Christ Covenant School

“The finance committee received a draft copy of the tax return to review before the final return was filed.”

“They are available upon request at the office.”

“Amending return to include employee retention credit of $264,991 that was not included in the original tax return filing. The following are parts and schedules that changed on this amended 2021 form 990 (7/1/2021-6/30/2022) for prior year/beginning of year amounts due to amending christ covenant school's 2020 form 990 (7/1/2020-6/30/2021): ---to include employee retention credits of $704,279--- 1.) decrease to part 1, line 15 "salaries, other compensation, employee benefits" 2.) decrease to part 1, line 18 "total expenses" 3.) increase to part 1, line 19 "revenue less expenses" ---to include employee retention credits of $803,553--- 1.) increase to part 1, line 20 "total assets" 2.) increase to part 1, line 22 "net assets or fund balances" 3.) increase to part x, line 15 "other assets" 4.) increase to part x, line 16 "total assets" 5.) increase to part x, line 27 "net assets without donor restrictions" 6.) increase to part x, line 32 "total net assets or fund balances" 7.) increase to part x, line 33 "total liabilities and net assets/fund balances" 8.) increase to part xi, line 4 "net assets or fund balances at beginning of year" part ix, line 7(a)-total expenses was reduced by the erc credit total $264,991 with 7(b)-program service expenses reduced by $201,393 and 7(c)-management and general expenses reduced by the remaining $63,598. These adjustments to line 7(a), 7(b) and 7(c) in turn reduced part ix, line 25(a), 25(b), 25(c) "total functional expenses" by $264,991, $201,393, and $63,598, respectively. The adjustment to part ix, line 7(a) "other salaries and wages" in turn reduced part 1, line 15 for current year "salaries, other compensation, employee benefits" by the erc credit total $264,991. The adjustment to part ix, line 25(a) "total functional expenses" in turn reduced part 1, line 18 for current year "total expenses" by the erc credit total $264,991. This reduction to part 1, line 18 in turn increased part 1, line 19 for current year "revenue less expenses" by the erc credit total $264,991. Part x, line 15 "other assets", column b "end of year" was increased by a total of $1,068,544 [2019 erc credit (receivable) of $99,274 plus the 2020 erc credit (receivable) of $704,279 plus the 2021 erc credit (receivable) of $264,991]. This erc receivable total is detailed on schdule d, part ix, line 2. Part ix, line 25(a) "total functional expenses" carried forward to part xi, line 2 and this adjusted amount increased part xi, line 3 "revenue less expenses" by the erc credit total $264,991. Noted above part xi, line 4 "net assets or fund balances at beginning of year" increased by $803,553 ($99,274 from the 2019 amended return plus $704,279 from the 2020 amended return; therefore, line 10 "net assets or fund balances at end of year" increased by a total of $1,068,544 (2019 erc credit adjustment of $99,274 plus 2020 erc credit adjustment of $704,279 plus 2021 erc credit adustment of $264,991). The amount from part xi, line 10 carried back to part x, line 32 so that "total liabilities and net assets/fund balances" would equal the increased "total assets" on part x, line 16. These changes to part x also in turn increased "total assets and "net assets or fund balances" by the 2019, 2020, and 2021 erc credits total $1,068,544 on part 1, line 20 and 22 for the current year. Part iii, line 4a "expenses" decreased by $201,393, the erc credit portion attributed to program service salaries and wages and corresponds to the amount recorded on part ix, line 25(b). Part iv line 11(d) has changed to yes on amended form 990 and schedule d, part ix "other assets" is now printing with two line items added -- "construction in progress-$140,653 and "erc receivable-$1,068.544" totaling to $1,209,197.”