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Post by operasinger on Feb 10, 2008 20:10:39 GMT -5
On page 5 of the LBHA financial statements as presented on the web site there is listed for the fiscal year 2006 the purchase of $501,856 of investments that were then sold for $632,673. The resultant gain of $130,817 is correctly computed, but not shown on any of the other financial statements.
Also the net assets for 2005 year end are listed as $118,736 with those at year end 2006 as $153,706, an increase of $34,970. This is a sizable increase but does not reconcile the $130,817 gain claimed on page 5 with the $27,671 gain on investments from operating activities and the $5,317 in investment income from non-operating activities reported on page 4.
I am unable to understand where the $501,856 purchase price of the investments came from and where the $632,673 sales proceeds went.
Also the Statement of Activities (pg 4) shows income from sales of publications, but the Statement of Financial Position (pg 3) shows no inventory held for sale. Are all publications generated and sold within the same fiscal year?
I would appreciate clarification of these issues.
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Post by tommyk on Feb 11, 2008 9:07:32 GMT -5
Could you ask in an aria-style manner?
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Post by custersfreckles on Feb 11, 2008 11:03:09 GMT -5
To the tune of Nessun Dorma: did anyone else get a tad perturbed when they found they had to supply stamps for this year's LBHA ballot? How many folks just have post card stamps lying aroud? Crikey ... if $100,000 can be tossed into foreign markets, can't we freaking afford "non-profit" postage? Well, of course if this organisation is still legally considered a 501 (c)(3).
Seems the equivalant of a poll tax. Someone is determined to make it as annoying as possible to cast votes in a uncontested election. Ridiculous.
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Post by Melani on Feb 11, 2008 14:15:42 GMT -5
Clara, we make the members of the Library Friends supply the postage when they renew their membership. And we've actually got a lot more money than LBHA. It's not uncommon.
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Post by operasinger on Feb 20, 2008 23:31:43 GMT -5
Just as many mysteries remain about the Battle of the Little Bighorn, it seems that many mysteries will remain about the financial statements of the Little Big Horn Associates.
One would think that 10 days would be ample time to explain what appear to be substantial (half a million dollar) errors or inexactness in the organization's presented financial statements.
As per IRS regulations, I have requested, as a member of the public, a viewing of the past 3 years of annual reports (Form 990). I am eagerly awaiting that event. Perhaps some of the mysteries surrounding the finances of the LBHA will be revealed.
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rabble
Recruit (Brave)
Posts: 2
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Post by rabble on Feb 21, 2008 0:26:23 GMT -5
As per IRS regulations, I have requested, as a member of the public, a viewing of the past 3 years of annual reports (Form 990). I am eagerly awaiting that event. Perhaps some of the mysteries surrounding the finances of the LBHA will be revealed. If you ever get the information, would you like to post it so we can all find out the answers? Ron
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Post by operasinger on Mar 3, 2008 23:12:32 GMT -5
An update. I have been informed that the LBHA does not respond to questions on message boards. Therefore no answers will be provided here. Probably prudent given the ephemeral nature of posts and threads.
Explanation of the financial statements will be offered at the open board of directors meeting at the annual conference.
The time and place offered for a physical inspection of the IRS Form 990 Annual Information Report was not convienient for me so I am requesting copies to be sent. The IRS allows a fee to be charged for copying and the actual postage.
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