Shalom Ministries International

“President Kirt Schneider and Vice-President Cynthia Schneider are married.President Kirt Schneider also serves on the board of Adat Adonai, a Messianic Jewish congregation in Toledo, OH. There were no business transactions between the parties in 2020; however there have been in previous years (disclosed on Forms 990 in those years). Both ministries are supportive of each other and Adat congregants frequently volunteer with SMI and pray for its needs.”

“Form 990 is prepared by a firm that specializes in assisting exempt organizations with this type of filing. The completed Form 990 is thoroughly reviewed by the president and treasurer. A copy is sent via email to each board member prior to being filed.”

“Board members are required to divulge all potential conflicts of interest immediately upon becoming aware of the possibility of conflict. Further, each board member is required to certify annually that no conflicts not previously divulged existed at any time during the year. The president is tasked with monitoring compliance with the policy.”

“The board of directors independently establishes all compensation. In doing so they exercise due diligence to ensure such compensation is reasonable in the circumstances by a) investigating what other similarly situated entities are paying, b) by referring to surveys of similar religious organizations to objectively determine the value of services rendered, c) by consulting with independent compensation consultants, d) by taking into account the general economic conditions as well as the unique financial condition of this organization and e) by documenting in writing both the decision-making process and its final outcome.”

“The board of directors independently establishes all compensation. In doing so they exercise due diligence to ensure such compensation is reasonable in the circumstances by a) investigating what other similarly situated entities are paying, b) by referring to surveys of similar religious organizations to objectively determine the value of services rendered, c) by consulting with independent compensation consultants, d) by taking into account the general economic conditions as well as the unique financial condition of this organization and e) by documenting in writing both the decision-making process and its final outcome.”

“The governing documents, conflict of interest policy and financial statements are made available to the board members and officers of the corporation but are not made available to the public. Requests for review of these documents by outside parties would be considered on a case-by-case basis.”

“Preparatory to having an audit done, SMI was required to convert to the accrual basis of accounting. That change included setting up fixed assets, recording accumulated depreciation, recording accrued payroll, recording donations receivable and recording the surrender value of a life insurance contract. The cummulative result of those entries was that Net Assets was reduced by $1,322,715.54”