Convalescent Aid Society

“The form 990 is presented for the board of directors fro thier review prior to filing.”

“New board members are given the conflict of interest policy statement as part of their orientation. Throughout the year, the executive director monitors for any financial activity between the organization and board members. Annually, the board of directors are queried if they have any conflicts of interest with the organization.”

“Reviewed annually by the personnel committee of the board and compensation is approved by vote of the board of directors in executive session.”

“The organization's governing documents and financial statements are available to the public at the organization's office during regular business hours. Form 990 can also be viewed at the california attorney general's website or through guidestar.org.”

“This return reflects a prior period adjustment of 1,490,804. 1) during the financial audit of the organization's fiscal year ended june 30, 2023 financial statements, the financial auditors determined that their method of valuing the organization's inventory available for loan should be changed. For years, the financial auditors felt the durable medical equipment available to loan (whether on loan or in inventory available to loan) should be valued at zero. As such inventory was largely written off each june 30. During the june 30, 2023 financial audit, the auditors determined that it was more transparent to keep inventory available or out on loan on the organization's balance sheet. Inventory available for loan would be depreciated over useful lives of 3, 5, 7 or 15 years depending on the inventory type. As such, that adjustment is reflected as a prior period adjustment. 2) accounts receivable - during fiscal year ended june 20, 2023, the organization received word that it had been designated by a decedent from the community to receive a one sixth beneficial interest in the decedent's residual estate. The organization had been informed that the exact dollar value and timing of the bequest was unknown. The financial auditors had the organization estimate the value of the potential bequest as a receivable.”