Southeastern Advertising Publishers Association

“GOVERNING BODY AND MANAGEMENT This organizations members are derived from free community papers in the Southeast. The Articles of Incorporation stipulate that no part of the net earnings of the corporation shall inure to the benefit of any officer, director or member of the corporation and upon dissolution of the corporation the assets thereof shall, after all of its liabilities and obligations have been discharged or adequate provision made therefore, be distributed to an association or associations organized for purposes similar to the exempt purposes of this organization. Since the organization completed the termination of its operations in June 2022, the remaining cash in checking was forwarded to another national association, Association of Community Publishers, Inc.”

“GOVERNING BODY AND MANAGEMENT In accordance with this organizations by-laws, the Board of Directors are elected annually by the members.”

“GOVERNING BODY AND MANAGEMENT This organizations members would approve any dissolution of the organization. See attached documents related to the dissolution agreement.”

“GOVERNING BODY AND MANAGEMENT Before this Form 990 is filed with the IRS 1 the organizations Executive Director reviews this Form 990 and 2 then the other officers and directors receive a copy for their review that is accompanied by a request for comments. Thereafter, this Form 990 is filed with the IRS.”

“POLICIES The organizations written conflict of interest policy is mailed annually to each officer and director accompanied by a request for comments and their disclosure of any matter that might represent a conflict of interest as to this organization.”

“POLICIES The organizations Board of Directors reviews every three years the compensation of the Executive Director and approves the compensation for the ensuing three-year timeframe.”

“DISCLOSURE This organizations original exempt application Form 1024, annual Form 990, and Conflict of Interest Policy are available for public inspection at the organizations former administrative headquarters 104 Westland Drive, Columbia, TN 38401 or by calling 931.223.5708. This organizations governing documents and unaudited-prepared financial statements are not typically available for public inspection. This organizations Form 990 is customarily made available for review by GuideStar www2.guidestar.org.”

“PROGRAM SERVICE REVENUE This organization has receipts for disseminating ads to local industry papers. Ads are sold by local industry papers to local advertisers. This organization sells no advertising for industry papers. Classified ads are printed voluntarily by local industry papers at no charge to the originating industry paper. Industry papers printing display ads are paid by the originating paper. After the local industry paper sells an ad, the local paper makes a small payment to this organization for disseminating such ad to industry papers. Hence, public advertisers can reach more consumers over a wider geographical area. This network activity promotes the industry as a whole through encouraging local advertisers to advertise in industry papers throughout the Southeast, thereby reaching more consumers over a broader geographical region. See also this organizations original application, and the supplemental information requested and submitted during the application and ruling process.”

“Program Service Expenses 58,339, Grants and allocations 0, Revenue 0 Promoting all free community papers located in the Southeast newsletters to industry papers and other activities for the overall industry.”

“VOLUNTEERS Local free community papers print classified ads on a volunteer basis at no charge to the originating industry paper that sold the ad to its local customer.”

“UNRELATED INCOME This organization sells no advertising for local industry papers. The organization has no advertising income related to its newsletter or any other unrelated business income.”

“SIGNIFICANT CHANGES Due to the affects of the Covid pandemic, technological changes in the industry and decline in revenues, the organizations board members made the decision to terminate this organization and merge its activities with another non-profit association which conducts the same type of activities on a nationwide basis. In this process all investments were liquidated and funds were used to pay out any outstanding liabilities to other community papers. The balance of 1,809 in the checking account was distributed to the other non-profit, Association of Community Publishers, Inc., by June 30, 2022.”

“OTHER CHANGES IN NET ASSETS OR FUND BALANCES Negative adjustment of 115,320 is made up of the following A. The checking balance of 1,809 was transferred to the other association. B. The organization has reported on the cash basis for revenues and expenses since inception. For book purposes, the organization has been reflecting the investment account on its market value which required a reconciliation adjustment to net assets for unrealized gains losses on investments. The organization sold all of the holdings in the investment account in this fiscal year and recognized the realized gains losses in the tax return. As a result of the prior years reconciliation adjustments, the accumulated difference of 113,511 is shown as a final adjustment to the net assets.”