Universal Orlando Foundation Inc

“John sprouls, tracey stockwell, cathy roth and judith luengas are officers of the same related organization, universal city development partners.”

“A copy of the form 990 will be emailed to each board member and the foundation's executive director prior to being filed with the irs. A board resolution is not required in order for the form 990 to be filed.”

“An interested person must disclose existence of a financial interest and be given the opportunity to disclose all material facts to the directors and members of the committee with powers delegated by the board of directors. After the disclosure, the remaining board or committee members shall decide if a conflict of interest exists. If the board or applicable committee discovers the alleged failure to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and/or corrective action. A voting member of the board of directors or of any committee who receives compensation from the organization for services is precluded from voting on matters pertaining to the members' compensation. The organization has an official policy that includes a statement that is to be signed annually.”

“The organization's governing documents are available to the public upon request. The financial statements are available to the public upon request for the same period of disclosure as set forth by irc section 6104(d).”

“The presentation of net income from fundraising events is often misleading. The calculation on line 8 separates out the income received from charitable contributions, leaving only the direct income from ticket revenue, registration fees, and the like. As a result, the net income reported on line 8c may report a loss. However, the gross receipts should be viewed in its entirety, which include the charitable contribution portion reported separately on line 1c. In the current year, the total gross receipts from fundraising events was $2,299,062 ($1,201,688 contributions plus $1,097,374 direct event revenue). Were the contributions not separately reported, the total net income from fundraising events was $1,269,663.”

“Valuation of multi-year grants are provided for in asc 958-605-30-4 and 30-5. It requires measurement at fair value at the date the promise is made, discounted to present value if the pledge is due in future years. The interest expense $22,837 relates to the multi-pledges paid to city year orlando, foundation for ocps art of tomorrow and valencia foundation art of tomorrow. While for financial statement purposes the total grant is split between interest expense and grant, the grant recipient still receives the full value of the funds.”