Center for Learning & Development

“The 990 and annual audit are usually performed in tandem by two separate accounting firms so that there is a check and balance system in place. Upon completion of the audit, the auditors present their findings to the organization's financial committee (board members with expertise in finance, including the board treasurer) without management present. The committee presents their comments and the final audit findings to the board. The business manager, executive director, and the board treasurer participate in the preparation of the 990 by an outside accounting firm. The 990 is then reviewed by the cld financial committee to correct anything noted or omitted. The cld financial committee presents the 990 to the cld board of directors for change/approval prior to its submission to the irs.”

“Each officer, director, employee or other person/entity ("person") associated with the center for learning & development (cld) is required annually to certify that he or she either has no conflict of interest or has disclosed any potential conflict of interest. This policy is carried out in the following manner: each person is provided a list of major vendors and customers by the cld's business manager for review and asked to disclose in writing any potential conflicts of interest. These conflicts of interest are documented in the accounting records by the business manager. From that point forward, it is each person's responsibility to abstain from voting or decision making with regard to a business transaction where a conflict of interest has been noted or as one may arise.”

“Management presents the salary history, comparable salaries for these positions, and recommendations for salaries within budgetary constraints to the organization's finance committee. The committee can then determine to make increases or decreases based on their expertise and judgment. The salary recommendations are then presented to the full board along with the proposed budget for their approval.”

“The organization makes all governing documents available upon request.”

“Sharon blanchard - 13885 woodway drive, woodway, tx 76712. Cindi moore - 8011 ridge point drive, waco, tx 76712. Susan josephs - 3717 herwol avenue, waco, tx 76710. Anastacia loa - 2697 country spring road, lorena, tx 76655. Gary williams - 14034 horseshoe circle, woodway, tx 76712. David burns - 285 settler's creek, waco, tx 76712. Jason craig - 710 n 64th street, waco, tx 76710. Kerrie hanna-inactive 6/15 - 6125 bosque blvd, waco, tx 76710. Harry harelik - 1400 college drive, waco, tx 76708. Charles langlotz (dec'd) - 10817 sierra west drive, waco, tx 76712. Alfredo loredo-inactive 6/15 - 501 franklin ave, waco, tx 76703-0027. Kris kaiser olson - 3708 chimney ridge drive, waco, tx 76708. Dae vasek-inactive 6/15 - one bear place #97204, waco, tx 76710. Fernando villarreal-inactive 6/15 - 1800 richter ave, waco, tx 76711. Sherri whitfield-inactive 6/15 - 120 woodhew drive, waco, tx 76712.”

“On may 5, 2015, the center for learning and development moved to dissolve the corporation as of september 30, 2015. The dissolution of center for learning & development was precipitated by a significant decrease in revenue. During the beginning of the dissolution process, general expenses remained similar to prior years, but the organization experienced an increase in other expenses due to compensation packages for employees and other dissolution activities. As stated in the articles of incorporation, all properties and assets of the corporation remaining after paying all debts and liabilities and designated expenses will be distributed to the state of texas or to an educational, religious, charitable, or other similar organization that is qualified as a charitable organization under irs section 501(c)(3). The center for learning and development is adhering to its dissolution plan as stated in its originating documents and is not required to take on the liquidation basis of accounting. The center for learning and development donated the majority of its fixed assets to communities in schools as of august 31, 2015. Any fixed assets that were still at the center for learning and development location were retrieved by communities in schools or disposed of by september 30, 2015. The corporation's educational software was sold to vincere technology at a discounted price. The software's value had depreciated over time and the usefulness of this item is not as beneficial to vincere technology as it was to center for learning and development. Remaining funds were held in a checking and savings account at the first national bank of central texas as of august 31, 2015, and all certificates of deposit were closed prior to this date and transferred to the above mentioned accounts. The center for learning and development will be filing its final 2015 form 990 by february 15, 2016.”

“ROUNDING 1.”

“The process for oversight and selection has not changed from the prior year.”