Lambda Literary Foundation

“The organization does not have any committees with authority to act on behalf of the governing body.”

“The form 990 is prepared by an external accounting firm based on information provided by the organization. The draft return is reviewed in detail by a group of persons authorized to review financial and audit matters on the organization's behalf prior to filing. A copy of the final version of the form 990 is then provided to the full board of directors prior to filing with the irs.”

“The organization enforces the conflict of interest policy by monitoring known relationships, questionnaires, and noting any changes in disclosed information. Prospective board members are also aasked to disclose any conflicts as part of onboarding. Any conflict is disclosed and reviewed. While we believe we are aware of any conflicts of interest, not all board members completed the annual conflict of interest disclosure in 2024.”

“This review includes researching comparable data on guidestar, nonprofit resource centers, and recommendations from search consultant.”

“The organization's governing documents, conflict of interest policy, form 990, form 1023, and financial statements are available upon request. The organization's form 990 is also available at pro publica, guidestar, and the irs eo search websites.”

“The organization's governing documents, conflict of interest policy, and financial statements are available upon request.”

“During the fiscal year ending june 30, 2024, the organization discovered potential excess benefit transactions with a disqualified person that occurred during the organization's fiscal years ending june 30, 2023 and june 30, 2024. Since that time, the organization has been working actively in good faith to investigate the transactions, obtain explanations for the use of funds and seek recovery of the funds, and such efforts have continued during the organization's tax year ending june 30, 2025. The organization will make any required reporting on form 4720. The disqualified person is no longer employed at the organization. The organization has also undertaken various steps to prevent such a diversion from happening again in the future, including adopting new policies and procedures and modifying its internal controls, such as requiring additional approvals and reporting for expense reimbursement requests. The organization is committed to upholding high standards of financial responsibility and ethics in fulfillment of its charitable mission.”

“Consultants - lambda literary awards: program service expenses 48,186. Management and general expenses 0. Fundraising expenses 0. Total expenses 48,186. Consultants - writers' retreat: program service expenses 76,211. Management and general expenses 0. Fundraising expenses 0. Total expenses 76,211. Consultants - lambda literary review: program service expenses 575. Management and general expenses 0. Fundraising expenses 0. Total expenses 575. Consultants - writers in schools: program service expenses 178,440. Management and general expenses 0. Fundraising expenses 0. Total expenses 178,440. Consultants - other: program service expenses 0. Management and general expenses 15,036. Fundraising expenses 26,744. Total expenses 41,780. Other professional fees: program service expenses 39,520. Management and general expenses 28,904. Fundraising expenses 0. Total expenses 68,424.”

“The process has not changed from prior year.”