Seed Spot

“The ceo of the organization distributes a pdf copy of the 990 return to all board members for review and comment prior to filing.”

“The organization reviews the conflict of interest policy annually, and requests that each board member provide a list and acknowledgement of any known conflicts. Each board meeting includes a discussion on selecting or engaging vendors and service providers. All in attendance are asked to recuse themselves from the discussion if there could be a perceived conflict.”

“The board of directors reviews the compensation of the organization's officers and key employees through comparative analysis with the compensation of individuals in similar positions - using filed form 990s, compensation studies and other available data. Any proposed changes in compensation are then approved on the basis of this information. Currently, there are no employees meeting the definition of key employee.”

“The organization will provide, in a timely manner, copies of all governing documents, the conflict of interest policy, and financial statements when requested in writing or in person.”

“The organization was granted a $172,532 award under the paycheck protection program (ppp) administered by a small business administration (sba) approved partner on april 4, 2020. The award is uncollateralized and is fully guaranteed by the federal government. The organization is eligible for forgiveness of up to 100% of the award upon meeting certain requirements. The organization has elected to account for the funding as a conditional contribution by applying asc 958-605 not-for-profit revenue recognition. The organization has initially recorded the award as a refundable advance and will record the forgiveness in accordance with guidance for conditional contributions when there is no longer a measurable performance or other barrier and a right to return of the ppp award. Proceeds from the award are eligible for forgiveness if they are used for certain payroll, rent, and utility expense. The organization has recognized $172,532 as contribution revenue for the year ended june 30, 2021. This amount is included on line 1e of part viii statement of revenue.”

“On june 1, 2021, seed spot entered into a one-year agreement to sublease their office space to an unrelated party. The sublease is for one year, ending on july 31, 2022. As a result of the transaction, seed spot recognized an unrealized loss of $39,788 during the fiscal year ended june 30, 2021. This loss represents the difference in rent payments for the remaining life of the lease.”

“Loss on sublease -39,787.”