UNF Financing Corporation meeting: Discussing taxes and finances

Kylie Selvage

Graphic by Sam Chaney

The UNF Foundation Board executive committee member Cecil “Mac” Holley started off the Sept. 11 financial reporting meeting by thanking fellow board members and accountants from the  Dixon Hughes Goodman company for their time. The meeting focused on the foundation’s 990 IRS tax form, as well as the yearly financial audit. Dixon Hughes has been the CPA for the UNF Foundation since 2009.

Ed Salek, a CPA representing Dixon Hughes, introduced his team with confidence, and an assurance they are providing their best services to the board. His colleague Will Smith was in attendance as well, joining over the phone.

“Will’s team focuses 100 percent of their time on non-profit tax work, so it’s good to have him as a specialist. We also have others in the field on this audit, and our engagement quality reviewer is also on the South Carolina Board of Accountancy” Salek said.

As board members looked over the committee presentation, it was discussed that this year was a “quiet and clean one,” and that there were no outstanding or reportable matters to discuss. Smith also added that the 990 tax form, an IRS form which informs the public of a non-profit’s financial information, had not changed at all from the prior year, but may change next year due to tax reform.

“All in all, the 990 is all good in the eyes of the IRS. We have checked off every box we need to,” Smith said.

The conversation moved back to Salek, as he discussed assets and liabilities. He stated again that nothing of significance has changed over the last year. However, according to him, the refinancing of one of the debts has helped with a rate drop.

“This year was pretty straightforward because there were no additional assets acquired,”  Salek explained. “There was the one refinancing, which obviously helped with the rate drop on the parking debt.”

The meeting ended with the motion to approve the filing of the 990 tax form. Holley adjourned the meeting, but not without first expressing his appreciation.

“Thank you so much for what you have done,” he said. “You’ve been working with us since 2009 and you guys have done a fantastic job. My compliments to the staff. I think we are doing everything like we should.”

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