Kinnektor Inc

“The Board of Directors will review the Form 990 before it is filed.”

“The conflict of Interest Policy is renewed at each annual board meeting. Officers and directors must disclose any actual or possible conflicts of interest. If they have a conflict of interest, they are not present during the voting.”

“The organization hired an accounting firm to perform a wage comparability analysis in 2017. The organization accepted and approved this analysis. To date, the compensation for the officers are below that indicated by the analysis.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Bank Fees - 1,110; Dues & Subscriptions - 890; Interest Exp - 8,341”

“There were several Prior Period Adjustments that needed to be made in 2020. Those were: 1.) $2,000 increase in Accounts Payable, and reduction to Net Assets. Entries for payments were not made into the right vendor accounts because they were paid from a credit card on autopay. 2.) $1,000 reduction in Net Assets and increase in Loan to John Ernst. Recorded as a transfer to another checking account, adjustments show it paying down interest on a credit card. 3.) $3,700 reduction in Net Assets, and increase in Loan to John Ernst. Entries for AP payments were not made into the right QB vendor accounts because they were paid from a credit card on autopay. 4.) In 2017, the two computers that were on the books as fixed assets were liquidated to satisfy a debt. Therefore they should have been disposed of prior to 2021. There was still $940 left to depreciate. Altogether, these differences equal a $7,640 Prior Period Adjustment to Net Assets. Also, Liabilities increased $6,700 and Assets decreased $940. The total affect to the balance sheet was $940 (Assets were $940 less, as were Liabilities plus Net Assets).”