Rotary Club of Wichita Inc

“The organization is composed of members. The members elect the governing body and approve significant decisions of the governing body regarding the organization. However, members do not receive a share of the organization's profits or excess dues or a share of the organization's net assets upon the organization's dissolution.”

“The membership elects the officers and directors annually.”

“Significant decisions made by the governing body for the organization will have final approval by a member vote.”

“The organization's form 990 will be reviewed and approved by the executive director before filing with the internal revenue service.”

“The annual budget process includes an evaluation of the executive director at which time compensation is reviewed by the board of directors and any adjustments are approved and documented in the meeting minutes.”

“The organization's governing documents, conflict of interest policy and financial statements are not made available to the public”

“Original return incorrectly capitalized expenses that should have been reported as an expense in the current year.”

“Prior period adjustment explanation: during fiscal year end june 30, 2016 the organization paid for equipment updates to the audio visual equipment owned by botanica (a 501(c)(3) organization), these updates were incorrectly added to the organizations fixed assets instead of being reported on the 990 as an expnese. The updates were a donation to botanica's equipment, the organziation does not own this equipment or retain any rights to it after the updates, but does continue to use the equipment during their weekly meetings held at botanica's conference room. The 14,114.19 of updates should have been recorded as a grant expense to botanica instead of being capitalized and depreciated. The 11,089.72 is the remaining cost basis of the updates after depreciation was deducted for fiscal year 2016. (original cost 14,114.19 less depreciation expensed 3,024.47 = 11,089.72)”