The Loop Trolley Company

“The irs form 990 for the organization is prepared on an annual basis by a third party accounting firm. Subsequent to preperation of the return, the treasurer of the organization's board of directors reviews, approves and signs the irs form 990. Prior to filing the form 990 with the irs, an electronic copy of the irs form 990 is provided to the board of directors by the treasurer.”

“The organization requires all members of the board of directors to sign conflict of interest statements on an annual basis. The conflict of interest statements are collected and reviewed by the officers of the board of directors.”

“The compensation of the executive director is determined by the officers of the board of directors. The executive directors compensation and performance is evaluated by the officers of the board of directors on a recurring and periodic basis. The officers of the board of directors consider the financial resources of the organization, performance of the executive director, and compensation of similar roles at similar not-for-profit organizations during the evaluation of the executive directors compensation.”

“The organization will provide the irs form 990 as well as other documents that are required to be disclosed to the public upon receipt of a written request for such documents.”

“Prior period adjustment -13,181,002.”

“The audited financial statements were completed after the irs form 990 for 2018 was due, as management was still in the process of evaluating its ability to continue to report as a going concern. When this evaluation was completed in calendar 2020, a resulting impairment of assets was recorded on the 2018 financial statements. The cumulative impact of this change resulted in a reduction of net assets, as well as other assets and accounts receivable at december 31, 2018, and has been reflected as a prior period adjustment on the 2019 irs form 990.”