Virginia Scholastic Rowing Association

“ORGANIZATION HAS MEMBERS”

“Members elect the executive board”

“990 is presented to the executive board prior to filing”

“Vasra provides governing documents and financial statements on the organization's website.”

“Due to new treasurer and tax preparation, column a beginning balances do not match the 2018 tax year's part x ending balances.”

“The organization was the victim of an embezzlement several years ago. A judgment has been entered for the offender to pay $100,000 restitution. This has been accomplished over the past several years and accounted for, in part on the schedule d. Since the full amount should show as an outstanding accounts receivable, it seems more accurate to report it on part x line 7. The amount in colunm a reflects the amount outstanding as of the beginning of the 2019 fiscal year. The amount in column b reflects the amount outstanding at the end of fiscal year 2019 after a $3,000 restituion payment was made.”

“Due to a change in tax preparation software and the non-availability of the service dates, all existing assets were calculated using a service date of july 1 of the fiscal year that the item was placed into service. This has created a discrepancy in the prior year depreciation calculation that could not be reconciled within the software with any degree of accuracy. The beginning balance, therefore, does not match the 2018 ending balance. This should be accurate going forward if the july 1 date is always used. This was the most reasonable solution given the amount of time it would have taken to garner more accurate information from over 20 years of asset accumulation.”

“This adjusment reflects the changes to the depreciation schedule and the restitution calculations.explained above.”

“The covid-19 restrictions had enormous impact on the income and activities for this organization. They expect to recover as the schools and activities resume. 990 is filed rather than the 990ez due to future expectations and a desire for consistency.”

“Prior year end balance combined interest-bearing and non-interest-bearing accounts on line 1. Current year attributes account balances according to interest.”