Recess

“Montrose Matters”

“| Description:, Amount:, Grantee Type:, Grantee Name:, Grantee Address:, Activity Type:, Class of Activity Description:, RelationShipDescription:|Grants to individuals who are program participants for artist support, $4855, -, -, -, -, -, - |”

“| Other Expenses:, Amount:| Public Storage rent, $2856| Software Technology, $2259| Printing Publications, $854| Therapy Wellness Services for program participants, $8437| Food Meeting expenses, $704| Moving Logistics, $300| Officer reimbursement, $260| Supplies, $199| Filing Fees, $152| Event tickets, $125| PayPal transaction fees, $16|”

“| Explanation:, Amount:| Beginning with the 2018 tax year the organizations bookkeeping records included manual journal entries that applied accrual-basis timing adjustments to a cash-basis accounting system. Specifically donation checks dated in one calendar year but deposited in the following year were recorded in the year the check was dated rather than the year deposited and PayPal account balances were allocated to the year of the underlying donation rather than the year of transfer to the bank. These manual correction entries caused the organizations books to overstate cash balances relative to actual bank account balances as verified by Chase Bank and PayPal statements.A reconciliation of all available bank statements Chase monthly statements 20162024 and PayPal year-end statements 20182019 against the organizations accounting records identified a cumulative overstatement of $8,822 in cash and net assets as of December 31 2024. The verified cash balances as of December 31 2024 were: Chase Bank $27,412.05 PayPal $97.02 Total $27,509.07. The 2024 return reported cash of $36,331 on Line 22B an overstatement of $8,822.No amendment of prior-year returns is being filed as the overstatements originated from a consistent methodology error rather than intentional misstatement the annual amounts were individually immaterial relative to total assets and the organization has corrected its bookkeeping practices going forward., $-8822| Two tangible assets reached the end of their depreciation schedules in 2025 and are now fully depreciated: Audio Equipment original cost $2,867 7-year straight-line: final year depreciation of $410 Lenovo Laptop original cost $920 5-year straight-line: final year depreciation of $184These assets were carried on Line 24 at a combined net book value of $593 at the beginning of 2025. The depreciation expense reduces Line 24B to $0 and is reflected as a non-cash decrease in net assets on Line 20., $-593|”

“| Explanation:, BOYAmount:, EOYAmount:| Other assets, $593, $0|”