Rancho Santa Fe Association tax return errors an ‘immaterial’ administrative omission, treasurer reports
By Karen Billing
According to Rancho Santa Fe Association Treasurer Larry Spitcaufsky, the organization has addressed and reviewed the issue of discrepancies on its federal tax returns that were brought to light during a Feb. 6 board meeting.
He discussed the issue during committee liaison updates at the March 6 board meeting.
Every year the RSF Association must file a Form 990, which details the organization’s revenue and expenses, including compensation for its highest-paid employees. Errors were found on the form; boxes were checked on the form stating that the board had received a copy of the 990 before it was sent out and that a compensation survey had been completed although neither had happened.
Spitcaufsky said the Finance Committee’s most recent four-hour session went over a variety of issues, one of them being the 990 discrepancy and how to fix it. He said the issue was an “immaterial” administrative omission, has no impact on finances and there is no liability to any Association board member.
“The responsibility falls fully and 100 percent to me, it goes no further than my desk,” said Steve Comstock, RSF Association chief financial officer of the clerical error.
Comstock said he and the committee discussed procedures to be put in place prior to filing, to ensure the board and finance committee see the 990 document before it goes out.