Big Brothers-Big Sisters of San Luis Obispo County

“The board treasurer and executive committee review form 990 before filing. It is available to all board members for review before filing.”

“If there is a potential conflict with a proposed action, policy or transaction the board of directors will consider the matter during a board meeting. Policy requires that the organization refrain from acting until the proposed action, policy or transaction has been approved by the disinterested members of the board. The proposed action, policy or transaction may be approved if it is in the best interest of the organization.”

“The board reviews the budget for affordability and compares compensation for similar positions paid by local similar agencies.”

“Governing documents, audited financial statements, and form 990 are available through guidestar and/or written request.”

“The Organization received amounts in 2012 recognized as exchange transactions. $36,296 was unexpended as of December 31, 2012 and reported as deferred revenue. During 2013, the Organization determined that the receipts were contributions (nonreciprocal transfer of an economic benefit) and should not have reported the unexpended amount as deferred revenue, but as contributions recognized in the year received (FASB ASC 958-605-25-2). Accordingly, the Organization restated its financial statements for the year ended December 31, 2012. The effect of the correction was to increase the change in net assets for 2012 by $36,296. The cumulative effect increases beginning unrestricted net assets for 2012 by $36,296.”

“SPECIAL EVENT CONTRIBUTIONS (164 SEPARATE CONTRIBUTIONS) OF AUCTION AND FOOD ITEMS RECEIVED OF $98,618 (MARKET VALUE) ARE NOT INCLUDED IN PART VIII, LINES 1a - 1f. DIRECT EVENT COST OF AUCTION AND FOOD ITEMS CONTRIBUTED OF $98,618 (INCLUDED IN PART VIII, LINE 8b) OFFSET AUCTION AND FOOD ITEMS CONTRIBUTION REVENUE OF $98,618 (INCLUDED IN PART VIII, LINE 8a).”