Wilmington Health Access for Teens Inc

“Cpa firm hired to perform independent audit. After completion of audit, cpa firm uses audited figures to draft a 990. During audit presentation to board, 990 draft is circulated. Once 990 approved by board, executive director signs efile authorization and cpa firm files 990 electronically.”

“Annually directors file potential conflicts with board. When conflict arises, conflicted board member leaves room and does not vote. When discussion and vote complete conflicted member allowed back in.”

“Board of directors, which is comprised of unpaid independent individuals, reviews and approves salary thru a budget process.”

“Board of directors, which is comprised of unpaid independent individuals, reviews and approves salary thru a budget process.”

“UPON REQUEST.”

“To provide continuity of operations and derive efficiencies, effective july 1, 2016, what's operations were absorbed into and continued by coastal horizons, another north carolina tax exempt organization located in wilmington, north carolina. The transaction was structured as a merger, with coastal horizons as the surviving operating entity. This will allow the continuation of what's services and the current grants, donations, licenses, permits, programs and accreditations. The merger will focus efforts on better serving the community though efficiencies, economies of scale and synergies. The transaction is treated as a merger under generally accepted accounting principles. Accordingly, coastal horizons is to recognize the assets and liabilities of what under the carryover method. Under this method, coastal horizons does not recognize any additional assets or liabilities that generally accepted accounting principles did not require or permit to be recorded by what.(such as goodwill or other intangibles) there were no adjustments for accounting differences between the entities, but impairment losses have been recorded prior to the merger. The net asset balance of 766,934 (540,273 unrestricted and 226,661 temporarily restricted) is to be recorded as a non-operating addition by coastal horizon effective july 1, 2016.”

“Professional fees 267,768 22,238 0”

“Land, buildings, and equipment are reviewed for impairment when a significant change in the asset's use or another indicator of possible impairment is present. An impairment loss of 133,495 was recognized in the financial statements at june 30, 2016. The loss is the excess of book value of the building at 4005 oleander drive over the appraised value of 1,000,0000 based on an independent appraisal completed on november 24, 2015.”

“Losses reported on return -113,495 total -113,495”