Comic Relief Inc DBA Comic Relief Us

“Governance and management disclosures the form 990 was prepared by a nationally renowned accounting firm in conjunction with the organization's finance department. The form 990 is provided to the full board of directors for their review and comment prior to its filing with the internal revenue service. In addition, the organization's outside accounting firm presents the form 990 to the full board to enable them to fulfill their due diligence and oversight responsibilities.”

“Comic relief has a robust conflict of interest procedure to ensure that all officers and directors are compliant with the organization's conflict of interest policy. All officers and directors are required to complete an annual questionnaire affirming receipt of the policy, compliance with its directives and to disclose any financial interests in any actual or contemplated transaction that may constitute a conflict of interest. The questionnaire is reviewed for any potential conflicts and should any be discovered addressed by comic relief in such a fashion as to ensure the integrity of the organization's business transactions.”

“Comic relief has a formal process in place for determining the compensation of all employees whose compensation is over $100k (including the executives and highly compensated employees reported on this form 990). Starting in 2020, the audit and risk committee was tasked with reviewing and approving compensation and documenting such decisions as necessary (in committee minute meetings).”

“Comic relief makes its form 990 available to the public by retaining a copy at its place of business and on its website. The form 990 is likewise published on the internet at www.guidestar.org. The organization's financial statements, governing documents and conflict of interest policy will be provided upon request and at management's discretion.”

“Chief financial officer, william kehoe, is not an employee of comic relief inc; his compensation is paid by an executive placement service provider, mile13 llc, that is owned by mr. Kehoe. All compensation reported in part vii represents fees paid to mile13 llc for an array of services, such as accounting, finance, staff analysis, and other administrative services provided by mr. Kehoe as chief financial officer.”

“On march 22, 2021, comic relief u.s. Received loan proceeds in the amount of $586,807 under the paycheck protection program ("second draw ppp loan"). The second draw ppp loan, established as part of the amended cares act, provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The loan and accrued interest are forgivable after eight or twenty-four weeks as long as the borrower uses the loan proceeds for eligible purposes, as described in the cares act. The amount of loan forgiveness will be reduced if the borrower terminates employees or reduces salaries during the covered period. On april 19, 2022, the second draw ppp loan and accrued interest were forgiven in full and recognized as government grants revenue within the accompanying statement of activities for the year ended december 31, 2022. The cares act provides an employee retention credit, a refundable tax credit against employment taxes for employers that were adversely impacted by the covid-19 pandemic based on meeting certain criteria established by the government. Comic relief u.s. Submitted an application for tax credits related to wages incurred during the third and fourth quarters of 2020 and the second and third quarters of 2021. Management asserts that their application sufficiently met the criteria to receive the credit from the irs and recognized the credit as revenue in the form 990, part viii, line 1(e) in the amount of $523,932. Form 990, part i, line 1, description of organization mission: we harness the power of entertainment to drive positive change, by raising awareness of complex social and economic issues facing children and caregivers living in poverty, and mobilizing the public to act.”

“Rescinded/refunded grants 638,244.”