Steamfitters Training School Inc.

“The form 990 is circulated to all trustees via email. Once reviewed and approved, the chairman will sign the return.”

“If appropriate, the chairman of the board will appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. After exercising due diligence, the board will determine whether the fund 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. If a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the board will determine by a majority vote of the disinterested trustees whether the transaction or arrangement is in the fund's best interest, for its own benefit, and whether it is fair and reasonable. Based on that determination, it will make its decision as to whether to enter into the transaction or arrangment.”

“The board of directors approves salaries for the teachers and apprentice and training coordinator. The office staff salaries are collectively bargained for by office workers local 9. Salaries are reviewed annually.”

“The school makes its governing documents and financial statements available to the public upon request.”

“Effective june 1, 2024 the school, which previously prepared its books on the accrual basis of accounting, adopted the modified cash basis of accounting. Accordingly, all transactions are reported on the basis of cash receipts and disbursements, with the exception of fair value of investments held by the custodians, recording depreciation on capitalized assets, and recording payroll withholdings and accrued liabilities. In order to be in conformity with the modified cash basis of accounting, the school wrote off receivables, prepaid expenses, accounts payable, and certain accrued liabilities that were included on the school's statement of net assets available for benefits for the year ended may 31, 2024. These adjustments resulted in a net asset adjustment of ($463,761).”