Del-Mar-VA Council Inc - Boy Scouts of America

“Prior to its submission, the 990 is reviewed by the council treasurer, executive director, finance manager and audit committee chairman.”

“Board members are required, on an annual basis, to review the policy and examine their relationships for any conflicts of interest and must disclose such conflicts in accordance with the policy.”

“A pay guide chart is supplied by the national office and updated annually. This chart is used to arrive at recommended percentage increases. The proposed increases are presented to the compensations committee by the scout executive for approval. The scout executive increase must be approved by the president.”

“The form 990 is made available through guidestar.org and upon request of the executive office. The governing documents, conflict of interest policy, and financial statements are all available upon request of the executive office.”

“Cash surrender value of life insurance 27,173. Gain/loss from beneficial interest in perpetual trusts -81,798.”

“The organization's executive committee assumes responsibility for oversight of the audit of the financial statements and selection of the independent accountant. There has been no change in this policy during the current year.”

“Restatement of december 31, 2014 financial statements: during the year, it was determined that the beneficial interest in perpetual trusts were not being recorded in accordance with fasb asc 958 not for profit entities. The trusts should be recorded based on the council's beneficial interest percentage of the estimated fair value of the underlying assets. As a result, the financial statements were restated as of december 31, 2014 to properly reflect the council's beneficial interest in the perpetual trusts. During the year, it was determined that the council's interest in the dmvapk account at the community foundation of the eastern shore (cfes) was not being recorded correctly. The cfes possess variance power over the assets and are recording the balance on their books and records. Therefore it should not be recorded on the council's financial statements. As a result, the financial statements were restated as of december 31, 2014 to properly reflect the dmvapk interest within the endowment investments. During the year, it was discovered that land, buildings and equipment, and related accumulated depreciation did not agree to the fixed asset ledger. The difference was attributable to various factors originating in the past and carried forward from year to year. As a result, the financial statements were restated as of december 31, 2014 to properly reflect land, buildings and equipment, net.”