Mahaska County YMCA

“The organization sells memberships to its membership annually for usage of the facility.”

“A copy of the completed form 990 is sent to each board member for review and approval.”

“Policy reviewed and interests disclosed annually at the january board meeting.”

“The compensation for the ceo is determined by a compensation study and then approved by the board of directors. Form 990, part vi, line 15b - compensation process for officers - the compensation for other key employees are approved by the finance committee.”

“The disclosure of the governing documents, policies and financial statements are made available upon request.”

“The organization is exempt from federal income taxes under section 501(c) (3) of the internal revenue code and, accordingly, no provision for income taxes has been made in the accounts.”

“Effective september 1, 2021, the organization adopted fasb asc 842, leases. The new standard establishes a right of use (rou) model that requires a lessee to record a rou asset and a lease liability on the statements of financial position for all leases with terms longer than 12 months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Leases with a term of less than 12 months will not record a right of use asset and lease liability and the payments will be recognized into profit or loss on a straight-line basis over the lease term. The organization elected to adopt fasb asc 842, leases, using the optional transition method that allows the organization to initially apply the new leases standard at the adoption date and recognize a prior period adjustment to the opening balance of net assets in the period of adoption. The organization elected to adopt the package of practical expedients available under the transition guidance with the new standard. The package includes the following: relief from the determination of lease contracts included in existing or expiring leases at the point of adoption, relief from having to reevaluate the classification of leases in effect at the point of adoption, and relief from reevaluation of existing leases that have direct costs associated with the execution of the lease contract. The organization also elected to adopt the practical expedient to use hindsight to determine the lease term and assess the impairment of the right of use assets. Unrestricted new assets as of september 1, 2022 was increased by $7,603,911 as a result of the adoption of the new standard.”