Path Vaccine Solutions

“The form 990 was prepared by an outside accounting firm (gelman, rosenberg and freedman cpas), using information provided by path accounting services staff. Path senior management reviewed the draft form. A copy of the draft was sent to pvs's board of directors for comment. After the comment period, the chief financial officer signed and filed the return.”

“Pvs has a written conflict of interest policy under which all pvs board members and officers must annually complete a conflict of interest disclosure form. Pvs does not have employees. Pvs is a supporting organization to path within the meaning of internal revenue code section 509(a)(3) and contracts with path for management services. Path has a written conflict of interest policy under which all path board members, officers, and staff at higher than a designated level must annually complete a conflict of interest disclosure form. All pvs and path disclosure forms are reviewed and kept on file. A conflict management plan is developed for any employee with a significant actual or perceived conflict of interest. Path also has a well-defined procedure for identifying and reporting actual and potential conflicts of interest among board members. New board members are asked to complete a conflict of interest disclosure form within 30 days of joining the board and to complete a new form annually thereafter. In addition, members are reminded to report any new issues that arise outside of the annual disclosure period. The disclosure forms are reviewed by path's general counsel, and if any actual or potential conflicts are identified, general counsel makes a recommendation to the chair of the governance committee and the chair of the board for a management plan to properly manage any conflicts. A formal management plan is then agreed upon with the board member, and the entire board of directors is informed at the next regularly scheduled board meeting.”

“Pvs's governing documents, conflict of interest policy, and financial statements are available to the public upon request; most documents are also available online.”

“For the year ended december 31, 2018, the organization adopted the financial accounting standards board's accounting standards update (asu) no. 2018-08 - not-for-profit entities (topic 958): clarifying the scope and the accounting guidance for contributions received and contributions made for revenue transactions. The update assists entities in (1) evaluating whether transactions should be accounted for as contributions (nonreciprocal transactions) or as exchange (reciprocal) transactions and (2) determining whether a contribution is conditional. The primary effect of adoption of this asu for the organization is that certain awards received that were previously treated as unconditional are now treated as conditional. As a result, revenue for these awards is recognized when the conditions are met during the award term, whereas previously revenue had been recognized when the awards were awarded. Path has elected to adopt the changes from this asu retrospectively to the 2017 financial statements. The net effect of this change is presented as an other change in net assets. -52,243,651.”