Assets Incorporated

“The finance director reconciles the numbers on the form 990 to the audited financial statements and reviews the narrative for accuracy.”

“When an item comes before the board of directors in which a director, a member of a director's immediate family, the director's employer, and/or any organization with which the director is associated has a direct private or business interest, the affected director shall so state and shall refrain from voting and participating in the board of director's discussion on the matter. The director's abstention from voting and the stated reason shall be recorded in the minutes. A director who knowingly fails to state a conflict of interest and fails to abstain from voting shall be subject to removal from the board in accordance with the provisions of the conflict of interest policy. A director unsure of a conflict of interest may state his or her apparent conflict and ask for a discussion and a vote on the question of the conflict by the other members of the board of directors. If the vote is unanimous, the director may proceed to participate in the discussion and vote on the matter in question.”

“Assets utilizes a 360 degree evaluation of employees and peers, reviews strategic plan objective accomplishments, and utilizes a compensation plan developed by a consultant and based on state and national benchmarks. Compensation levels were evaluated for all positions within the company utilizing these tools. The executive Director's compensation was last evaluated in 2014. In 2008 assets hired a compensation consultant to review all job descriptions and create a pay range structure based on job description and market survey data. All employees are compensated within the range which was established for their position. The executive director determines compensation for key employees within the ranges based on performance and company budget. The executive director consults with the HR director (performance) and the finance director (budget) to help decide the appropriateness of increases . The most recent reviews and changes in compensation based on merit were in 2014.”

“Assets utilizes a 360 degree evaluation of employees and peers, reviews strategic plan objective accomplishments, and utilizes a compensation plan developed by a consultant and based on state and national benchmarks. Compensation levels were evaluated for all positions within the company utilizing these tools. The executive Director's compensation was last evaluated in 2014. In 2008 assets hired a compensation consultant to review all job descriptions and create a pay range structure based on job description and market survey data. All employees are compensated within the range which was established for their position. The executive director determines compensation for key employees within the ranges based on performance and company budget. The executive director consults with the HR director (performance) and the finance director (budget) to help decide the appropriateness of increases . The most recent reviews and changes in compensation based on merit were in 2014.”

“The organization makes its governing documents available upon request.”

“For the purposes of tax reporting the supported employement and supported living programs were consolidated to reflect the audited financial statement reporting.”

“At the time the 2023 tax return was filed, the organization had not completed its financial statement audit for the year ending 6/30/2024. As a result of these financial statement audits, cummulative net assets were adjusted by $2,257,062.To bring the 2023 return in agreement with the audited financials the followings were adjusted. Part ILine 8 decreased from 119,777 to 95,423.Line 9 decreased from 13,242,840 to 12,552,113.Line 10 increased from 115,561 to 204,868.Line 11 increased from 117,963 to 591,005.Line 12 decreased from 13,596,141 to 13,443,409.Line 15 increased from 11,707,920 to 11,957,705.Line 17 decreased from 3,188,342 to 2,760,764.Line 18 decreased from 14,896,262 to 17,718,469.Line 19 increased from -1,300,121 to -1,275,060.Line 20 decreased from 10,762,526 to 10,662,988.Line 21 decreased from 1,795,089 to 1,670,487.Line 22 increased from 8,967,437 to 8,992,501.Part II signer changed from Ryan Johns to Sterling GillonPart IIIUpdated program accomplishments to reflect audited financial totals. Part IVLines 11a, 11e, 11f, and 12a changed from No to Yes.Part VIIILine 1e decreased from 119,777 to 76,679.Line 1f increased from 0 to 18,744.Line 2 added two new categories of program service revenue, Mental Health Medicaid, and Printing and decreased total line 2g program revenues from 13,242,840 to 12,552,113.Line 3 increased from 286,813 to 376,120.Line 11a and 11e increased from 117,963 to 591,005.Line 12 total revenue decreased from 13,596,141 to 13,443,409.Part IXFunctional prepared to bring into agreement with audited financial statements. Line 25a total expense decreased from 14,896,262 to 14,718,469, Line 25b program expense decreased from 11,988,660 to 11,366,743 and line 25 c management expense increased from 2,907,602 to 3,351,726.Part XLine 1 Increased Cash-non-interest bearing from $1,295,396 to $1,296,296.Line 2 Increased Savings from $93,361 to $304,261 .Line 3 Added $5,255 to grants receivable.Line 4 Increased accounts receivable from $1,872,607 to $1,868,327.Line 8 Decreased inventories from $215,379 to $98,598.Line 9 Increased prepaid expenses from $28,289 to $50,554.Line 10a Increased fixed assets from 1,812,749 to 1,866,673.Line 10b Increased accumulated deprecation from 990,024 to 997,986.Line 11 Decreased Publicly traded securities from $6,434,769 to $5,870,673.Line 15 added $300,337 to other assets.Line 16 Decreased total assets from 10,762,526 to 10,662,988.Line 17 Increased AP from $1,428,476 to $1,543,817.Line 19 Decreased Deferred revenue from $199,784 to $0.Line 24 Decreased Unsecured Notes and loans payable from $166,829 to $0.Line 25 Added $126,670 to Other liabilities.Line 26 Decreased Total Liabilites from 1,795,089 to 1,670,487.Lines 27 and 32 Increased Unrestricted net assets from $8,967,437 to $8,992,501.Line 33 Decreased total liabilities and equity from 10,762,526 to 10,662,988.Part XI Line 1 total revenue decreased from 13,596,141 to 13,443,409.Line 2 total expense decreased from 14,896,262 to 14,718,469.Line 3 revenue less expense increased from -1,300,121 to -1,275,060.Line 5 net unrealized gains increased from 219,558 to 219,560.Line 8 added prior period adjustment of -2,257,061 to bring net assets into agreement with the audited financial statements. Part XIIRemoved memo explaining why the organization did not have an audit performed at the time of filing. Schedule APart III updated to reflect revised income figures.Schedule BDepartment of Health and Social Services contribution decreased from 102,288 to 76,679Schedule DPart VI allocated fixed asset cost basis and accumulated depreciation between Land, Buildings, Equipment, and Other.Added parts XI and XII reconciliations to audited financial statements.Added part X memo for FASB ASC 740 footnote.”

“At the time the 2023 tax return was filed, the organization had fallen behind on multiple years of audits. The 2023 return recorded a 2,257,061 prior period adjustment to account for multiple years of adjusted balances and bring ending equity to reflect the organization's ending balance on June 30th, 2024.”