Lev Children'S Museum Inc

“Form 990 is reviewed by the governing body prior to filing.”

“Officers are required to disclose any conflict of interests during board meetings and formally in writing on an annual basis.”

“Prior period adjustment: during the preparation of form 990 for the tax year ending december 31, 2024, lev conducted a detailed accounting analysis and identified several adjustments necessary to more accurately present the organizations financial position as of december 31, 2023. These adjustments include: grants receivable and deferred grant revenue: certain grant funds awarded in 2023 but not yet received were recorded as revenue without a corresponding receivable. Additionally, certain grant funds received in advance were recognized as revenue rather than deferred until earned. These adjustments properly align revenue recognition with generally accepted accounting principles. Accrued payroll liability: payroll expenses incurred in december 2023 but paid in january 2024 were not reflected as a liability. The adjustment ensures that payroll liabilities are accurately reported. Correction of net fixed assets: a typographical error in the previously reported net fixed assets was identified and corrected to reflect the accurate balance. Adjustment to long term notes payable: an adjustment was necessary to reflect the correct long term notes payable balance as of december 31, 2023 . These adjustments are reflected as prior period adjustments and do not impact levs overall financial health or tax-exempt status.”

“The organization is recording a prior period adjustment of ($49,275) as follows.”

“Ending net assets reported on 12/31/2023 form 990 $74,320”

“1. Adjust grants receivable as of 12/31/2023 $(25,578)”

“2. Record deferred grant revenue as of 12/31/2023 ($29,675)”

“3. Record accrual payroll as of 12/31/2023 ($4,961)”

“4. Adjust for accumulated depreciation typographical error $10,284”

“5. Adjust long term note payable balnce as of 12/31/2023 $655”

“Total prior period adjustments ($49,275)”

“Adjusted beginning net assets 1/1/2024 $25,045”

“Revenue less expenses for 2024 $20,195”

“Net assets at end of year 12/31/2024 $45,240”