The STEM Connection

“Independent accounting firm prepares the form 990. The stem connection finance committee conducts a detailed review of the form 990 before the form 990 is emailed to the executive committee of the board of directors for review and approval at an executive committee meeting. The form 990 is emailed to the full board for their review and comment. The form 990 is then submitted to the irs.”

“The conflict of interest policy is reviewed by all board members and the executive director annually. The policy requires any board member or the executive director to notify the board if any conflict should develop. Should this occur, the board member or executive director is required to recuse himself or herself from discussion and/or any voting pertaining to the conflict of interest.”

“Under the direction of the board, the finance committee gathers independent market data, including the salary study by charitable advisors llc, and provides it to the executive committee for review and use in determining the executive director's salary. This data is also used to determine compensation for employees, which is then administered by the executive director. This process occurs annually.”

“Governing documents, conflict of interest policy, and financial statements are available upon request.”

“Due to the covid-19 pandemic, the stem connection implemented virtual online experiences.”

“Outside contracted services: program service expenses 31,956. Total expenses 31,956. Outside contracted services: management and general expenses 1,450. Total expenses 1,450. Consulting: management and general expenses 100. Total expenses 100. Outside contracted services: fundraising expenses 2,205. Total expenses 2,205.”

“The stem connection prepares its financial statements on the accrual basis. The income tax returns are prepared on the cash basis, as elected in the initial 2014 form 990. Adjustments are made in the tax return to convert the accrual basis financial statements to cash basis. For 2020, the net adjustment from accrual to cash basis increased net income by $6,905.”

“The stem connection has elected 100% bonus depreciation on all fixed asset additions of $2,747 for 2020. The assets have been fully expensed in 2020.”

“Accumulated depreciation: computer equipment acquired in 2019 and fully expensed under bonus depreciation ($5,979)”