2011-03-24T16:03:31-05:00 2010-06-30 WINDES & McCLAUGHRY ACCT CORP PO BOX 87 LONG BEACH CA 908010087 990 2009-07-01 956070198 LONG BEACH ROTARY SCHOLARSHIP FOUNDATION LONG 5624368181 1119 QUEENS HIGHWAY No 103 LONG BEACH CA 908026390 FRANK NEWELL 5624368181 2011-03-04 1 Brian D Yacker 5624351191 2009 2016-02-24 21:20:13Z COLLEEN BRAGALONE 1119 QUEENS HIGHWAY No 103 LONG BEACH CA 908026390 1180394 0 X www.rotarylongbeach.org X 1963 CA Provides scholarship awards to college students 15 15 0 15 0 0 200 1000 0 103259 174390 114241 142356 217700 317746 141600 167400 0 8161 11160 0 0 39120 46819 188881 225379 28819 92367 4774754 5228955 13680 13680 4761074 5215275 help financially average and above average achieving students who are legal residents of Long Beach to attend Long Beach City College or the California State University Long Beach in order to prepare themselves in their chosen fields of work. 0 0 167400 167400 Provides funds for scholarships and grants-in-aid to students enrolled in a course of education at California State University, Long Beach or Long Beach City College. 167400 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 15 15 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 0 0 CA X Karen Wyrick 5624368181 1119 QUEENS HIGHWAY No 103 LONG BEACH CA 908026390 Frank Newell 2.00 X X 0 0 0 Craig Dougherty 2.00 X X 0 0 0 Cam Killingsworth 2.00 X X 0 0 0 Jim Worsham 2.00 X X 0 0 0 Bob Luskin 2.00 X X 0 0 0 Bob Alban 2.00 X 0 0 0 Jim Blackburn 2.00 X 0 0 0 Tom Clark 2.00 X 0 0 0 John Higginson 2.00 X 0 0 0 Jerry Lane 2.00 X 0 0 0 Earl Marks 2.00 X 0 0 0 Jane Netherton 2.00 X 0 0 0 Mark Schneider 2.00 X 0 0 0 Steve Shaw 2.00 X 0 0 0 Jean Bixby Smith 2.00 X 0 0 0 colleen bragalone 2.00 X 13768 0 0 13768 0 0 0 0 0 0 0 1000 1000 137446 137446 176225 35746 140479 140479 140479 863846 826902 36944 36944 36944 OTHER INCOME 900099 1877 1877 1877 317746 0 0 316746 167400 167400 11160 11160 105 105 11941 11941 23203 23203 4250 4250 673 673 1290 1290 621 621 187 187 1635 1635 Miscellaneous 2849 2849 Filing Fees 50 50 Bank Charges 15 15 225379 167400 57979 0 48583 73091 1367504 622103 27771 1110458 496262 565371 614196 2793296 3891794 4774754 5228955 13680 13680 13680 13680 X 4761074 5215275 4761074 5215275 4774754 5228955 X 0 1 1 X 0 X X 0 0 0 CSULB 956106694 6 1 1 1 167400 LONG BEACH CITY COLLEGE 953297459 6 1 1 1 0 2 167400 251550 251550 856767 495693 361074 2141 569 1572 614196 RENT DEPOSITS 13680 13680 317746 225379 92367 154761 207073 361834 454201 449304 154761 -23203 131558 317746 0 317746 202176 0 202176 23203 23203 225379 Part X: Description of Uncertain Tax Positions Under FIN 48: The Foundation recognizes the financial statement benefit of tax positions, such as its filing status of tax-exempt, only after determining that the relevant tax authority would more likely than not sustain the position following an audit. The Foundation is subject to potential income tax audits on open tax years by any taxing jurisdiction in which it operates. The statute of limitations for federal and California purposes is generally three and four years, respectively. Part XII, Line 2d - Other Adjustments: Trustee Fees included in investment income: -23203. Part XIII, Line 4b - Other Adjustments: Trustee Fees from investment income: 23203. Due to a change in the accounting method on which the financial statements were prepared, a prior period adjustment was made. This adjustment consists of the amount that was accounted for in unrealized gains from marketable securities. 1 California State University Long Beach 1250 Bellflower Boulevard Long Beach CA 90840 956106694 501(c)(3) 167400 Provide funds for scholarships and grants-in-aid to students enrolled in a course of education at California State University, Long Beach. 1 0 Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: The Long Beach Rotary Scholarship Foundation is able to monitor the use of students grants in two ways. 1. At both Cal State Long Beach and Long Beach City College, students are not given their grant disbursement until after the school's drop date. This ensures that grantees are fulfilling their obligation that need to be satisfied in order to receive the scholarships. 2. At Cal State Long Beach, the grant is deposited directly into the student's school account ensuring the money is used for its intended purpose. At Long Beach City College, students are not able to pick up their disbursements until after they have paid for their school fees. Beacuse of this, the payment is a reimbursement for educational expenses. CRAIG DOUGHERTY Board Member and Owner of Doughterty Company, Inc. 176225 Long Beach Rotary Scholarship Foundation received as a donation in 1992 a 50% undivided interest in a piece of industrial property in Irvine, California. The Dougherty Company, owned by a board member of Long Beach Rotary Scholarship Foundation, owns the other 50%. The donation agreement provides for the Dougherty Company to collect all rental income on the property and pay out all rental expenses, then forward the Foundation their share of the net rental income. 0 Form 990, Part VI, Section B, line 11 The Foundation receives a copy of the organization's Form 990, as prepared by Windes & McClaughry, which is reviewed by the Executive Board prior to filing the document with the IRS. After the executive board has reviewed the form and any changes or updates are made, the final copy of the 990 is electronically circulated to all board members prior to filing the form with the IRS. Form 990, Part VI, Section B, line 12c Annually, the Executive Director of the organization updates the Conflict of Interest Policy and re-distributes it to the Board Members. Board Members then read and sign the policy. Policies are then collected from the Board Members and held on file at the Rotary office. FORM 990,PART VI, LINE 13: The organization does not have any employees and therefore does not have a whistleblower policy. Form 990, Part VI, Section B, line 15a The executive director is compensated at an hourly rate that is set and voted on by the full Board of Directors. All compensation is supported by detailed time sheets outlining work performed by the executive director on behalf of the Foundation. Form 990, Part VI, Section C, line 19 The organization's Form 990, form 1023, governing documents, conflict of interest policy and financial statements are available upon request. They are located at: LONG BEACH ROTARY SCHOLARSHIP FOUNDATION 1119 QUEENS HIGHWAY, SUITE 103 LONG BEACH, CA 90802 Form 990, Part XI, Line 1 Change in Accounting Method The financial statements for the year ended June 30, 2010 were prepared on an accrual basis. In prior years, the financials were prepared on a cash basis. Prior period adjustments have been made and are detailed on Schedule D to show what changes were made. Form 990, Part VII Board of Directors The executive director, Colleen Bragalone receives compensation but is not an employee. She works for the organization when she is needed and gets paid hourly based on hours she sets for herself.