Virginia Scholastic Rowing Association

“Vasra has 42 member teams and 52 voting members of the board.”

“The 52 voting members have the authority to elect the executive board.”

“The form 990 is presented electronically to the board of directors prior to filing the return with the irs and at the next meeting of the membership.”

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

“Total $113,373 comprised of the following expenses--misc bus. Expenses $25; operations and maintenance $28938; repairs to motors and boats $8805; regatta expenses $68189; referee training and support $7416”

“Vasra 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 schedule d. Since the full amount should show as an outstanding accounts receivable, it seems more accurage to report it on part x, line 7. The amount in column a reflects the amount outstanding as of the beginning of the 2020 fiscal year. The amount showing in column b reflects the amount outstanding at the end of fiscal year 2020 after a $3000 restitution payment was made.”

“Assets less accumulated depreciation showing on these lines reflect the amounts reported on the organization's statement of financial position for fiscal year ending june 30, 2021. These amounts do not agree with the asset depreciation schedule included with the form 990.”

“This was listed as restitution asset for fiscal year ending june 30, 2021. It was not present on form 990 for 2019.”

“Total amount of assets shown on fiscal year statement of financial position was $202,826. Adding line 7 amount of $78,500 to the statement's total yields $281,326--total assets showing on form 990 balance sheet.”

“This adjustment reflects the difference in tax return depreciation and organization's record of assets and the restitution calculations as explained on sch o, part x.”