Learning Works

“The chief executive officer and the chief financial officer assit the audit firm with the preparation of the 990. The chief financial officer reviews a draft of the form 990 for completeness, accuracy and reconciliation with the audited financial statements. He then reviews the draft with the chief executive officer, particularly to ensure that the narratives describing the agency's mission, programs, policies and procedures are up to date and accurate. The finance committee of the board of directors is charged with overseeing the financial activities of the agency. The chief executive officer and the chief financial officer review the 990 with them for approval prior to filing.”

“Individuals serving as directors for learningworks are not compensated, in accordance with the agency bylaws. The agency bylaws require that, prior to assuming a position on the board of directors, each individual must submit a written list to the board president of all businesses and other organizations of which he/she is an officer, director, member, owner, shareholder, employee or agent with which learningworks has, or might be expected to have, a relationship or a transaction in which the director might have a conflicting interest. The statement must be updated annually by each director and re-submitted to the president for review. The president and the board of directors are required to be familiar with the statements of all directors in order to guide the conduct of the board should a conflict arise. The agency bylaws further require directors to recuse themselves from the board meetings during discussion of matters in which thay have a known or potential conflict of interest. The by-laws do not preclude transactions with directors under the following conditions: 1. The direct or indirect interest causing a director's conflict has been fully disclosed to the board; 2. The board makes a determination, on the record, that the transaction is fair and equitable to the agency; 3. The director with the interest in the matter refrains from voting on that matter; and 4. No such transaction, if entered into, should jeopardize the agency's tax-emempt status under irc section 501(c)3. The bylaws prohibit the hiring of a director or his/her family member to agency staff until six months after the director has stepped down from serving on the board, except by majority vote of the full board.”

“The executive committee of the board, made up of the president, vice president, secretary, treasurer and the chairpersons of the finance and development committees have the primary responsibility for performing an annual evalution of the chief executive officer and for negotiating his/her contract terms. The full board must approve the chief executive officer contract terms.”

“Learningworks uses the maine association for non-profits compensation handbook as an aid to assess appropriate compensation levels and provide comparability data regarding compensation. The maine association for non- profits publishes its compensation survey bi-annually. The board reviews and approves the total agency salaries during the annual budget process. The agency employee benefits package and associated costs are reviewed at that time, as well. The chief executive officer and the management team are charged with the development of the specific staff positions within the agency, creation of the job descriptions and assignment of appropriate salary ranges for each. These are reviewed by the board of directors as necessary as well as in conjunction with the annual budget preparation.”

“Learningworks makes available, upon request, its form 990 and all other information and documents required by law to be available for public inspection. At this time there are no plans to include this information on the agency's website. Information may also be accessed on the internet at the guidestar.com website.”

“Learningworks currently does not have a formal policy regarding public disclosure of governing documents, policies, and financial statements. Requests for such information would be addressed on a case by case basis.”

“The original return inadvertently incorrectly reported officer compensation and benefits. The amended return has the compensation reported on the 2015 w-2 and the nontaxable benefits provided. This only affected the schedule vii of the original return. The schedule of functional expenses correctly reports compensation and benefits.”

“Depreciation adjustment 433 gain/loss sale of fixed assets 354 change in trna -200,980 total -200,193”