Timanous Foundation

“The Form 990 is prepared by the organization's outside CPA firm and a draft is provided to each board member for review prior to filing.”

“1. Duty to Disclose: In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and all material facts to the board of trustees. 2. Determining Whether a Conflict of Interest Exists: After disclosure of the financial interest and all material facts, the disinterested members of the board of trustees outside of the presence of the interested person shall decide if a conflict of interest exists. 3. Procedures for Addressing the Conflict of Interest: a. An interested person may make a presentation about the transaction or arrangement in which he/she has a conflict of interest at the board of trustees meeting, but after the presentation, he/she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving a conflict of interest. b. When a conflict of interest has been determined, the chairperson of the board of trustees shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. c. After exercising due diligence, the board of trustees shall determine whether the Foundation can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. d. If a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the board of trustees shall determine by a majority vote of the disinterested trustees whether the transaction or arrangement is in the Foundation's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination it shall make its decision as to whether to enter into the transaction or arrangement.”

“These documents are available upon request.”

“Director Search: Program service expenses 0. Management and general expenses 15,160. Fundraising expenses 0. Total expenses 15,160. Miscellaneous: Program service expenses 0. Management and general expenses 0. Fundraising expenses 5,826. Total expenses 5,826.”

“The Timanous Foundation is amending its 2017 Form 990 to report accrual-based information that was not included in the Organization's financial statements at the time the original return was filed. The Timanous Foundation operates on an accrual basis of accounting, however, the Organization's originally filed return was inadvertently prepared using cash basis financial statements. It was not until the Organization began gathering information for its 2018 Form 990 filing that this administrative oversight was realized. Upon making this discovery, the Foundation immediately notified its paid preparer and began working on preparing this amended Form 990 filing. Specific changes to this amended return from the originally filed return are noted below. The total revenues, as reported on Form 990, Page 9, Part VIII, between the original and amended tax returns are as follows: Line 1f, Contribution Income, (original) - $733,240 Line 1g, Contribution Income, Non-Cash (original) - $452,418 Line 1f, Contribution Income, (amended) - $980,169 Line 1g, Contribution Income, Non-Cash (amended) - $442,524 Line 7c/d, Capital Gain/(Loss) (original) - $9,794 Line 7c/d, Capital Gain/(Loss) (amended) - $9,850 These changes impacted Schedule A, Part II as follows: Line 1, 2016 column (original) - $0 Line 1, 2016 column (amended) - $15,500 Line 1, 2017 column (original) - $733,240 Line 5 (original) - $489,102 Line 11, 2017 column (original) - $733,437 Line 1, 2017 column (amended) - $980,169 Line 5 (amended) - $617,272 Line 11, 2017 column (amended) - $980,366 Schedule B was also updated to disclose additional donors and amounts that were not previously listed on the originally filed return. Total Contributions reported on the 2017 Schedule B (original) - $706,698 Total Contributions reported on the 2017 Schedule B (amended) - $923,178 Non-Cash Contributions, Schedule M, Part I, Line 9, Securities - Publicly Traded (original) - $452,418 Non-Cash Contributions, Schedule M, Part I, Line 9, Securities - Publicly Traded (amended) - $442,524 A portion of contributions received in 2017 were used to establish an endowment fund for scholarships to the camp. Accordingly, Form 990, Part IV, Line 10 has been now answered "yes and Schedule D, Part V has been prepared. The Foundation accrued a number of additional expenses that were not accounted for in the Foundation's 2017 financial statements provided at the time of the originally filed return. Therefore, these expenses, were not included on original Form 990, Part IX and are being updated on this amended return filing. Functional expenses, as reported on the amended Form 990, Part IX, have been adjusted as follows: Line 11e, Professional Fundraising Services (original) - $48,594 Line 11e, Professional Fundraising Services (amended) - $56,094 Line 11g, Other Fees for Services (original) - $9,500 Line 11g, Other Fees for Services (amended) - $17,408 Line 13, Office Expenses (original) - $72 Line 13, Office Expenses (amended) - $0 Line 24a, Postage & Printing (original) - $16,322 Line 24a, Postage & Printing (amended) - 16,197 Line 24b, Facilities & Equipment (original) - $7,080 Line 24b, Miscellaneous Fundraising Expenses (amended) - $4,826 Line 24c, Miscellaneous Fundraising Expenses (original) - $4,626 Line 24c, Facilities & Equipment (amended) - $2,282 As the organization was still in its start up and planning phase during 2017, it was determined that no expenses related to program services and therefore Form 990, Part III, Line 4a expenses were changed from $14,580 to $0. A portion of the total amended functional expenses are due to corrections for amounts paid or accrued for professional fundraising services. As a result of this adjustment, the Foundation has updated Schedule G, Part I. The amount reported on both Form 990, Part IX, Line 11e and on Schedule G, Part I, Row 1, Column v, have been increased to a total of $56,094. Due to the corrections to the Foundation's revenues and expenses the Foundation'”