2024-05-15T14:52:21-07:00 2023-12-31 581307612 Fountain Arrington Bass Mercer & Lee PC 2101 Brookstone Centre Parkway Suit Columbus GA 31904 990 2023-01-01 586035822 GOODWILL IND OF THE SOUTHERN RIVERS INC GOOD 7062561822 2601 CROSS COUNTRY DRIVE BLD A COLUMBUS GA 31906 HENRY J WARDEN President & CEO 2024-05-15 true HENRY J WARDEN 999009999 true DAVID J BASS CPA P00621153 7063225482 2 AAL1 IAL1 FAL1 2023 2023-04-26 12:10:37Z 2601 CROSS COUNTRY DRIVE BLD A COLUMBUS GA 31906 45435550 false X WWW.GOODWILLSR.ORG X 1960 GA SEE SCHEDULE 0. 19 19 1433 60 0 382296 492053 3153504 2838499 -745311 596599 33557103 37536986 36347592 41464137 299790 186937 0 21875377 24876126 0 0 12906225 12709094 35081392 37772157 1266200 3691980 66429296 71203574 36773936 36963263 29655360 34240311 SINCE 2006, GOODWILL OF THE SOUTHERN RIVERS (GOODWILLSR) HAS INTENSELY FOCUSED ON EXPANDING ITS MISSION TO SERVE MORE PEOPLE IN MORE COMMUNITIES. WHEN WE BEGAN THIS JOURNEY, WE PROVIDED SERVICES IN FOUR FACILITIES IN COLUMBUS AND ALBANY, GEORGIA. TODAY, INDIVIDUALS LIVING IN AND NEAR LAGRANGE, NEWNAN, ALBANY, CARROLLTON, COLUMBUS, TIFTON AND VALDOSTA GEORGIA AS WELL AS AUBURN/OPELIKA AND PHENIX CITY, ALABAMA HAVE ACCESS TO SERVICES PROVIDED BY GOODWILLSR IN NINE FACILITIES.OUR MISSION IS CHANGING LIVES THROUGH THE POWER OF WORK. OUR RETAIL STORES ARE FOUNDATIONAL TO OUR SUSTAINABILITY AND DELIVERY OF THE MISSION THROUGHOUT OUR 50-COUNTY TERRITORY IN GEORGIA AND ALABAMA. THE SALE OF DONATED ITEMS YIELDS THE DOLLARS TO MAINTAIN THE STORES AND FUND MOST OF THE TRAINING, PLACEMENT AND FINANCIAL CLASSES WE OFFER. THE TRAINING PROGRAMS OFFERED THROUGH OUR TRAINING CENTERS AND FREE CAREER SERVICES IN CAREER CENTERS THROUGHOUT OUR TERRITORY HELP EASE POVERTY AND UNEMPLOYMENT WHILE POSITIVELY I false false 29968744 37200344 THE SALE OF GENTLY USED DONATIONS IS THE PRIMARY SOURCE THROUGH WHICH GOODWILLSR FUNDS ITS SERVICES. THESE SALES REPRESENT NEARLY 75% OF GROSS REVENUE. DURING 2023, THE ORGANIZATION PROVIDED EMPLOYMENT OPPORTUNITIES FOR 585 INDIVIDUALS THROUGH ITS RETAIL OPERATIONS. ADDITIONALLY, NINE RETAIL LOCATIONS PROVIDED MISSION RELATED SERVICES ON SITE RESULTING IN 39,231 PEOPLE SERVED AND 6,137 JOB CONNECTIONS. IN ADDITION TO THE STORE LOCATIONS, GOODWILLSR HAD 33 DONATION SITES LOCATED THROUGHOUT THE 50-COUNTY TERRITORY IN GEORGIA AND ALABAMA. GOODWILLSR COLLECTED GENTLY USED HOUSEHOLD GOODS FROM 507,358 DONORS, DIVERTING 7,237,380 POUNDS FROM COMMUNITY LANDFIELDS.MORE INFORMATION ON GOODWILLSR'S ACCOMPLISHMENTS, ARE LOCATED THROUGHOUT OUR WEBSITE AT WWW.GOODWILLSR.ORG. 6933052 970130 DURING 2023, MISSION SERVICES AIDED 39.231 INDIVIDUALS AND MADE 6,137 JOB CONNECTIONS. THE ORGANIZATION ASSISTED INDIVIDUALS WITH DISABILITIES AND OTHER DISADVANTAGES THROUGH A HOST OF SERVICES LOCATED IN GOODWILLSR CAREER CENTERS AND TRAINING FACILITIES INCLUDING: WORK EVALUATION, WORK ADJUSTMENT, SUPPORTED EMPLOYMENT, WORK EXPERIENCE, CUSTODIAL TRAINING AND CERTIFICATION, RETAIL TRAINING AND CERTIFICATION, SUMMER ENRICHMENT, GED PREPARATION AND TEST FUNDING, ENGLISH LANGUAGE LEARNER CLASSES, IN-SCHOOL SUPPORTS, COMMUNITY VOUCHERS, POST-SECONDARY EDUCATIONAL SUPPORTS, RESTAURANT FOOD SERVICE TRAINING AND CERTIFICATION, AND RETURNING CITIZENS TRAINING. ALL PROGRAMS AND SERVICES ARE PROVIDED AT NO COST TO THE CLIENT THROUGH A COMBINATION OF FUNDERS AND GRANTS.RESPONDING TO AN INCREASING HISPANIC POPULATION IN THE TERRITORY, GOODWILLSR HISPANIC SERVICES PROGRAM OFFERS FREE SERVICES BASED ON THE UNIQUE CHALLENGES OF THE HISPANIC COMMUNITY, WITH BILINGUAL CAREER CENTERS LOCATED IN COLUMBUS,NEWNAN AND VALDOSTA GEORGIA. HISPANIC SERVICES AIDED 3,050 CLIENTS IN 2023. PROGRAMS INCLUDE BILINGUAL WORKSHOPS, JOB FAIRS, AND ENGLISH AS A SECOND LANGUAGE (ESL) CLASSES. THE PROGRAM ALSO ENGAGES PARTNERSHIPS WITH LOCAL AGENCIES, SCHOOL DISTRICTS, AND ORGANIZATIONS TO REACH THE HISPANIC COMMUNITY. THE HISPANIC YOUTH PROGRAM FOR EMPLOYMENT (HYPE) ENCOURAGES HIGH SCHOOL-AGED STUDENTS TO FINISH SCHOOL WHILE PREPARING THEM FOR THE WORKFORCE. THE GOAL OF HYPE IS TO HELP DECREASE THE NUMBER OF HISPANIC STUDENTS DROPPING OUT OF HIGH SCHOOL, WHICH IS HIGHER THAN ANY OTHER RACIAL OR ETHNIC GROUP NATIONWIDE.IN 2010, GOODWILLSR BEGAN OFFERING FREE TAX PREPARATION SERVICES FOR FAMILIES AND INDIVIDUALS WHO MET CERTAIN INCOME REQUIREMENTS THROUGH AN IRS SPONSORED GRANT CALLED VOLUNTEER INCOME TAX ASSISTANCE, OR VITA. IN 2023, GOODWILLSR SERVED 7,143 CLIENTS RESULTING IN REFUNDS THAT SURPASSED $8.3 MILLION. TO LEARN MORE ABOUT GOODWILLSR ACCOMPLISHMENTS, PLEASE VISIT US AT WWW.GOODWILLSR.ORG. 142172 1868369 GOODWILLSR RECEIVES A LARGE VOLUME OF DONATED GOODS, AND SOME OF THESE GOODS DO NOT MEET THE STANDARDS OF SALEABILITY IN A GOODWILL RETAIL LOCATION. GOODWILL PACKAGES THESE ITEMS AND SELLS THEM THROUGH THE SALVAGE COMMODITY MARKET. DURING 2023, GOODWILL DIVERTED 7,237,380 POUNDS OF REFUSE FROM LANDFILLS. 37043968 true true false false false false false false false false true false false true true true false false false false false false false false false false false true false true false false false false false false false false false false false false false true false false false true 64 0 true 1433 true false false false false false false false 0 false false false false false false false X 19 19 false false false false false false false true true false false true true true true true true true true false GA X X TERRY REIS 7063244366 2601 CROSS COUNTRY DRIVE BLDG A COLUMBUS GA 31906 HENRY WARDEN President & CEO 45.00 0.00 X 388497 0 29933 JOEL GROSSMAN VP OF OPERATIONS 40.00 0.00 229126 0 23305 TRICIA LLEWELLYN KONAN VP OF MISSION SERVICES 40.00 0.00 208489 0 31779 TERRY REIS V.P. OF FINANCE AND IT 45.00 0.00 217480 0 22736 AUDREY HOLLINGSWORTH V P OF PEOPLE SERVICES 40.00 0.00 187748 0 15758 JULIE BENNETT DIRECTOR OF COMMUNICATION 40.00 0.00 168879 0 12765 CHERYL VASQUEZ DIR-IT SVCS 45.00 0.00 165229 0 8023 JERRY PAYNE DIRECTOR OF RETAIL STORES 45.00 0.00 155516 0 12765 TRAVIS CHAMBERS DIR OF PEOPLE SVCS 45.00 0.00 132849 0 28870 ANNA HENSLEY DIR BUS ANALYTICS 40.00 0.00 122455 0 27675 TARA SMITH DIR OF ACCOUNTING 45.00 0.00 132448 0 14613 SARAH HORTON DIR OF BUS ENGAGE 40.00 0.00 125150 0 13014 WAYNE JOINER VICE CHAIR 1.00 0.00 X 0 0 0 REGGIE LEWIS Secretary 1.00 0.00 X 0 0 0 SHANE MCDOUGALL Director 1.00 0.00 X 0 0 0 DAVID CLONTS Director 1.00 0.00 X 0 0 0 BRANDON COCKRELL Director 1.00 0.00 X 0 0 0 RICHARD YOUNG Treasurer 1.00 0.00 X X 0 0 0 TOM MCDANIEL Director 1.00 0.00 X 0 0 0 BELVA DORSEY Director 1.00 0.00 X 0 0 0 HELENA COATES CHAIR PERSON 1.00 0.00 X 0 0 0 THOMAS MACDONALD Director 1.00 0.00 X 0 0 0 SAM HALL Director 1.00 0.00 X 0 0 0 TRACEY GREEN Director 1.00 0.00 X 0 0 0 PETE SUMNERS Director 1.00 0.00 X 0 0 0 WEEZIE WINGO MOTZEL Director 1.00 0.00 X 0 0 0 SHARON SANDERS Director 1.00 0.00 X 0 0 0 RICKY BOREN Director 1.00 0.00 X 0 0 0 OLIVER BANTA Director 1.00 0.00 X 0 0 0 KEITH SEIFERT Director 1.00 0.00 X 0 0 0 PHIL HAND Director 1.00 0.00 X 0 0 0 2233866 241236 12 false true false 0 492053 492053 MISSION SERVICES 970130 970130 SALVAGE PROGRAM 1868369 1868369 2838499 501041 501041 0 0 193002 119754 73248 73248 73248 3947217 3851659 95558 95558 95558 0 0 37200344 37200344 37200344 OTHER INCOME 263394 263394 263394 41464137 38529426 2442658 186937 186937 0 0 0 1704776 1517251 187525 0 18467425 16147109 2320316 331357 331357 2901650 2640684 260966 1470918 1304934 165984 0 38361 7453 30908 35875 35875 0 0 0 0 653407 588967 64440 1329564 1239660 89904 1211194 413909 797285 0 6781194 6495192 286002 644719 619175 25544 0 0 283747 190611 93136 202204 202204 1187750 1060618 127132 0 BANK AND MERCHANT FEES 583850 567529 16321 Postage and Shipping 510813 506512 4301 CONTRACT SVC EXPENSE 356159 333731 22428 COMMISSIONS 244640 244640 -1354383 2979056 -4333439 37772157 37043968 728189 0 11526119 16560687 0 0 540778 582728 0 0 0 2374268 2659646 369152 490861 23527607 13114020 10710495 10413587 9783004 9370219 0 0 0 31125480 31125846 66429296 71203574 169410 330715 893031 774005 2624608 2519934 31107807 31234026 1979080 2104583 36773936 36963263 X 29655360 34240311 29655360 34240311 66429296 71203574 X 3691980 916254 -87676 64393 X false true X true true true X 306925 10307393 355532 382296 492053 11844199 20778967 20844071 28734540 33392205 37200344 140950127 0 0 0 21085892 31151464 29090072 33774501 37692397 152794326 0 0 152794326 128154 79833 238000 231521 501041 1178549 0 128154 79833 238000 231521 501041 1178549 0 0 21214046 31231297 29328072 34006022 38193438 153972875 0.99230 0.99410 0.00770 0.00590 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2719325 2719325 7973797 2876869 5096928 3299921 2121295 1178626 7183833 5797563 1386270 2350731 2318293 32438 10413587 FINANCE LEASE OPERATING RIGHTS 6142524 OPERATING LEASE RIGHTS 24843414 31125846 ACCRUED AND WITHHELD EXPENSES 533855 ACCRUED WAGES 1520728 PROMISES TO GIVE 50000 2104583 X 42476862 916254 184147 1100401 41376461 87676 87676 41464137 37891911 119754 119754 37772157 37772157 Part X : FIN48 Footnote THE ORGANIZATION'S EVALUATION AT DECEMBER 31, 2023, REVEALED NO UNCERTAIN TAX POSITIONS THAT WOULD HAVE A MATERIAL IMPACT ON THE FINANCIAL STATEMENTS. THE 2020 THROUGH 2022 TAX YEARS REMAIN SUBJECT TO EXAMINATION BY THE IRS. IN ADDITION, THE 2020 THROUGH 2022 TAX YEARS REMAIN SUBJECT TO EXAMINATION BY THE STATE OF GEORGIA. THE ORGANIZATION DOES NOT BELIEVE THAT ANY REASONABLY POSSIBLE CHANGES WILL OCCUR WITHIN THE NEXT TWELVE MONTHS THAT WILL HAVE A MATERIAL IMPACT ON THE FINANCIAL STATEMENTS. Part XI, Line 2d: Other revenue amounts included in F/S but not included on form 990 DEFERRED REVENUE EARNED IN CURRENT YEAR $64393 RENTAL EXPENSES $119754 Part XII, Line 2d: Other expenses and losses per audited F/S RENTAL EXPENSES $119754 false GEORGIA PGA FOUNDATION 2205 NORTHSIDE DR NWSTE 140 ATLANTA GA 30305 179937 0 COST ASSIST VETERANS SUFFERING FROM PTSD GOODWILL INDUSTRIES OF HAWAII 2610 KILIHAU STREET HONOLULU HI 96819 7000 0 COST WILDFIRES ASSISTANCE 1 1 X true true X X X X false false false false false false false false false ANNA HENSLEY DIR BUS ANALYTICS 102585 18201 1669 6155 21520 150130 AUDREY HOLLINGSWORTH V P OF PEOPLE SERVICES 140065 45460 2223 8404 7354 203506 CHERYL VASQUEZ DIR-IT SVCS 138217 24503 2509 8023 173252 HENRY WARDEN President & CEO 281749 100625 6123 16905 13028 418430 JERRY PAYNE DIRECTOR OF RETAIL STORES 127579 25788 2149 12765 168281 JOEL GROSSMAN VP OF OPERATIONS 175669 51118 2339 10540 12765 252431 JULIE BENNETT DIRECTOR OF COMMUNICATION 141587 25113 2179 12765 181644 TERRY REIS V.P. OF FINANCE AND IT 166184 48608 2688 9971 12765 240216 TRAVIS CHAMBERS DIR OF PEOPLE SVCS 112028 18987 1834 6722 22148 161719 TRICIA LLEWELLYN KONAN VP OF MISSION SERVICES 159504 46646 2339 9570 22209 240268 Part I, Line 1a: Relevant information in regards to selections on 1a. Part II, Compensation from Unrelated Organizations KEY EMPLOYEES RECEIVED NO DIRECT COMPENSATION FROM ANY UNRELATED OR RELATED ORGANIZATIONS. Part III, Additional Information THE COMPENSATION COMMITTEE IS RESPONSIBLE FOR SETTING COMPENSATION LEVELS FOR DISQUALIFIED TEAM MEMBERS AS DEFINED BY THE IRS. THESE LEVELS ARE BASED UPON THE COMPENSATION PHILOSOPHY ADOPTED, TWO THIRD-PARTY SALARY AND COMPENSATION SURVEYS, GOODWILL INDUSTRIES INTERNATIONAL RESOURCES, AND THE KNOWLEDGE AND EXPERIENCE OF THE COMMITTEE MEMBERS. TO FAIRLY COMPENSATE THESE KEY TEAM MEMBERS, THE COMMITTEE CONSIDERS THE FACT THAT THESE KEY TEAM MEMBERS HAVE RESPONSIBILITIES FOR MULTIPLE ENTITIES TO INCLUDE COLUMBUS COMMUNITY CAMPUS, GOODWILL INDUSTRIES OF THE SOUTHERN RIVERS (GOODWILLSR), AND POWERWORKS INDUSTRIES, INC.(PWI).COLLECTIVELY THESE ENTITIES REPRESENT MORE THAN 730 TEAM MEMBERS AND GENERATE AN ANNUAL BUDGET OF NEARLY $38.5 MILLION WHILE SERVING MORE THAN 29,362 PEOPLE ANDMAKING 4,679 JOB CONNECTIONS IN THE COMMUNITY. THE LEVEL OF EXPERTISE REQUIRED TO MANAGE MULTIPLE ENTITIES TO ACCEPTABLE PERFORMANCE LEVELS IS CRITICAL TO THE SUSTAINED SUCCESS OF THE ORGANIZATION AND ITS IMPACT ON THE COMMUNITIES WE SERVE. THESE KEY TEAM MEMBERS ARE COMPENSATED WITH ONE SALARY FROM GOODWILLSR, AND DO NOT RECEIVE PAY FROM BOTH GOODWILLSR AND PWI. POWER WORKS INDUSTRIES INC COMMON BOARD 3349399 MGMT FEES & EXPENSE REIMB. false Form 990, Part VI, Section B, Line 11b DRAFT COPIES OF THE ANNUAL 990 ARE PROVIDED TO THE AUDIT COMMITTEE FOR REVIEW OF FINANCIAL DATA AND ALL NARRATIVE INFORMATION. FINAL 990'S ARE AVAILABLE ON THE GOODWILL INDUSTRIES OF THE SOUTHERN RIVERS, INC.(GOODWILLSR) WEB SITE AT WWW.GOODWILLSR.ORG ALONG WITH AUDITED FINANCIALS AND OTHER OUTCOMES. Form 990, Part VI, Section B, Line 12c ALL TEAM MEMBERS ARE REQUIRED TO INFORM MANAGEMENT OF ANY KNOWN CONFLICTS OF INTEREST. AUDITORS CONDUCT TEAM MEMBER INQUIRIES DURING THE COURSE OF THE ANNUAL AUDIT. ANY ISSUES ARE REVIEWED AND DISCUSSED WITH VARIOUS MEMBERS OF MANAGEMENT.ANNUALLY, MEMBERS OF THE GOODWILLSR BOARD OF DIRECTORS DECLARE IF THEY HAVE ANY KNOWN CONFLICTS OF INTEREST. IF ANY CONFLICTS OF INTEREST HAVE BEEN DECLARED, A REPORT DETAILING SUCH CONFLICT IS SUBMITTED TO THE BOARD OF DIRECTORS AND REVIEWED. IF A BOARD MEMBER HAS A CONFLICT OF INTEREST THAT IS BEING DISCUSSED, HE OR SHE ABSTAINS FROM VOTING ON THE ISSUE.GOODWILLSR IS ALSO COMMITTED TO ENSURING THAT AN ENVIRONMENT EXISTS FOR TEAM MEMBERS TO REPORT SUSPECTED VIOLATIONS OF THE LAW OR FRAUD. GOODWILLSR HAS SET UP A MECHANISM TO ENSURE THAT COMPLAINTS ARE INVESTIGATED IN A TIMELY MANNER AND THE EMPLOYEE BRINGING A COMPLAINT IS FREE FROM RETALIATION IN ACCORDANCE WITH THE WHISTLEBLOWER PROVISIONS OF THE SARBANES-OXLEY ACT. TEAM MEMBERS MAY FILE A COMPLAINT WITH THE COMPLIANCE OFFICER OR CALL THE WHISTLEBLOWER HOTLINE FOR THE COMPLAINT TO BE INVESTIGATED AND ADDRESSED. AT THE CONCLUSION OF ANY PROCEEDING, THE OUTCOME WILL BE COMMUNICATED TO THE INDIVIDUAL BRINGING THE COMPLAINT. Form 990, Part VI, Section B, Line 15a EACH MAY, THE COMPENSATION COMMITTEE REVIEWS THE PERFORMANCE OF THE PRESIDENT AND CEO. THE CEO PERFORMANCE IS BASED ON MISSION AND FINANCIAL OUTCOMES AS DEFINED BY THREE FACTORS: BOARD DETERMINED STRATEGIC INITIATIVES, LEADERSHIP EFFECTIVENESS AND ANNUAL EXTERNAL AUDIT RESULTS. IN CONJUNCTION WITH THE PERFORMANCE REVIEW PROCESS, THE ORGANIZATION USES SEVERAL OUTSIDE RESOURCES AS A BASIS OF COMPENSATION COMPARISONS, TO INCLUDE AT LEAST ONE UNRELATED COMPENSATION SURVEY AND GOODWILL INDUSTRIES INTERNATIONAL SURVEY. THESE SURVEYS ARE CONDUCTED ANNUALLY FOR CEO'S AND SENIOR TEAM MEMBERS (DISQUALIFIED EMPLOYEES) AND ARE RANKED BY REVENUE SIZE. EVERY TWO YEARS THE ORGANIZATION ENGAGES AN EXTERNAL PROFESSIONAL ORGANIZATION TO PERFORM A DETAILED GOODWILLSR SPECIFIC COMPENSATION SURVEY AS WELL. Form 990, Part VI, Section B, Line 15b THE GOODWILLSR COMPENSATION COMMITTEE HAS A SPECIFIC COMPENSATION PHILOSOPHY FOR THE ORGANIZATION. THE COMPENSATION COMMITTEE, THROUGH THE CEO, IS RESPONSIBLE FOR CARRYING OUT THE PHILOSOPHY FOR NON DISQUALIFED EMPLOYEES. THE COMMITTEE MEETS AT LEAST FOUR TIMES PER YEAR. THEY MEET ONCE IN THE FALL TO REVIEW THE PROPOSED BUDGET FOR THE UPCOMING YEAR, INCLUDING PAY INCREASES, ADDITIONS TO STAFF AND OTHER COMPENSATION. THEY MEET AGAIN IN JANUARY OR FEBRUARY TO REVIEW THE PRIOR YEAR'S PERFORMANCE AND APPROVE ANY INCENTIVE PAYOUTS. THE COMMITTEE ALSO CONVENES PRIOR TO APRIL 1ST OF EACH YEAR TO REVIEW THE OVERALL PAY INCREASE AVERAGES FOR NON DISQUALIFIED EMPLOYEES. THE COMMITTEE THEN REVIEWS PERFORMANCE RECOMMENDATIONS FOR DISQUALIFED EMPLOYEES WITH THE PRESIDENT AND CEO. LASTLY, IN MAY/JUNE, THE COMMITTEE CONDUCTS THE PERFORMANCE EVALUATION OF THE CEO. Form 990, Part VI, Section C, Line 19 DISCLOSURE OF NON CONFIDENTIAL GOVERNING DOCUMENTS IS AVAILABLE TO THE GENERAL PUBLIC AT WWW.GOODWILLSR.ORG. THESE DOCUMENTS CONSISTS OF AUDITED FINANCIAL STATEMENTS, ANNUAL 990'S AND OTHER OUTCOMES THAT ALLOWS READERS, STAKEHOLDERS, AND THE GENERAL PUBLIC TO MAKE INFORMED DECISIONS ABOUT THE CHARITABLE CAUSES AND PERFORMANCE OF GOODWILLSR. THE ANNUAL REPORT CAN BE FOUND ON THE GOODWILLSR WEBSITE, WWW.GOODWILLSR.ORG/IMPACT. Form 990, Part XI, Line 9 INSTALLMENT SALE INCOME = $64393 POWER WORKS INDUSTRIES INC 2601 CROSS COUNTRY DRIVE BLDG A COLUMBUS GA 31906 582267548 CUSTODIAL/GROUND SVCS UNDER FED CONTRACT GA 501(C) (3) TYPE 1 NA false false false false false false false false false false false false true false false true false true false false POWER WORKS INDUSTRIES INC l 2161315 COST POWER WORKS INDUSTRIES INC o 1943867 COST POWER WORKS INDUSTRIES INC q 1405532 COST TRANSACTIONS WITH POWER WORKS INDUSTRIES GOODWILL OF THE SOUTHERN RIVERS HAS A MANAGEMENT CONTRACT WITH POWER WORKS INDUSTRIES.(PWI) THE TERMS OF THIS CONTRACT REQUIRES PWI TO PAY A MANAGEMENT FEE AND TO REIMBURSE ANY DIRECTLY IDENTIFIABLE EXPENSE INCURRED ON ITS BEHALF. IN ADDITION, THE CONTRACT REQUIRES A PAYMENT EQUAL TO 75% OF NET INCOME AFTER DEPRECIATION AND MANAGEMENT FEES.