According to the LatinoJustice PRLDEF audit of June 30, 2020 (Note 9, Concentration of Credit Risk): "For the year ended June 30, 2020, one institutional donor accounted for approximately 50% of total contributions and 36% of total support and revenue. For the year ended June 30, 2019, two institutional donors accounted for approximately 55% of total contributions and 29% of total support and revenue." |
According to the LatinoJustice PRLDEF audit of June 30, 2020 (Note 16, COVID-19 Pandemic, Paycheck Protection Program): "On April 22, 2020, the Organization received loan proceeds of $562,130 under the Paycheck Protection Program ('PPP'). The PPP, which was established as part of the Coronavirus Aid, Relief and Economic Security Act, provides for loans to qualifying businesses for amounts up to 2.5 times certain average monthly payroll expenses of the qualifying business. The loan and accrued interest, or a portion thereof, may be forgiven after 24 weeks so long as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent, mortgage interest and utilities, and maintains its payroll levels, as defined by the PPP... "The PPP loan matures two years from the date of first disbursement of proceeds to the Organization (the 'PPP Loan Date') and accrues interest at a fixed rate of 1%. Payments are deferred for at least the first six months and is payable in 18 equal consecutive monthly installments of principal and interest commencing upon the expiration of the deferral period of the PPP Loan Date. "U.S. GAAP does not contain authoritative accounting standards for forgivable loans provided by governmental entities. ... The Organization deemed the conditional contribution model to be the most appropriate accounting policy for this arrangement based on the nature of the PPP loan program. The Organization recognized $414,979 in grant revenue under the PPP loan program during the year ended June 30, 2020... As of June 30, 2020, $147,151 is included in refundable advances on the statement of activities related to the PPP loan program." |
According to the LatinoJustice PRLDEF audit of June 30, 2020 (Note 16, COVID-19 Pandemic):
"During the 2020 fiscal year, the World Health Organization has declared COVID-19 to constitute a 'Public Health Emergency of International Concern.' Since March 2020, as a result of pandemic restrictions, the Organization has shifted to nearly all virtual programs and services. All legal proceedings, education programs, know-your-rights trainings and advocacy work has been carried out on virtual platforms. The fundraising events in 2020 were either canceled, postponed or held virtually and have yielded reduced fundings as well as reduced costs for events that were held virtually. Individual donations have increased through both internal and external fundraising campaigns and portals. Foundation revenue has held steady and there is increased revenue from existing foundations. As a result of the pandemic, the Organization has entered into new collaborations with nonprofit and media partners to offer increased know-your-rights presentations and to facilitate public dialogue on key program issues. Given the uncertainty of the situation, the duration of the disruption and related financial impact cannot be reasonably estimated at this time." |
According to the LatinoJustice PRLDEF audit of June 30, 2020 (Note 12, Collective Bargaining Agreement): "The Organization negotiated a collective bargaining agreement with the LatinoJustice PRLDEF Staff Association, NOLSW, Local 2320, UAW, AFL-CIO, covering certain of its professional employees, which expires on June 30, 2021. At June 30, 2020, the Organization had a total of 22 employees, of which approximately 50% are represented by the union."
|