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Perimeter Park West board adopts FY25 audited financials, approves Form 990 and records dividend distribution
Summary
At its quarterly meeting, the Perimeter Park West board accepted an auditor's unmodified opinion on FY25 financials, approved the nonprofit informational return (Form 990) for filing, and recorded a $206,001.42 dividend distribution; motions were approved by voice vote.
Perimeter Park West's board accepted the fiscal year 2025 audited financial statements and approved the organization's Form 990 for electronic filing after an auditor told directors he planned to issue an unmodified opinion.
The auditor, identified in the meeting as Larry, summarized the statements and told the board the financials are "fairly stated in all material respects in accordance with generally accepted accounting principles." He reported total assets of $5,906,521 and net assets of $5,700,379 as of June 30, 2025.
Why it matters: an unmodified audit opinion indicates the auditor found no material misstatement in the financial statements, and approving Form 990 is required to meet Internal Revenue Service filing obligations for the entity.
The board review included the statement of activities and cash flows. The auditor said total revenues and support were approximately $988,599 and total expenses were $711,801, producing an increase in net assets. The auditor also noted net cash provided by operating activities of $613,784 and investing outflows of $407,642 tied to purchases of property and equipment, including a new cooling system.
PPW staff reported a dividend distribution consistent with the corporation's policy: "So we did execute the dividend on July 30 in the amount of $206,001.42," said Liz, who presented the unaudited statements and the distribution calculation. The meeting packet indicates the board's policy pays amounts in combined accounts above $500,000 after reconciliation.
Votes and next steps: Chair sought motions to adopt the FY25 audit and to approve Form 990; the transcript records voice votes in favor and the Chair declared both motions adopted. The auditor said he would work with staff (Connie) to finalize the report and return the tax filing package for submission to the IRS.
Audit nuances and staff notes: the auditor identified depreciation estimates as the most significant judgment area and confirmed that management corrected identified nonmaterial misstatements. The auditor also pointed to disclosures the board should review, including liquidity and the operating lease with the Kentucky Public Pensions Authority (monthly rent reported at $88,914, currently month-to-month).
Votes at a glance: - Adopt FY25 audited financial statements: motion made and adopted by voice vote (no oppositions recorded in the transcript). - Approve Form 990 and authorize Chair to sign for filing: motion made and adopted by voice vote (no oppositions recorded). - Ratify lawful acts of officers, directors and agents (since prior meeting): motion made and adopted by voice vote (no oppositions recorded).
The board packet and audit materials will be finalized and issued after required management representations are provided, and the Chair was authorized to sign the Form 990 for electronic filing.
