Center for Parents and Teachers Inc

“Commonwealth of MA Annual Report: $15, MA Attorney General Filing Fee: $35, Supplies Necessary for Financial Records Storage upon Termination: $112”

“Net Assets at Beginning of Year”

“The amount of $25,844 for last year represents the loan made through the Federal Paycheck Protection Program (PPP). As per FASB ASC 958-605, the PPP disbursements totaling $25,844 (two disbursements of $12,922 each) represented in substance a grant that (at the end of the prior year) was expected to be forgiven (and was subsequently forgiven in full). It was used entirely for salary expenses in the Jan - June 2021 time period. The FASB guidance was for the organization to treat it last year as a "conditional contribution" of $25,844, until it was fully forgiven. Therefore in the prior tax year it shows as both an asset (a "conditional contribution") and an outstanding obligation (until fully forgiven, as it has been this year).”

“This amount of $25,844 is the exact amount as described earlier: that is, the PPP loan used entirely for staff salaries (and forgiven in its entirety later in 2021).”

“The Center for Parents and Teachers received a grant of $26,000 from the Concord-Carlisle Community Chest to support its community work on behalf of the public.”