Kinoole Inc

“The Executive Director and the Accountant reviews the initial draft of the annual 990. The Board of Directors reviews the final draft and authorizes the release of the annual 990.”

“The Organization require all Directors and Officers annually complete a disclosure and compliance form. The disclosure form shall include that an affirmation that the Director or Officer has received a copy of the policy, has read and understands the policy, agrees to comply with the policy, and information on all or actual potential conflicts of interest involving a Director or Officer. The compliance form shall also contain an affirmation that the Director or Officer understands the Corporation is charitable in order to maintain its federal tax exemption it must engage primarily in activities which accomplish its tax-exempt purposes.”

“Other changes in net assets comprise of a mortgage receivable as well as interest receivable that was erroneously adjusted from the Organizations books in previous years. In 2011 the Organization sold its HUD project and received a mortgage receivable from the mortgagee in the amount of 575,000 with annual interest of 4.19 compounded annually adjusted in 2017 of 102,608. This note had not been paid and should have been properly recorded to its books. In addition as part of the sale in 2011 the proceeds from the sale of the property was held with HUD. With HUD permission, the funds were released on April 24, 2017 for the purpose of supplying low and moderate income housing and subsequently loaned to an Waikoloa entity for the purpose of developing low and moderate income housing.”