Bonton Enterprises

“The return is prepared by an external cpa after the audit is completed and reviewed by management prior to filing.”

“Each director, principal officer and member of a committee with powers delegated by the governing board shall annually sign a statement which affirms such person: a) has received a copy of the policy, b) has read and understands the policy, c) has agreed to comply with the policy, and d) understands the corporation is charitable, and in order to maintain its federal tax exemption, it must engage primarily in activities that accomplish one or more of its tax-exempt purposes.”

“To ensure the corporation operates in a manner consistent with charitable purposes and does not engage in activities that could jeopardize its tax-exempt status, periodic reviews shall be conducted. The periodic reviews shall, at a minimum, include whether compensation arrangements and benefits are reasonable, based on competent survey information, and the result of arm's length bargaining. When conducting the periodic reviews, the corporation may, but need not, use outside experts. If outside experts are used, their use shall not relieve the governing board of its responsibility for ensuring periodic reviews are conducted.”

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

“The 2023 form 990 for bonton enterprises has been amended. The organization changed accountants in 2025 and in their evaluation of the prior year returns, they discovered that the 2022 and 2023 returns were prepared incorrectly. Items corrected are as follows: 1. Prior year returns were prepared on a consolidated basis, combining the financials for both bonton enterprises and its related tax-exempt organization, citybuild community development corporation. Citybuild is its own nonprofit organization and files its own form 990 and should not be consolidated with bonton enterprises' tax return. As such, the prior year returns as originally prepared reported overstated revenues, expenses, assets, liabilities, and net assets for bonton enterprises. The amended return corrects this by backing out citybuild's financials and reporting items that had been eliminated in the consolidation. 2. Schedule a had originally been prepared using part iii when it should have been prepared using part ii based on the organization's irs determination letter. The amended return shows part ii completed. 3. Schedules i and r were not reported on the prior return but have been correctly completed on the amended return. 4. The fin48 statement from the audit report was not included on the originally filed return but has been included on schedule d of the amended return. 5. The amended return updates part vi, section b policies and explanations for these policies have been included in schedule o.”

“Other professional fees: program service expenses 2,042. Management and general expenses 595,263. Fundraising expenses 56,350. Total expenses 653,655. Contract labor: program service expenses 522,945. Management and general expenses 0. Fundraising expenses 0. Total expenses 522,945.”

“Return of grant funds -1,345,495.”

“The board of directors assumes the responsibility for oversight of the audit of its financial statements and selection of an independent accountant. This process has not changed from prior years.”

“Due to delays in contruction permitting, $1,345,495 of restricted grant contributions were reclassified to current payable in order to return the funds to the grantor. As the project progresses, the organization has received additional grant funding.”