Propel Network Inc.

“The organization has engaged a consulting firm (a.r. Community consultants llc) to oversee all aspects of administration and budget.”

“The board reviews a draft of the form 990 before it is finalized. Once the review is finalized the tax preparers are notified to finalize the form 990.”

“It is the policy of propel that all board members avoid all activities that conflict with or appear to conflict with their responsibilities and obligations to propel network. Conflict of interest disclosure statements are required to be signed by board members. When a conflict arises, it is brought to the board's attention to be discussed. The board member who has this conflict must recuse themselves from participating in any discussion related to the matter.”

“Propel relied on the board of directors to establish the compensation for the third party independent contractor that provides executive director-type services. This process last occured in 2019 when the third party independent contractor engagement was renewed.”

“These documents are available upon request.”

“Life coach strategist: program service expenses 110,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 110,000. Admin and budget consultant: program service expenses 143,750. Management and general expenses 0. Fundraising expenses 0. Total expenses 143,750.”

“Fasb asc 250-10-05-2 establishes the retrospective application of accounting changes and requires adjustments to opening net assets when a change is made from one acceptable accounting principle to another acceptable accounting principle . Management has determined that the recording of donation revenue in the year receiving cash or other assets is preferable rather than recording unbinding pledges or unsecured promises to give as recognized income in the year the pledge is given. This approach is conservative in nature. In addition, the donations receivable cannot be objectively measured or valued due to the covid-19 global pandemic. Business continuity of donors could be severely impacted for months or beyond as governments and their citizens take significant and unprecedented measures to mitigate the consequences of the pandemic. Therefore the opening net assets have been adjusted and reduced by $450,380 which represents the donations receivable at 12/31/18 and is the cumulative effect change on total net assets.”