Ser Jobs for Progress Inc

“Two ser board members have been married since serving on the board.”

“The draft form 990 was distributed to all members of the governing body via email. A subsequent review by the finance and audit committee was conducted. The form is available on our ser website (serjfp.org).”

“The board adopted a conflict of interest policy several years ago and has obtained statements of no conflict of interest annually from board members. There are no known conflicts of interest. The conflict of interest policy applies to board members as well as staff members. This conflict of interest policy is provided to all employees upon being hired.”

“There is an executive compensation policy requiring review and approval by the board. However, the executive director has not had to use this policy for several years. Due to financial austerity there has been no salary increase in need of review.”

“Ser jobs for progress, inc. Has made its governing documents, conflict of interest policy, financial statements, form 990 and personnel manual available upon request to the general public during the tax year.”

“The organization decided to liquidate ser jobs for progress inc., and in march 2022 the board of directors approved a plan for liquidation. There were no other parties that could block the execution of the plan, and the likelihood that the entity would return from liquidation was remote. The organization began preparing its financial statements using liquidation basis of accounting as of june 30, 2022 which is the date that the entity had obtained all of the approvals required to make its plan of liquidation effective. The organization anticipates the liquidation period will be five months. The liquidation basis of accounting requires assets to be measured at the estimated amount for which they can be sold (may not be fair value) and liabilities be measured at the costs to be incurred through the end of liquidation period. In connection with the adoption of the liquidation basis of accounting, management made the following adjustments: 1) accrued compensation adjusted to zero from $57,349. 2) accrued liabilities adjusted to zero from $32,304. 3) estimated cost to liquidate adjusted to $5,241 from zero for costs until the end of liquidation period of $5,929 and a refund of $688. At the end of the liquidation period, the organization anticipates transferring the remaining cash to the national chapter.”

“Adjustments for adoption of liquidation basis of accounting 89,653.”