Garth Road Preservation Inc

“A copy of the organization's form 990 is provided to the board of directors for review prior to filing.”

“The organization requires officers, directors, and key employees to disclose relationships that may give rise to a conflict of interest. Officers, directors, and key employees formally sign to acknowledge their receipt of the conflict of interest policy when they begin their service with the organization. Annually, these individuals are required to confirm that they have no relationships that would give rise to a conflict of interest.”

“The organization's form 1023 and form 990 are available for public inspection upon request.”

“The organization's governing documents are available for public inspection upon request.”

“Contributions receivable fair value adjustment 13,400. Section 481(a) adjustment 201,541.”

“Foxfield racing, llc is a disregarded entity formed to operate the foxfield races. The board of managers of foxfield racing, llc have an integral role in the organization and operation of the bi-annual races and do not receive compensation. The board of managers of foxfield racing, llc is as follows: reynolds cowles - president jack sanford - vice president ann horner - treasurer locke ogens - secretary john macfarlane - member representative steve bowers - member cynthia lorenzoni - member zachary miller - member nora seilheimer - member kenny wheeler - member fred stump - member change in accounting method: in 2024, garth road preservation, inc. Transitioned its accounting method from the cash basis to the accrual basis. This change was made to align with generally accepted accounting principles (gaap) for the preparation of financial statements, which were subsequently reviewed by an independent accountant.”

“The organization implemented a change in accounting method during the tax year, transitioning from the cash basis to the accrual basis of accounting. As part of this change, a section 481(a) adjustment was calculated to account for the cumulative effect of the change in method on prior years. The total section 481(a) adjustment was recognized entirely in the current year because the adjustment does not relate to unrelated business income and therefore has no impact on income tax liability. The adjustment primarily reflects the recognition of pledges receivable, deferred revenue, and accounts payable in accordance with accrual accounting principles. This adjustment is reported on form 990, part xi, line 9, and is included in the reconciliation of net assets per books with net assets per the form 990.”