Laker Educational Foundation

“A copy of the form 990 is provided to the laker educational foundation board of directors and will be reviewed and approved at the board meeting prior to being filed with the internal revenue service.”

“Available on the laker educational foundation website.”

“Investment assets adj = $188”

“Original filing omitted the assets in brokerage accounts”

“The following adjustments have been incorporated into the attached Amended Form 990 for the Laker Educational Foundation previously filed for the year ended June 30, 2021:1.Realized and unrealized gains from investment activities for the fiscal year were originally included on Line 3 in Part VIII. Line 3 was amended to reflect dividends and interest only in accordance with Form 990 instructions.2.Proceeds from the sale of investment securities totaling $118,372 and related costs of $76,948 were not reported in the Form 990 as originally filed. The net realized gain from investment activity for the year was included in Line 3 of Part VIII. Proceeds from the sale of investments and the related costs were moved to line 7a, 7b, and 7 c in accordance with the instructions for Form 990.3.Line 5, Part XI, Net Unrealized Gains (Losses), did not include unrealized gains/losses on investments. Unrealized gains/losses were originally reported on line 3 of Part VIII. Unrealized gains/losses on investments are to be reported on Line 5, Part XI per form 990 instructions. Line 5 included a prior period adjustment in the amount of $111,850 and an adjustment for not including current year income on an accrual basis in ending net assets.4.Line 8, Part XI, Prior Period Adjustments, was amended to $111,850 for a prior period adjustment related to the balance in the Friends of Wolf Ridge account that had previously been included in Net Assets. It was determined during the current fiscal year that the Laker Educational Foundation did not have Variance Power over these funds, and we were holding these funds only as an agent for this group. Thus, the balance in these funds at the beginning of the year were reclassified from net assets to liabilities.5.Line 5, Part XI Unrealized Gains and Losses, was adjusted to ($6,413), the actual change in unrealized gains/losses on investments for the current fiscal year based upon the preparation of a detailed schedule of investment activities for the fiscal year.6.Line 10 in Section XI Net Assets at the end of the year did not originally include the net income of the foundation for the current fiscal year. Line 22 in Part I was also changed accordingly.7.Part X, Line 13, Pledges and Grants Receivable. The foundation has no pledges or grants receivable. The amount originally reported on Line 3 represented investment balances held as an agent by the foundation of $101,938 less net income for the year, plus a minor equity balance carried over from the prior year. The correct investment balance held by the foundation as an agent at the end of the year was $101,938 and has been added to line 15 in Part X for total investments of the foundation of $263,883.8.The amounts on lines 1 and 2 in Part X in the tax return originally filed were reversed. $93,315 is held in non-interest bearing accounts, and $75,978 is held in interest bearing accounts.”