River Hill Community Association Inc

“The 990 is reviewed by the village manager, the financial liaison, and then presented to and reviewed by the village board of directors.”

“Tax returns and governing documents are available for public inspection upon request.”

“Form 990, part vi, section b, line 12a and 12c the association has adopted a conflict of interest policy which was approved by the board on september 10, 2012. The board annually reviews this policy and all new board members receive and review this policy as part of their training. This policy is also reviewed periodically during the year as discussions come before the board. The policy is also a part of our board training manual and all members must annually acknowledge review of this manual.”

“EACH YEAR ONE MEMBER OF THE VILLAGE BOARD IS DESIGNATED AS THE FINANCIAL LIAISON AND IS RESPONSIBLE FOR ASSISTING THE VILLIAGE MANAGER IN OVERSIGHT OF THE COMPILED STATEMENTS. In addition to review by the Village Manager, the Financial Liaison is responsible for reviewing the monthly financial statements, the quarterly financial statements, audit reports, and providing review and guidance on other financial matters. The Liaison works closely with the Village Manager in the review of these documents and providing feedback. Following review by the Village Manager and the Financial Liaison, the entire Village Board is responsible for reviewing these documents prior to approval. Any decision to change accounting firms would be done with the approval of the Village Board based on a recommendation of the Village Manager and Financial Liaison. The Association uses an independent firm for auditing purposes. Currently, the Association is audited every three years. The Association coordinates with eight other Columbia Villages to select the audit firm. Selection of the audit firm is done through a competitive bid process and is handled by a Committee made up of 3 - 4 Village Managers. Prior to contracting with an audit firm, the River Hill Village Manager will share the bid results and Committee recommendations with the Village Board for approval.”

“The Organization follows the provisions of Accounting for Uncertainty in Income Taxes under the Income Taxes Topic of the Codification. The Codification requires the evaluation of tax positions, which includes maintaining its tax-exempt status and the taxability of any unrelated business income, and does not allow recognition of tax positions which do not meet a "more-likely-than-not" threshold of being sustained by the applicable tax authority. Management does not believe it has taken any tax positions that would not meet this threshold. The Organization's income tax returns are subject to possible federal examination, generally for three years after they are filed.”