Elizabeth Conwell Schlarb Foundation for Women Entrepreneurs

“The independent accountant who prepares the Form 990 provides a copy of the return to the governing body for their review and approval before the return is printed and delivered for filing. The governing body then communicates with the accountant, either verbally or by written communication, with questions, clarifications, and corrections, and also ultimately with it's approval of the contents and answers contained within the Form 990, which then authorizes the accountant to print and deliver the return to the governing body for filing.”

“Each year employees are required to sign conflict-of-interest disclosure statements. Members of the Board of Directors are required to sign a conflict-of-interest disclosure statement when they first join the Board. Each person is thus required to timely disclose any conflicts of interest that has arisen and any action to be taken is considered by the Board of Directors.”

“The organization will make a copy of the tax return and any governing documents available upon written request.”

“The organization will make a copy of the tax return and any governing documents available upon written request.”

“The organization does not have a separate committee that is responsible for the preparation, compilation, and/or audit of the financial statements. All financial reports are presented to the Board of Directors and the entire Board maintains responsibility for these functions.”

“The Board of Directors requested bids for the cost of an audit of the Foundations 2012 year. All of the bids that were submitted in response to the request for an audit were more expensive than the Board of Directors could justify, in consideration of the poor financial condition of the Foundation at the time. The Board directed the Project Manager to communicate this determination to the government agency that has provided the funding for this project. The agency stated in writing that it would accept a Reviewed Financial Statement report for the 2012 year. The Board of Directors requested bids for a reviewed financial statement report and found that this would be more in line with what the Foundation could afford. The Board subsequently accepted a bid for the completion of the reviewed financial statements, recieved the completed reviewed financial statements and accountants' report, and submitted these to the funding agency. The funding agency then provided a letter of compliance to the Foundation.”