Special Olympics Utah Inc.

“The president reviewed the 990 to assure the narrative had been properly updated. The ceo reviewed the 990 with the tax accountant and made notes for the finance committee. The finance committee reviewed the 990, and the finance chair provided the 990 to the board.”

“Annually, conflict of interest policies are provided to the board members. If conflicts do arise, the existing board members discuss the conflict and resolve any issues.”

“The offered compensation to the president was determined by a review and discussion of the board. Executive, top management and key employees is determined by review of comparable positions locally, and a nationwide salary survey conducted every two years.”

“The financial statements, governing documents and conflict of interest policy are available upon request.”

“2018 was the 50th anniversary of special olympics. The kick off of the 50th celebration occurred at the special olympics usa games in seattle in july 2018. The financial commitment to send so utah athletes to the 2018 usa games had to be made in 2016, two years in advance of the usa games. Sound fundraising and saving in 2017 assured that the delegation of 45 athletes, unified partners, coaches, and assistive staff from usa games were able to attend the usa games to represent utah. The usa games occur every four years. In addition to sending athletes to usa games in july, so utah launched its new separate state basketball tournament in march. This followed the plan laid out at the end of 2016 that basketball would become a separate season. Once again the funds were secured in advance to assure the financial ability to launch the tournament (see page 40). Basketball is the largest so utah participation sport and the separate season provides athletes from beginning skills, to 3on3, to 5v5 - the opportunity to participate. Finally, the new snowshoe invitational was also launched in 2018. While all the planning and execution was completed to host it, due to lack of snow it had to be canceled.”

“Two, three-year partnership agreements were secured by the president to support programming over three years including the new state basketball tournament. Under the fair accounting standards board (fasb) guidance, special olympics utah was required to recognize 100% of the three years of expected revenue from these multi-year agreements in 2017, the year the partnership agreements were secured, rather than over the three years the funds would be received on a cash basis to support the specific programming in each year based on the agreement (each agreement was for specific programming, in specific years, with each year standing on its own). Because the revenue was not recognized in the same year the expenses were incurred, the 2018 financial statements reflect a loss in net assets. If revenue received in 2018 from these two, multi-year partnership agreements was recognized in 2018, the financial statements would reflect a net increase in assets of $9,000.”