Fort Mason Center

“Fort mason center's tax accountant provided the form 990 to the cfo. The cfo then forwarded it to the finance committee members for their review and discussion at a finance committee meeting. Subsequent to the finance committee meeting, the cfo forwarded it to the entire board trustees for their review. Board trustees forwarded their questions, if any, to the cfo. The cfo addressed the questions from the board. After all questions were addressed, the tax accountant filed the form 990.”

“All members of the governing board, officers and key employees must review the conflict of interest policy and complete a questionnaire concerning compliance on an annual basis. The forms are reviewed by the cfo to determine whether a conflict exists. All conflicts and potential conflicts are required to be disclosed.”

“The human resources committee reviews salary, benefits and bonus structure. The committee then makes a recommendation to the executive committee. The executive committee has final approval for the payments.”

“The center makes its governing documents, conflict of interest policy and financial statements available upon request. The organization does not have a copy of the form 1023 and has not been able to obtain a copy as of the filing of this return. The organization was formed in 1976; as it was formed prior to july 15, 1987 it is exempt from the requirement.”

“The income of $1,267,644 represents note payable forgiveness from a tenant at the fort mason center. The note was related to leasehold improvements made for the tenants use at the facility. Due to the covid pandemic, the tenant was unable to pay their monthly rent payments. As part of an agreement between the tenant and fort mason center, the rent not paid was forgiven in excahnge for a reduction in the note payable related to the leasehold improvements. In reviewing the activity, the leasehold improvements and their associated use was directly for or related to the exercise or performance of the organization's exempt purpose. Accordingly on our current year form 990 part viii the income has been designated as related or exempt function income.”

“Ppp loan forgiviness income. Ppp loan has not been forgiven as of 12/31/20 652,100.”

“The organization's process for overseeing the audit of the financial statements and the selection of an independent auditor has not changed form the prior year.”