Leadership Florida Statewide Community Foundation Inc.

“The composition of the board of directors is outlined in article v of the organization's bylaws. A nominating committee solicits nominations of members willing to serve on the board. At-large directors and the chair-elect are elected by a majority of those class b voting members present and voting at the annual meeting.”

“The only decision subject to approval by the membership ("other persons") is amendment of the bylaws of the governing organization.”

“The audit committee shall review in detail the draft of the annual internal revenue service form 990 and recommend any necessary changes to management. A copy of the form shall be submitted to the directors prior to submission to the internal revenue service.”

“A disclosure form must be completed, signed, and returned annually. If a conflict of interest is disclosed, it would be referred to pro bono legal counsel who would recommend appropriate action.”

“The compensation committee of the organization's board of directors annually reviews the performance and compensation of the president and ceo. The committee is composed of the board of directors' chairman, immediate past chair, chair designee, secretary-treasurer and one director appointed by the chairman. The committee considers, among other things, performance compared to the objectives established for the previous year and general economic conditions. A written evaluation of the president and ceo is provided. Compensation adjustments recommended by the committee, if any, are ratified by the organization's full board of directors at a regular meeting prior to implementation. The president and ceo has the authority to establish compensation for all other employees. The last compensation study was performed in january 2017.”

“The organization makes its governing documents, conflict of interest policy and three most current years of financial statements and form 990s available to the public upon request.”

“Explanation of prepaid expenses and deferred charges. Most of the prepaid expenses are related to "but for" trips and the last sessions of cornerstone class 38 and connect class 10 which were moved to the subsequent fiscal year.”

“Explanation of deferred revenue includes contract liabilities. Tuition, event and trip registrations, member network registrations, advertising sales, and other fees for service are accounted for under asc topic 606, revenue from contracts with customers (asc 606), recognizing revenue when performance obligations under the terms of the contracts with customers are satisfied. Prior to the adoption of asc 606, the association recognized revenue when persuasive evidence of an arrangement existed, delivery of products had occurred, the sales price was fixed or determinable and collectability was reasonably assured. Revenue collected in advance has been included in contract liabilities. Such contract liabilities are substantially recognizable within one year.”

“In january of 2021, leadership florida obtained a loan totaling $182,290 through the paycheck protection program administered by the u.s. Small business administration (ppp loan). The loan is held by a commercial bank. Under the terms of the loan, the leadership florida is required to make payments of principal and interest on the unpaid portion of the loan beginning march 2021, based on an interest rate of 1%, with maturity in april 2022. A portion or all of the borrowed amount may be forgiven based on the use of proceeds by leadership florida in accordance with the requirements of the paycheck protection program, including the provisions of section 1106 of the coronavirus aid, relief, and economic security act (cares act) (p.l. 116136) during the 8 week period beginning on the date of the first disbursement. Management expects for 100% of the outstanding borrowings to be forgiven in the subsequent year, therefore the loan is considered a conditional government grant and it has been presented as a refundable advance on the balance sheet.”

“The process has not changed from the prior year.”