African American Credit Union Coalition

“The organization is comprised of members.”

“The board of directors are elected by the organization's members. The nominating committee creates a slate and recommends it to the membership for election. Nominations are also allowed from the floor at the annual business meeting.”

“Significant changes are subject to approval by the organization's members; however, no such changes were made during the year.”

“The accounting firm used to prepare the 990 is selected by vote of the board of directors. The responsibility for reviewing and signing the form 990 is delegated to either the president/ceo or the treasurer.”

“Financial statements are presented at the annual meeting. All documents, policies, and procedures are available upon request.”

“As of december 31, 2024, the coalition had one vacant board seat.”

“Professional services: program service expenses 193,539. Management and general expenses 0. Fundraising expenses 64,513. Total expenses 258,052. Consulting service fees: program service expenses 11,960. Management and general expenses 0. Fundraising expenses 11,960. Total expenses 23,920.”

“The organization has not changed either its oversight process or selection process during the tax year.”

“Lines 10a and 10b reflect a group of fixed assets that have been fully depreciated for accounting purposes, resulting in a net book value of zero. These assets are still in use in the organization's business. While the assets have reached a zero net book value, they were not explicitly itemized or reported on prior years' tax returns, as the tax basis was also zero due to full depreciation in prior periods not requiring detailed disclosure at that time. We are now disclosing the existence of these assets to maintain accurate fixed asset records. We have also disclosed this on schedule d, part vi.”