In the fall of 2018, we made the decision to hire a new audit firm, O’Connor Maloney out of Worcester, Massachusetts. In April 2019, O’Connor Maloney
recommended a change in our accounting principle that they would implement during our 2018 audit and the resulting financial statements and tax returns. In addition, they incorporated a new revenue recognition standard that was jointly developed by the FASB and the International
Accounting Standards Board. This new method of revenue recognition required retitling items in the Statement of Activities and thus, effecting the language in the notes section.

As highlighted in FASB ASC Paragraph 958-6050-25-9, which states that not-for-profits can record unconditional promises, we discontinued a deferred revenue practice set forth by our previous audit firm. A total of $441,806 in net assets was restated to a prior year in our financial statements. The current year impact is a net loss of $221,109, as reflected in in Part 1 Line 19.

Despite this negative effect on our net assets, our current ratio, or the relationship of current assets to current liabilities, is healthy at 3.7 to 1. Meanwhile, our debt to equity ratio, or total liabilities to total stockholders’ equity, is also strong at 4.2 to 1.

We recognize that the numbers in our Form 990 are startling at first glance and we want to reiterate that we are financially stable. We continue to monitor and diversify our revenue streams to ensure that we can serve our community for years to come. Additionally, we are dedicated to keeping our
general and administrative costs, as well as our fundraising costs, below industry standards, at 9.8%
and 6%, respectively.

We appreciate this opportunity to draw attention to the adjustments made in our Audited Financial Statements, that resulted in changes to our 2018 990. If there are any questions regarding this Form 990 or our audited or current financial statements, please reach out to us.