Community Bible Study

“The Form 990 was prepared by an independent CPA firm, reviewed by the Director of Finance and Director of Ministry Service Center in detail, and then emailed to the full Board of Trustees for their review before it was filed with the IRS.”

“The Board of Trustees and CBS top management officials sign conflict of interest statements annually. The Director of Finance reviews them and should a conflict occur, the documents are sent to the Audit & Compliance Committee for further review and discussion. Should any conflicts of interest be disclosed, the board member or officer would be asked to refrain from participation in any deliberation or decision with regard to matters affected by the relationship.”

“15a - The Executive Committee, with approval of the independent Board of Trustees, established the compensation for the Executive Director. The compensation "package" is reviewed and adjusted annually, as appropriate, by the independent Board. Comparability data is used in this process. The compensation approval is documented in the board minutes. 15b - The Executive Director sets compensation for other officers. Comparability data is used, and the process is documented in written agreements maintained by Human Resources.”

“The organization's Form 990 and financial statements are made available on the organization's website. The organization's conflict of interest policy and governing documents are made available to the public upon request.”

“Community Bible Study (CBS) does not file any W-2's as all employees are outsourced from a professional employment organization. CBS reimburses the professional employment organization for the employees' compensation and the reimbursements are reported on Form 990, Part VII, Section A and Form 990, Part IX, Lines 5 -10. The amount reported on Form 990, Part V, Line 2a represents the number of employees that worked for the filing organization during the tax year.”

“In accordance with the principles of FASB ASU 2016-14 (ASC 958), the organization has implemented required changes to its audited financial statements for the period ended 06/30/2019. To date, Form 990 and its associated schedules have not been updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Part X, Lines 27-29: Line 27 - Net assets without donor restrictions $7,682,012 Line 29 - Net assets with donor restrictions 4,029,119 ___________ Total net assets $11,711,131”

“Change in beneficial interest in life estate 17,147.”