Form 990, Part VI, Section A, line 2 |
Two of our Board members both work for the City of San Antonio in management positions. |
Form 990, Part VI, Section B, line 11b |
The reviewed financial statements and the federal income tax return on form 990 are prepared by the Organization's independent public accounting firm. Both are reviewed by members of management and a representive of the Board of Directors before approval and filing of the tax return. |
Form 990, Part VI, Section B, line 12c |
Municipal Golf Association is developing a more comprehensive policy of reviewing and monitoring compliance, on a regular basis, its various Board policies, including conflicts of interest, whistleblower, document retention, and similar policies. |
Form 990, Part VI, Section B, line 15 |
The compensation of the Chief Executive is set and approved by the Board of Directors based on performance and comparability data. |
Form 990, Part VI, Section C, line 19 |
Municipal Golf Association makes it's governing documents, Board policies, federal income tax return and reviewed financial statements avaiable upon formal written request mailed or delivered to our administrative offices. |
Form 990, Part XI, line 9: |
CHANGES RESULTing FROM RESTATEMENT OF PRIOR PEriOD FINANCIAL STATEMENTS 32,222. |
Form 990, Part XII, Line 2c: |
THE BOARD OF DIRECTORS ASSUMES RESPONSIBILITY AND OVERSIGHT FOR THE REVIEW AND SELECTION OF AN INDEPENDENT ACCOUNTANT |
FORM 990, PART XI, LINE 9 |
DURING THE CURRENT YEAR, IT WAS DETERMINED THAT DEBT DUE TO THE CITY OF SAN ANTONIO (COSA) WAS Incorrectly reported AT SEPTEMBER 30, 2016. UNDER MGA-SA CERTIFICATES OF OBLIGATION COSA LOAN, COSA GAVE MGA-SA THE BENEFIT OF $725,000 IN BOND PREMIUM IT RECEIVED ON ISSUANCE OF THE BONDS. MGA-SA RECEIVED $4,000,000 IN BOND PROCEEDS BUT IS ONLY REQUIRED TO REPAY $3,275,000. ACCORDINGLY, $692,778 AT SEPTEMBER 30, 2016 HAS BEEN RECLASSIFIED FROM LONG-TERM DEBT TO CITY OF SAN ANTONIO BOND PREMIUM AND IS BEING AMORTIZED TO INCOME OVER THE REMAINING 15-YEAR TERM OF THE RESTATED DEBT. THE RESTATEMENT RESULTED IN A $32,222 INCREASE to EQUITY at September 30, 2016 from that previously relating to AMORTIZATION OF THE BOND PREMIUM. |