects noncash grants to entities and individuals of used books. These books have been valued at 50 cents to provide metrics of books donated and books given away. These books are not reflected in the accounting system, but are reported in part ix and on schedules i and m.”

“THE ADJUSTMENT FOR $7,753 REFLECTS DONATED BOOKS LESS BOOKS SOLD THAT WERE ASSIGNED A FIFTY CENT VALUE FOR PURPOSES OF REPORTING NONCASH DONATIONS IN PART VIII LINE 1g. IT ALSO REFLECTS NON-CASH GRANTS IN PART IX. NONCASH DONATIONS AND GRANTS ARE NOT INCLUDED IN BOOK INCOME OR EXPENSE. THE DIFFERENCE BETWEEN THESE TWO AMOUNTS EACH YEAR CREATES THE ADJUSTMENT IN PART XI ON FORM 990.”