Alonzo King Lines Ballet

“Explanation: the tax return is prepared by an outside accounting firm. Thetax return is reviewed by the executive director and finance director andthen made available to the full board prior to filing.”

“Explanation: governing documents are available for public inspection at the principal place of business. The conflict of interest policy and the organization's financial statements are available upon request.”

“Explanation: the executive director and the board of directors review and address conflicts of interest.”

“Explanation: the executive director is reviewed by the board ofdirectors; compensation is compared to industry standard reports. Compensation for key employees is reviewed by the president of the board and board finance committee.”

“Subsequent to the acceptance of the Organization's financial statements as of and for the year ended June 30, 2015, management identified errors in the Organization's previously issued financial statements. The Organization had incorrectly accounted for the following issues,1)The Organization identified that contributions and accounts receivables were misclassified. The accounts receivables were overstated and contributions receivables were understated by an offsetting amount of $88,300. As a result, the accounts receivables are decreased by $88,300 and contributions receivables are increased by $88,300 for the year ended June 30, 2015.2)The Organization identified that the contributions receivables were over accrued by $170,200 for the year ended June 30, 2015. As a result, the contributions receivables are decreased by $170,200 and the fundraising revenues are decreased by $170,200 for the year ended June 30, 2015.3)The Organization identified that the accounts receivables that relate to the Summer Program tuition were overstated by $122,300 because the balances were not reversed after the tuition payments were collected. As a result, the accounts receivables are decreased by $122,300 and the tuition revenues are decreased by $75,900, as well as the deferred tuitions, which are decreased by $46,400.4)The Organization identified that the accounts receivables that relate to the tuition of the Training Program were understated by $49,026. This amount is the prepayment from students for the Training Program of FY 15-16, but it was recorded incorrectly in the accounts receivables. As a result, the accounts receivables are increased by $49,026 and the deferred tuition revenues are increased by $49,026.5)The Organization identified that the grant from Bloomberg Philanthropies, total of $175,000, should be temporarily restricted at June 30, 2015 because the grant period is from June 30, 2015 to May 31, 2016. As a result, Unrestricted Net Assets are decreased by $175,000 and Temporarily Restricted Net assets are increased by $175,000.THEREFORE, WE HAVE MADE NECESSARY AMENDMENTS ON THE FORM 990.”

“Explanation: the organization has an audit committee that is charged with the responsibility of overseeing the audit process.”