Sc Development Unit 14 Inc.

“The board retains the services of an independent cpa firm to prepare the organization's form 990. Management reviews the completed form 990 and provides a full copy to all voting members of the governing body prior to filing. The governing body is provided a reasonable amount of time to review the return and ask any questions directly to organization management or the contact at the independent cpa firm prior to filing.”

“Officers, directors, trustees and key employees are annually required to complete a conflict of interest disclosure statement as a precursor to their service to the organization. Potential conflicts are logged with and monitored by the secretary of the board.”

“Sc development unit 14, inc. Does not have any employees. The board officers and other directors receive compensation from schoolcraft college, a related organization. The following is a description used by schoolcraft college to describe their process of determining compensation. Market studies are performed comparing like salaries at other community colleges. The college also performs a historical review of what predecessors have made. Compensation is reviewed yearly commensurate with job duties added. Efforts are made through the university cabinet and human resources to ensure fair market salaries and benefits are earned.”

“Governing documents and financial statements are available through applicable governmental agencies; the conflict of interest policy is available upon written request to the organization.”

“During the year ended june 30, 2022, sc development unit 14, inc adopted gasb statement no. 87, leases, which requires recognition of certain lease assets and liabilities for leases that previously were classified as operating leases and recognized as inflows of resources or outflows of resources based on the payment provisions of the contract. As a result, the balance sheet now includes receivables for the present value of payments expected to be received and deferred inflows of resources that will be recognized as revenue over the term of the lease. The financial statements for the year ended june 30, 2021 have been restated in order to adopt gasb statement no. 87 and a prior period adjustment is recognized on the 990.”

“Ohter professional fees: program service expenses 0. Management and general expenses 11,700. Fundraising expenses 0. Total expenses 11,700.”