Ypo Gold Eurochapter Inc

“There are no committees with authority to act on behalf of the governing body. All decisions are made and directed y the Board. Minutes of each Board meeting are written up and distributed to the Board and any other interested party.”

“A draft of Form 990 and required schedules are prepared and reviewed by the Treasurer of the Chapter. Upon completion of this review, a complete copy of Form 990 and related schedules is provided to each member of the Board in advance of filing with the Internal Revenue Service.”

“At the end of each fiscal (calendar) year, when the new Board is constituted, a questionnaire is provided to each Board member which must be completed to identify any conflicts with the organization. If a conflict is noted, the individual Board member shall not vote or use his / her personal influence on the matter which gives rise to the conflict.”

“The Chapter makes its governance documents, financial statements, and conflict of interest policy available to the public upon request. It is also available on the Internal Revenue Service website.”

“The Chapter makes its governance documents, financial statements, and conflict of interest policy available to the public upon request. It is also available on the Internal Revenue Service website.”

“The YPO Gold Euro Chapter is a separate corporation from the Young Presidents Organization Inc. (12-1770417) but is included in its 501c6 blanket exemption number 7096. In April 2017, the Chapter was incorporated in Pennsylvania after having been previously domiciled in Sweden. Most of the Chapter members are European and most of the Chapter events are held in Europe. The Chapter accounts are primarily denominated in Euros since program service fees and event fees are collected in the form of Euros. Euro funds are either deposited at the Wise Europe SA Bank in Brussels, Belgium or converted to USD and deposited at PNC Bank N. A. in Pittsburgh. At year end, all accounts are revalued in USD as per IRS regulation which results in currency gain or losses which are reflected in the Profit and Loss Statement.”

“Since most of the Chapter events are held in Europe, a Euro account is maintained with Wise, an internet wire transfer platform with its associated commercial bank located in Brussels, Belgium.”

“There are no solicitations of contributions. All revenue is either Program Service Fees or Event Fees.”

“A part time Chapter Administrator living in Berlin, Germany provides services to the Chapter on a contract basis.”

“Since the Chapter invoices event participants approximately one year in advance, the fees collected are not recorded as income but rather are recognized as deferred revenue. A corresponding deferred program expense is recorded. Depending upon the balance a the end of the year, this amount is adjusted to actual at the end of the fiscal year and offset by any prepaid future program expenses. Members are permitted to cancel attendance and request fee refunds in varying amounts depending upon the closeness to the date of the event. This can create negative program fee amounts per event, within a fiscal year.”

“Net Deferred Program Expense. Event fees collected for future events.”

“Deferred revenue is generated when Event Fees and Program services are collected in years prior to the date of the event or activity. It is customary for the Chapter to invoice attending members 12 to 15 months prior to the event.”

“There were no unexpected significant changes in net assets or fund balances in 2024. Since the IRS USD to EUR rate was unchanged during 2024 at .924, the only fund balance variances occurred when funds were moved to or from Europe and the US to take advantage of interest rates or to maintain balances within FDIC insured ranges. The exchange rates were those applied to the individual transactions by Wise, the wire transfer platform.”