Gila Community and Tourism Development Inc

“In prior years, Tourism Development, Inc. transferred 126,892 to Tour of the Gila, Inc., a related 501c4 organization. This amount was previously recorded as a loan receivable under other assets. Grants and allocations 0, Program service expenses 126,892”

“Activity SUPPORT FOR TOURISM, Grantee TOUR OF THE GILA, INC PO BOX 5192 SILVER CITY NM 88062, Cash Grant 218,591, Relationship”

“TRIALS PROJECT 7,995”

“BIKE PROMOTION 100”

“Adjustment of unknown recievable carried on the books at 12-31-2023 -29,517”

“RECEIVABLE -TOUR OF THE GILA Beginning of year 126,892, End of year 0”

“RECEIVABLE -NOT INDENTIFIED Beginning of year 29,517, End of year 0”

“In prior years, Tourism Development, Inc. transferred 126,892 to Tour of the Gila, Inc., a related 501c4 organization. This amount was previously recorded as a loan receivable under other assets. Upon review, it was determined that the original intent of the transfer was to provide financial support for public, educational, and tourism-promoting events aligned with the exempt purposes of the organization. The funds were not expected to be repaid and were not subject to a promissory note or formal loan agreement.As a result, the 126,892 has been reclassified from a loan receivable to a grant. The balance sheet in Part II has been adjusted to remove the receivable from Line 24. This correction ensures compliance with the organizations financial reporting and exempt purpose requirements under IRC 501c3.”