Trumbull Community Action Program

“The organization's governing body (finance committee) is provided with copies of the form 990 "return of organizations exempt from income tax". Each member gets a chance to review the form 990 and ask management or the preparer of the form 990 any questions that they have.”

“The officers, directors/trustees, and key employees are required to disclose annually interests that could give rise to conflict.”

“The process for determining compensation for the organizations ceo, executive director, or top management officials include an annual review and approval by independent persons, comparability data, and comtemporaneous substantiation of the deliberation and decision.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request at the main offices in warren ohio.”

“This return was initially prepared and filed with the audited financial statements still in the process of being completed. The audited financials have since been finalized and adjustments have been made to this return to reflect those changes. In summary, balance sheet accounts that changed were grants receivable and deferred revenue. Grants receivable decreased by $22,641 and deferred revenue decreased by $108,739. Material changes to the income statement included an increase of 86,097 to government grant revenue. Moreover, program service revenue increased by $6,140. This reflects a recategorization of income which was incorrectly reported as investment income on the initially filed return. This increase is also contributable to the loss on the disposal of fixed assets, which is now being reported as an expense to reflect the statement of functional expenses disclosed in the finalized audit report. Initially, this was reported as a loss on form 990, part viii, line 7d. The statement of functional expenses remained materially unchanged. In addition to the adjustment of the loss of disposal of fixed assets, a minor change was made to the depreciation expense account. While the total depreciation expense remained unchanged, the allocation by function was adjusted to reflect the finalized audit report. On the initial-filed return, the entire 106,900 depreciation expense was allocated to management & general. However, there is now a 50-50 allocation between program and m&g, thus 53,450 is now being reported for both. Finally, changes in supporting schedules a, the statement of program service accomplishments, and schedule d also were made to reflect the finalized audited financials.”