Lubbock Entertainment and Performing Arts Association

“Lepaa has hired rea & associates, llc owned by rob allison to manage their day to day operations. Rea is an independent contractor, but the services provided by rea and rob are similar to the services of an executive director.”

“No review was or will be conducted.”

“All members of the board must agree to review, sign and abide by the conflict of interest policy. At each board meeting the board asks if there are any conflicts of interest and each board member must state if they have a conflict or perceived conflict of interest.”

“The association will make available a copy of their governing documents, conflict of interest policy and financial statments to the public. Requests can be made at the assocation's office located in lubbock, tx.”

“The organization obtains an annual financial statement audit from an independent cpa, but the audit was not completed before the form 990 extended due date of august 15, 2019. Because the audit was not complete at the time the 990 was filed the organization has decided to answer line 11f "no". Based on prior years the financial statements included an uncertain tax position statement that reads as follows. Lepaa has adopted the "uncertain tax positions" provisions of accounting principles generally accepted in the united states of america. The primary tax position of lepaa is its filing status as a tax exempt entity. Lepaa determined that it is more likely than not that its tax positions will be sustained upon examination by the internal revenue service (irs) and that all tax benefits are likely to be realized upon settlement with taxing authorities.”

“The organization obtains an annual financial statement audit from an independent cpa, but the audit was not completed before the form 990 extended due date of august 15, 2019. Because the audit was not complete at the time the 990 was filed the organization has decided to answer line 12a "no", and will not complete schedule d parts xi and xii.”

“The board of directors have assigned members to an audit committee to select the independent cpa who will perform the audit. This process has not changed from the prior year.”

“The organization obtains an annual financial statement audit on a separate basis from an independent cpa, but the audit was not completed before the form 990 extended due date of august 15, 2019. Because the audit was not complete at the time the 990 was filed the organization has decided to answer line 2b "no".”

“Due to the discounting of pledges receivable to present value and the deferral of the revenue of the nondeductible portion of personal seat licenses and box seats, the total contributions reported on schedule b are greater than the total contributions reported on part viii, line 1h.”