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 15, 2017.”

“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.”

“ROUNDING -1.”

“Taxpayer filed form 3115, change in accounting method from cash basis to the accrual basis of accouting with the 2011 tax year. The final section 481a adjustment income was reported and recognized in full by december 31, 2014. No section 481a adjustment is necessary to the balance sheet for 12/31/16 or 12/31/15.”

“The lawrenceburg library foundation has no requirements to have its books and records audited. Since this is the case, the 2016 tax year will not be subject to an audit and compiled financial statements, under the accrual basis of accounting, were used to prepare the 2016 and 2015 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 2016 and 2015.”