Teen Venture

“A meeting of the organization's board or a board selected committee is held to review and approve irs form 990 before e-filing.”

“After the review of the search process and qualifications of candidate, that meet the requirements for the position as set by the organization, the board approves the compensation of the executive director. A written agreement on the hourly wage rate is signed by both parties.”

“All governing documents, policies, tax returns, and compiled financial statements are made available to the public during normal business hours or by mail, upon written request.”

“The organization received $2,030 in capitalized, donated equipment, furniture, and fixtures. Online auction websites and thrift store values were used to record their fair value.”

“The covid-19 pandemic, whose effects first became known in january 2020, is having a broad and negative impact on commerce and financial markets around the world. The united states and global markets experienced significant declines in value resulting from uncertainty caused by the pandemic. The organization is closely monitoring its cash liquidity. The extent of the impact of covid-19 on organization's operational and financial performance depends on certain developments, including the duration and spread of the outbreak and its impacts on organization's ability to operate the youth center. The organization's visitation at the youth center and membership revenue declined significantly in 2021. The center was forced to close for long periods of time due to the pandemic including the entire fourth quarter of 2021. In early 2022, the youth center went back to its normal operations. Accordingly, the extent to which covid-19 may impact organization's financial position and changes in net assets and cash flows is uncertain and the accompanying informational return includes no adjustments relating to the effects of this pandemic.”

“Grant returned due to expiration of time - virginia commission for the arts -3,723.”

“The board has responsibility for oversight on the compiled financial statements and the selection of the accounting firm. The financial statements, including notes, are prepared on a separate basis. The accounting firm is pro bono and is not independent to the organization. This is disclosed within their accountants' report that is attached to the organization's compiled financial statements.”