Catalyst of San Diego & Imperial Counties

“The Form 990 is reviewed by the President CEO and the board of directors is provided a copy prior to submission.”

“All Board members are required to annually acknowledge and sign the Conflict of Interest Statement. If a conflict arises the person with a conflict is not allowed to vote on the proposed transaction.”

“Annually, during Executive session of the Board of Directors meeting, the Chair presents formal review and recommended compensation adjustment, if any, to the Board for approval. Comparability data is presented and shared with the other members of the Board during both the executive session and regular board meetings to provide framework for the recommendation.”

“Governing documents, conflict of interest policy, and reviewed financial statements are available to the public upon request.”

“Other changes in net assets or fund balances The Organization received 43,000 in donated use of facilities and the amount was properly exluded for federal income tax purposes.”

“In 2015, San Diego Grantmakers received a three-year 3 million dollar commitment from the Satterberg Foundation. The Satterberg grant was fully recognized as revenue in the commitment year year 1. The related expenses and release from restrictions, approximately one million per year, were booked as they occurred in the following two years. For that reason, there is a net operating loss in 2016 year 2 and 2017 year 3. In 2018, San Diego Grantmakers received a two-year 2 million dollar commitment from the Satterberg Foundation. The Satterberg grant was fully recognized as revenue in the commitment year year 1. For that reason, there is a net operating gain in 2018 year 1.”

“Prior Period Adjustment - Upon further review of fiscal sponsor funds held by SDG under separate sponsor agreements, SDG adopted at January 1, 2018 accounting principles for fiscal sponsorship to account for donor transfers as contributions that were previously recorded as liabilities. Accordingly, SDG restated its financial statements for the year ended December 31, 2017. The effect of the restatement was to increase net assets with donor restrictions and decrease liability at January 1, 2018 by 953,675.”