Change All Souls Housing Corporation Inc

“The organization entered into a contract in march of 2020 with triad housing corporation ("triad") for the consulting services of terry green, an employee of triad. The intention of the contract is to provide staff support and to serve as executive director. In 2021, the organization paid triad $121,500 for these services.”

“The 990 is reviewed by the executive director. After review, the 990 is submitted to the board and discussed for final approval.”

“Board members, officers and employees are required to complete a conflict of interest policy annually. The executive director follows up to make sure it is enforced annually.”

“The governing documents, conflict of interest policy, and the financial statements are made available to the public upon request.”

“Cumulative effect of change in accounting principle 3,156,980.”

“During 2021, the organization made a change in accounting method from the equity method to the fair value method for its accounting of the partnership investment, discussed in note m. Accounting standards codification (asc) 820 fair value measurement defines how fair value should be determined for financial reporting purposes. It establishes a fair value framework applicable to all fair value measurements under us gaap, and defines fair value as "the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date." the organization's board adopted this change in accounting method to have a more accurate measurement of the actual value of the partnership investment, and adopted the method using the modified retrospective approach. The cumulative effect of applying the new method on the consolidated statement of financial position as of january 1, 2021, was recognized as an adjustment to the opening balance of net assts without donor restrictions, increasing beginning net assets by $6,567,831, and corresponding adjustments increasing partnership investment by $7,937,001 and increasing taxes payable by $1,369,170. A portion of the adjustment was reported as a dividend distribution of $3,410,851 for the dissolution of change all souls development, inc. The net adjustment on the return is $3,156,980.”