Rinas Bais Yaakov Inc.

“Activity Classification: PROGRAM EXPENSE. Grantee Name: RINAS BAIS YAACOV. Grantee Address: RECHOV YIRMIYAHU 24 JERUSALEM, ISRAEL 9446709. Amount Given: 3427.”

“Description: BANK FEES. Amount: 2112. Description: CONTRACT SERVICES. Amount: 31358. Description: CONTRACT SERVICES-FOREIGN WORKER. Amount: 5738. Description: LEGAL FEES. Amount: 850. Description: MERCHANT FEES. Amount: 7811. Description: ADVERTISEMENT. Amount: 4725. Description: OFFICE EXPENSES. Amount: 349. Description: STUDENT AND EDUCATIONAL ACTIVITIES. Amount: 1195. Description: TELECOMUNICATIONS. Amount: 33. Description: TRAVEL AND PROMOTION. Amount: 10877. Total to Form 990-EZ, line 16: 65048.”

“The taxpayer originally filed Form 990 for 2018. After the submission, it was uncovered that there was an error in the books. Tuition monies that were received for the entity in Israel were incorrectly classifed as income and recorded on Form 990 Part VIII line 2 and the payouts to the Israeli entity were incorrectly classified as program expenses. These transactions have now been properly classified through the balance sheet as a payable. For the 2018 tax year, Rinas USA for the benefit of Rinas Bais Yaacov Israel collected tuition monies in the amount of $349,477.31 and was treated on the books of the US entity as a payable to Rinas Bais Yaacov. All monies were paid to Rinas Bais Yaacov during 2018. These monies were not charged as income to Rinas USA since they belonged only to Rinas Bais Yaacov Israel. This change also allows the taxpayer to now file Form 990EZ for 2018.”

“Description: UNSECURED NOTES/LOANS PAYABLE. Beg. of Year Amount: 0. End of Year Amount: 5000. Description: ACCOUNTS PAYABLE AND ACCRUED EXPENSES. Beg. of Year Amount: 3701. End of Year Amount: 0.”