REEDSBURG AREA FOOD PANTRY INC: Form 990, tax year 2025

View the entire original 990 at ProPublica ↗

Organization: REEDSBURG AREA FOOD PANTRY INC (EIN 72-1539203)
Tax period: 2025-01-01 to 2025-12-31
Filed: 2026-05-21
IRS object ID: 202611419349300326
Schema version: 2025v4.1
Source: Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header
Form 990
Schedule A
Schedule B
Schedule O

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2026-05-21T11:25:00-06:00	ReturnTs
Tax Period End	2025-12-31	TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Field	Value	IRS element (for citing)
Preparer Firm EIN	932912139	PreparerFirmEIN

Preparer Firm Name PreparerFirmName

Field	Value	IRS element (for citing)
Business Name Line1	B&G Tax and Accounting Services Inc	BusinessNameLine1Txt

Preparer US Address PreparerUSAddress

Field	Value	IRS element (for citing)
Address Line1	137 2nd Street Ste 2	AddressLine1Txt
City	Reedsburg	CityNm
State Abbreviation	WI	StateAbbreviationCd
ZIP	53959	ZIPCd

Field	Value	IRS element (for citing)
Return Type	990	ReturnTypeCd
Tax Period Begin	2025-01-01	TaxPeriodBeginDt

Filer Filer

Field	Value	IRS element (for citing)
EIN	721539203	EIN

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	REEDSBURG AREA FOOD PANTRY INC	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
In Care Of	% WILLIAM HEIN	InCareOfNm
Business Name Control	REED	BusinessNameControlTxt
Phone	6085246272	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	134 S LOCUST STREET	AddressLine1Txt
City	REEDSBURG	CityNm
State Abbreviation	WI	StateAbbreviationCd
ZIP	53959	ZIPCd

Business Officer BusinessOfficerGrp

Field	Value	IRS element (for citing)
Person	WILLIAM HEIN	PersonNm
Person Title	PRESIDENT	PersonTitleTxt
Phone	6085246272	PhoneNum
Signature	2026-05-14	SignatureDt
Discuss With Paid Preparer	Yes (true)	DiscussWithPaidPreparerInd

Preparer Person PreparerPersonGrp

Field	Value	IRS element (for citing)
Preparer Person	BRADLEY A DROSTE EA	PreparerPersonNm
PTIN	P00603095	PTIN
Phone	6087682723	PhoneNum
Preparation	2026-05-21	PreparationDt
Self Employed	Yes (X)	SelfEmployedInd

Field	Value	IRS element (for citing)
Tax	2025	TaxYr
Build TS	2025-03-06 01:10:19Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Principal Officer	WILLIAM HEIN	PrincipalOfficerNm

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	739 N LOCUST ST	AddressLine1Txt
City	REEDSBURG	CityNm
State Abbreviation	WI	StateAbbreviationCd
ZIP	53959	ZIPCd

Field	Value	IRS element (for citing)
Gross Receipts	$228,539	GrossReceiptsAmt
Group Return For Affiliates	false	GroupReturnForAffiliatesInd
Organization501c3	Yes (X)	Organization501c3Ind
Type Of Organization Corp	Yes (X)	TypeOfOrganizationCorpInd
Formation	2002	FormationYr
Legal Domicile State	WI	LegalDomicileStateCd
Activity Or Mission	PROVIDE FOOD FOR NEEDY, ELDERLY, AND HANDICAP. THE ORGANIZATION PROVIDES FOR FOOD FOR NEEDY INDIVIDUALS AND FAMILIES IN THE AREA TWICE A MONTH ALL YEAR.	ActivityOrMissionDesc
Voting Members Governing Body	4	VotingMembersGoverningBodyCnt
Voting Members Independent	0	VotingMembersIndependentCnt
Total Employee	0	TotalEmployeeCnt
Total Gross UBI	$0	TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm	$0	NetUnrelatedBusTxblIncmAmt
PY Contributions Grants	$107,497	PYContributionsGrantsAmt
CY Contributions Grants	$227,908	CYContributionsGrantsAmt
CY Program Service Revenue	$0	CYProgramServiceRevenueAmt
PY Investment Income	$623	PYInvestmentIncomeAmt
CY Investment Income	$631	CYInvestmentIncomeAmt
PY Other Revenue	$18,000	PYOtherRevenueAmt
CY Other Revenue	$0	CYOtherRevenueAmt
PY Total Revenue	$126,120	PYTotalRevenueAmt
CY Total Revenue	$228,539	CYTotalRevenueAmt
CY Grants And Similar Paid	$0	CYGrantsAndSimilarPaidAmt
CY Benefits Paid To Members	$0	CYBenefitsPaidToMembersAmt
CY Salaries Comp Emp Bnft Paid	$0	CYSalariesCompEmpBnftPaidAmt
CY Total Prof Fndrsng Expns	$0	CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense	$0	CYTotalFundraisingExpenseAmt
PY Other Expenses	$199,043	PYOtherExpensesAmt
CY Other Expenses	$161,710	CYOtherExpensesAmt
PY Total Expenses	$199,043	PYTotalExpensesAmt
CY Total Expenses	$161,710	CYTotalExpensesAmt
PY Revenues Less Expenses	-$72,923	PYRevenuesLessExpensesAmt
CY Revenues Less Expenses	$66,829	CYRevenuesLessExpensesAmt
Total Assets BOY	$216,627	TotalAssetsBOYAmt
Total Assets EOY	$283,456	TotalAssetsEOYAmt
Total Liabilities EOY	$0	TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY	$216,627	NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY	$283,456	NetAssetsOrFundBalancesEOYAmt
Mission	PROVIDE FOOD FOR NEEDY, ELDERLY, AND HANDICAP. THE ORGANIZATION PROVIDES FOR FOOD FOR NEEDY INDIVIDUALS AND FAMILIES IN THE AREA TWICE A MONTH ALL YEAR.	MissionDesc
Significant New Program Srvc	false	SignificantNewProgramSrvcInd
Significant Change	false	SignificantChangeInd
Expense	$161,710	ExpenseAmt
Revenue	$228,539	RevenueAmt
Desc	PROVIDE FOOD FOR APPROXIMATELY 49 FAMILIES AND 124 PEOPLE TWICE PER MONTH THAT ARE EITHER FINANCIALLY NEEDY, ELDERLY, OR HANDICAPPED	Desc
Total Program Service Expenses	$161,710	TotalProgramServiceExpensesAmt
Described In Section501c3	Yes (true)	DescribedInSection501c3Ind
Schedule B Required	Yes (true)	ScheduleBRequiredInd
Political Campaign Acty	false	PoliticalCampaignActyInd
Lobbying Activities	false	LobbyingActivitiesInd
Subject To Proxy Tax	false	SubjectToProxyTaxInd
Donor Advised Fund	false	DonorAdvisedFundInd
Conservation Easements	false	ConservationEasementsInd
Collections Of Art	false	CollectionsOfArtInd
Credit Counseling	false	CreditCounselingInd
Donor Rstr Or Quasi Endowments	false	DonorRstrOrQuasiEndowmentsInd
Report Land Building Equipment	false	ReportLandBuildingEquipmentInd
Report Investments Other Sec	false	ReportInvestmentsOtherSecInd
Report Program Related Invst	false	ReportProgramRelatedInvstInd
Report Other Assets	false	ReportOtherAssetsInd
Report Other Liabilities	false	ReportOtherLiabilitiesInd
Include FIN48 Footnote	false	IncludeFIN48FootnoteInd
Independent Audit Fincl Stmt	false	IndependentAuditFinclStmtInd
Consolidated Audit Fincl Stmt	false	ConsolidatedAuditFinclStmtInd
School Operating	false	SchoolOperatingInd
Foreign Office	false	ForeignOfficeInd
Foreign Activities	false	ForeignActivitiesInd
More Than5000 K To Org	false	MoreThan5000KToOrgInd
More Than5000 K To Individuals	false	MoreThan5000KToIndividualsInd
Professional Fundraising	false	ProfessionalFundraisingInd
Fundraising Activities	false	FundraisingActivitiesInd
Gaming Activities	false	GamingActivitiesInd
Operate Hospital	false	OperateHospitalInd
Grants To Organizations	false	GrantsToOrganizationsInd
Grants To Individuals	false	GrantsToIndividualsInd
Schedule J Required	false	ScheduleJRequiredInd
Tax Exempt Bonds	false	TaxExemptBondsInd
Engaged In Excess Benefit Trans	false	EngagedInExcessBenefitTransInd
PY Excess Benefit Trans	false	PYExcessBenefitTransInd
Loan Outstanding	false	LoanOutstandingInd
Grant To Related Person	false	GrantToRelatedPersonInd
Business Rln With Org Mem	false	BusinessRlnWithOrgMemInd
Business Rln With Fam Mem	false	BusinessRlnWithFamMemInd
Business Rln With35 Ctrl Ent	false	BusinessRlnWith35CtrlEntInd
Deductible Non Cash Contri	false	DeductibleNonCashContriInd
Deductible Art Contribution	false	DeductibleArtContributionInd
Terminate Operations	false	TerminateOperationsInd
Partial Liquidation	false	PartialLiquidationInd
Disregarded Entity	false	DisregardedEntityInd
Related Entity	false	RelatedEntityInd
Related Organization Ctrl Ent	false	RelatedOrganizationCtrlEntInd
Transaction With Control Ent	false	TransactionWithControlEntInd
Trnsfr Exmpt Non Chrtbl Rltd Org	false	TrnsfrExmptNonChrtblRltdOrgInd
Activities Conducted Prtshp	false	ActivitiesConductedPrtshpInd
Schedule O Required	Yes (true)	ScheduleORequiredInd
IRP Document	0	IRPDocumentCnt
IRP Document W2 G	0	IRPDocumentW2GCnt
Backup Wthld Compliance	Yes (true)	BackupWthldComplianceInd
Employee	0	EmployeeCnt
Unrelated Bus Incm Over Limit	false	UnrelatedBusIncmOverLimitInd
Foreign Financial Account	false	ForeignFinancialAccountInd
Prohibited Tax Shelter Trans	false	ProhibitedTaxShelterTransInd
Taxable Party Notification	false	TaxablePartyNotificationInd
Nondeductible Contributions	false	NondeductibleContributionsInd
Quid Pro Quo Contributions	false	QuidProQuoContributionsInd
Form8282 Property Disposed Of	false	Form8282PropertyDisposedOfInd
Rcv Fnds To Pay Prsnl Bnft Cntrct	false	RcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft Cntrct	false	PayPremiumsPrsnlBnftCntrctInd
Form8899 Filedind	false	Form8899Filedind
Form1098 C Filed	false	Form1098CFiledInd
DAF Excess Business Holdings	false	DAFExcessBusinessHoldingsInd
Taxable Distributions	false	TaxableDistributionsInd
Distribution To Donor	false	DistributionToDonorInd
Indoor Tanning Services	false	IndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht Pymt	false	SubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst Inc	false	SubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VI	Yes (X)	InfoInScheduleOPartVIInd
Governing Body Voting Members	4	GoverningBodyVotingMembersCnt
Independent Voting Member	0	IndependentVotingMemberCnt
Family Or Business Rln	false	FamilyOrBusinessRlnInd
Delegation Of Mgmt Duties	false	DelegationOfMgmtDutiesInd
Change To Org Documents	false	ChangeToOrgDocumentsInd
Material Diversion Or Misuse	false	MaterialDiversionOrMisuseInd
Members Or Stockholders	false	MembersOrStockholdersInd
Election Of Board Members	false	ElectionOfBoardMembersInd
Decisions Subject To Approva	false	DecisionsSubjectToApprovaInd
Minutes Of Governing Body	Yes (true)	MinutesOfGoverningBodyInd
Minutes Of Committees	Yes (true)	MinutesOfCommitteesInd
Officer Mailing Address	false	OfficerMailingAddressInd
Local Chapters	false	LocalChaptersInd
Form990 Provided To Gvrn Body	Yes (true)	Form990ProvidedToGvrnBodyInd
Conflict Of Interest Policy	Yes (true)	ConflictOfInterestPolicyInd
Annual Disclosure Covered Prsn	Yes (true)	AnnualDisclosureCoveredPrsnInd
Regular Monitoring Enfrc	Yes (true)	RegularMonitoringEnfrcInd
Whistleblower Policy	false	WhistleblowerPolicyInd
Document Retention Policy	false	DocumentRetentionPolicyInd
Compensation Process CEO	false	CompensationProcessCEOInd
Compensation Process Other	false	CompensationProcessOtherInd
Investment In Joint Venture	false	InvestmentInJointVentureInd
States Where Copy Of Return Is Fld	WI	StatesWhereCopyOfReturnIsFldCd
Upon Request	Yes (X)	UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

Field	Value	IRS element (for citing)
Person	DEBRA HEYERDAHL	PersonNm
Phone	7156411289	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	E2402 BLACK FOREST DRIVE	AddressLine1Txt
City	LA VALLE	CityNm
State Abbreviation	WI	StateAbbreviationCd
ZIP	53941	ZIPCd

Field	Value	IRS element (for citing)
No Listed Persons Compensated	Yes (X)	NoListedPersonsCompensatedInd

Form990 Part VII Section A Form990PartVIISectionAGrp (4 entries)

TitleTitleTxt	Average Hours Per WeekAverageHoursPerWeekRt	Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt	OfficerOfficerInd	Reportable Comp From OrgReportableCompFromOrgAmt	Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt	Other CompensationOtherCompensationAmt
WILLIAM HEIN
PRESIDENT	8.00	0.00	Yes (X)	$0	$0	$0
ANN SEAMONSON
VICE PRESIDENT	8.00	0.00	Yes (X)	$0	$0	$0
DEBRA HEYERDAHL
TREASURER	8.00	0.00	Yes (X)	$0	$0	$0
DONNA MEISCH
SECRETARY	8.00	0.00	Yes (X)	$0	$0	$0

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	$0	TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org	$0	TotReportableCompRltdOrgAmt
Total Other Compensation	$0	TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K	0	IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed	false	FormerOfcrEmployeesListedInd
Total Comp Greater Than150 K	false	TotalCompGreaterThan150KInd
Compensation From Other Srcs	false	CompensationFromOtherSrcsInd
All Other Contributions	$227,908	AllOtherContributionsAmt
Noncash Contributions	$25,000	NoncashContributionsAmt
Total Contributions	$227,908	TotalContributionsAmt

Investment Income InvestmentIncomeGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$631	TotalRevenueColumnAmt
Related Or Exempt Func Income	$631	RelatedOrExemptFuncIncomeAmt

Net Incm From Fundraising Evt NetIncmFromFundraisingEvtGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$0	TotalRevenueColumnAmt

Total Revenue TotalRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$228,539	TotalRevenueColumnAmt
Related Or Exempt Func Income	$631	RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue	$0	UnrelatedBusinessRevenueAmt
Exclusion	$0	ExclusionAmt

Fees For Services Accounting FeesForServicesAccountingGrp

Field	Value	IRS element (for citing)
Total	$360	TotalAmt
Program Services	$360	ProgramServicesAmt

Office Expenses OfficeExpensesGrp

Field	Value	IRS element (for citing)
Total	$642	TotalAmt
Program Services	$642	ProgramServicesAmt

Information Technology InformationTechnologyGrp

Field	Value	IRS element (for citing)
Total	$500	TotalAmt
Program Services	$500	ProgramServicesAmt

Insurance InsuranceGrp

Field	Value	IRS element (for citing)
Total	$790	TotalAmt
Program Services	$790	ProgramServicesAmt

Other Expenses OtherExpensesGrp (4 entries)

DescDesc	TotalTotalAmt	Program ServicesProgramServicesAmt
WI DFI FILING	$79	$79
MISC	$109	$109
CHAMBER DUES	$110	$110
FOOD	$159,120	$159,120

Total Functional Expenses TotalFunctionalExpensesGrp

Field	Value	IRS element (for citing)
Total	$161,710	TotalAmt
Program Services	$161,710	ProgramServicesAmt
Management And General	$0	ManagementAndGeneralAmt
Fundraising	$0	FundraisingAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

Field	Value	IRS element (for citing)
BOY	$138,402	BOYAmt
EOY	$206,349	EOYAmt

Savings And Temp Cash Invst SavingsAndTempCashInvstGrp

Field	Value	IRS element (for citing)
BOY	$78,225	BOYAmt
EOY	$77,107	EOYAmt

Total Assets TotalAssetsGrp

Field	Value	IRS element (for citing)
BOY	$216,627	BOYAmt
EOY	$283,456	EOYAmt

Total Liabilities TotalLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Field	Value	IRS element (for citing)
Org Does Not Follow FASB117	Yes (X)	OrgDoesNotFollowFASB117Ind

Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp

Field	Value	IRS element (for citing)
BOY	$216,627	BOYAmt
EOY	$283,456	EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$216,627	BOYAmt
EOY	$283,456	EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$216,627	BOYAmt
EOY	$283,456	EOYAmt

Field	Value	IRS element (for citing)
Reconcilation Revenue Expnss	$66,829	ReconcilationRevenueExpnssAmt
Other Changes In Net Assets	$0	OtherChangesInNetAssetsAmt
Method Of Accounting Cash	Yes (X)	MethodOfAccountingCashInd
Accountant Compile Or Review	false	AccountantCompileOrReviewInd
FS Audited	false	FSAuditedInd
Federal Grant Audit Required	false	FederalGrantAuditRequiredInd

Schedule A IRS990ScheduleA

Field	Value	IRS element (for citing)
Public Organization170	Yes (X)	PublicOrganization170Ind

Gifts Grants Contri Rcvd170 GiftsGrantsContriRcvd170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$117,924	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$124,093	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$130,368	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$125,497	CurrentTaxYearMinus1YearAmt
Current Tax Year	$227,908	CurrentTaxYearAmt
Total	$725,790	TotalAmt

Total Calendar Year170 TotalCalendarYear170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$117,924	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$124,093	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$130,368	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$125,497	CurrentTaxYearMinus1YearAmt
Current Tax Year	$227,908	CurrentTaxYearAmt
Total	$725,790	TotalAmt

Field	Value	IRS element (for citing)
Substantial Contributors Tot	$142,508	SubstantialContributorsTotAmt
Public Support Total170	$583,282	PublicSupportTotal170Amt

Gross Investment Income170 GrossInvestmentIncome170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$206	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$186	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$401	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$623	CurrentTaxYearMinus1YearAmt
Current Tax Year	$631	CurrentTaxYearAmt
Total	$2,047	TotalAmt

Other Income170 OtherIncome170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$19,103	CurrentTaxYearMinus4YearsAmt
Total	$19,103	TotalAmt

Field	Value	IRS element (for citing)
Total Support	$746,940	TotalSupportAmt
Public Support CY170	0.78090	PublicSupportCY170Pct
Public Support PY170	0.81630	PublicSupportPY170Pct
Thirty Thr Pct Suprt Tests CY170	Yes (X)	ThirtyThrPctSuprtTestsCY170Ind

Schedule B IRS990ScheduleB

Contributor Information ContributorInformationGrp

Field	Value	IRS element (for citing)
Contributor	RESTRICTED	ContributorNum

Contributor Business Name ContributorBusinessName

Field	Value	IRS element (for citing)
Business Name Line1	RESTRICTED	BusinessNameLine1

Contributor US Address ContributorUSAddress

Field	Value	IRS element (for citing)
Address Line1	RESTRICTED	AddressLine1
Address Line2	RESTRICTED	AddressLine2
City	RESTRICTED	City
State	RESTRICTED	State
ZIP Code	RESTRICTED	ZIPCode

Field	Value	IRS element (for citing)
Total Contributions	RESTRICTED	TotalContributionsAmt

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (3 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
Form 990 governing body review Part VI line 11	ALL MONTHLY MEETINGS HAD MEETING MINUTES DOCUMENTED AND APPROVED BY THE BOARD OF DIRECTORS. THE MEETING MINUTES WERE THEN POSTED ON THE ASSOCIATION WEBSITE FOR MEMBER REVIEW.
Conflict of interest policy compliance Part VI line 12c	EACH MEMBER OF THE BOARD OF DIRECTORS SIGNS A COPY OF THE CONFLICT OF INTEREST STATEMENT. ALL DECISIONS ARE REVIEWED AND DISCUSSED BY THE BOARD OF DIRECTORS TO BE SURE THAT THERE ARE NO CONFLICTS OF INTEREST. SITUATIONS AND DECISIONS THAT HAVE ANY POTENTIAL CONFLICTS OF INTEREST REMOVE THOSE BOARD OF DIRECTORS FROM THOSE DECISIONS SO AS TO NOT HAVE SITUAUTIONS THAT VIOLATE THE CONFLICT OF INTEREST AGREEMENT.
Governing documents etc available to public Part VI line 19	DURING THE ANNUAL MEETING THE FINANCIAL STATEMENTS WERE MADE AVAILABLE TO THE PUBLIC AND EACH MEMEBER IS PROVIDED A COPY OF THE FINANCIALS. MEMBERS OF THE ASSOCIATION ARE ALSO INVITED TO ATTEND MONTHLY MEETINGS WHERE THE BOARD OF DIRECTORS REVIEWS THE FINANCIALS STATEMENTS.