Lawrenceburg Public Library Services and Resources Foundation

“The organization has volunteers serving on the board of directors who collectively act as the governing body through a board of directors to give oversight to the foundation. They occasionally elect new members to replace the old members who have resigned in their capacity to govern the foundation.”

“Volunteers serve on the board of directors of lawrenceburg public library foundation providing governance to the entity and the volunteers currently serving have voting powers, except one volunteer, to elect any new volunteers to the board of directors after previous volunteers resign their position on the board of directors of the entity.”

“Various committees are comprised of members of the volunteers serving on the board of directors and may decide matters related to the organization. However, the entire volunteer board present at a particular meeting of the board of directors gives approval to all decisions.”

“All board volunteers are provided access to the tax return form 990 before the form is filed with the irs. It is the responsibility of each volunteer serving on the board of directors of the lawrenceburg public library foundation to review the tax return before it is submitted to the internal revenue service. This review of the tax return should happen before the due date of may 16, 2016.”

“The volunteers serving on the board of directors review any specific conflict when necessary. The policy is reviewed on an annual basis and a determination is made if further action is necessary to comply with the policy in force at that time.”

“During normal business hours, the organization makes available its form 990 to the public, upon request.”

“During normal business hours, the organization makes available all governing documents, conflict of interest policy and financial statements available to the public.”

“Taxpayer filed form 3115, change in accounting method from cash basis to the accrual basis of accounting with the 2011 tax year. This section 481a adjustment results in a positive change of $35,187 in total income to be reported over a 4 year period. The organization is recognized 1/4 of the net income in 2014 of $8797. With this final remaining amount recognized in 2014, the total 481a adjustment has been completely recognized in total of $35,187, over the years 2011, 2012, 2013, and 2014. No additional income needs to be recognized for this 481a adjustment in 2015. On part xi, form 990, "reconciliation of net assets", additional section 481a income of $8797 is recognized on line 1 and an adjustment to changes in net assets of ($8797) as an offset on line 9 is also recognized to balance the accrual method shown on the balance sheet at 12/31/14. No such adjustment is necessary to the balance s heet at 12/31/15.”

“The lawrenceburg library foundation has no requirements to have its books and records audited. Since this is the case, the 2015 tax year will not be subject to an audit and compiled financial statements, under the accrual basis, were used to prepare the 2015 and 2014 forms 990. A committee of volunteers serving on the board of directors of the foundation continues to oversee the preparation of compiled financial statements for both tax years 2015 and 2014.”