Friends of Suenos

“The Finance Committee, made up of Board members, reviews Form 990 prior to its filing. The Board of Directors authorizes the President of the Board or her designees to file the 990.”

“No documents available to the public.”

“The Executive Director referenced in this filing served as executive leader of a foreign nonprofit organization that received grant funding from the US organization. The US nonprofit and foreign organization were legally separate and independently governed entities. The US nonprofit contracted directly with the Executive Director as a non-employee independent contractor to support and oversee foreign operations. The Executive Director was compensated via Form 1099 and classified as an independent contractor based on IRS common law control test, as outlined in IRS Publication 15-A (Employer's Supplemental Tax Guide) and IRS Publication 1779 (Independent Contractor or Employee). The Executive Director retained full control over daily operations and decision making for the foreign entity. They operated autonomously without daily supervision from the US nonprofit. The individual did not receive benefits, office space, or tools from the US entity.”

“A realized gain from the sale of marketable securities is excluded from UBIT under IRC 512(b)(5). The securities were not debt-financed or held in connection with an unrelated business activity.”

“Donated securities timing difference = $1905”

“Timing of revenue recognition on contributed securities received in late 2023 and sold in early 2024 resulted in a difference between the changes in net assets and revenue reported on Form 990 of the current year, due to prior-year reporting of the contribution and current year reporting of realized gain and investment balances.”

“Prior year Schedule A, Part II, Line 8 included donated securities that have been reclassified to Part II, Section A, Line 1 to properly reflect their nature as a noncash contribution. The organization's public support percentage remains unaffected.”