World Education and Development Fund

“Minutes of the board of directors meetings are maintained. Minutes of the executive committee meetings have not been maintained; however, all decisions and motions approved by the executive committee go to the board for approval.”

“The form 990 was prepared by the outside accountants and reviewed by the audit committee. Following their approval of the 990, the document was distributed to the entire board of directors prior to filing with the irs.”

“Worldfund has a conflict of interest policy that was approved by the board of directors and instituted throughout the organization. All worldfund officers,employees with fiduciary responsibility and directors of the board sign the policy annually. Within the policy is a detailed set of procedures in the event the organization needs to address a potential conflict of interest. Also detailed in the policy are measures to be taken in the event of a violation. The following are procedures for addressing the conflict of interest: - an interested person makes a presentation at the board of directors or executive committee meeting, after the presentation, he/she leaves the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. - the chairperson of the board of directors or executive committee, if appropriate, appoints a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. - after exercising due diligence, the board of directors or executive committee determine whether the organization can obtain with reasonable efforts a transaction or arrangement that is more advantageous or better serves its charitable purposes from a person or entity that would not give rise to a conflict of interest. - if a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the board of directors or executive committee determines by a majority vote of the disinterested directors whether the transaction or arrangement is in the organization's best interest, for its own benefit or in furtherance of its charitable purposes, and whether it is fair and reasonable. - in conformity with the above determination it makes its decision as to whether to enter into the transaction or arrangement. If the board of directors or executive committee has reasonable cause to believe a member has failed to disclose actual or possible conflicts of interest, it informs the member of the basis for such belief and affords the member an opportunity to explain the alleged failure to disclose. If, after hearing the member's response and after making further investigation as warranted by the circumstances, the board of directors or executive committee determines the member has failed to disclose an actual or possible conflict of interest, it takes appropriate disciplinary and corrective action.”

“The compensation review process is done on an annual basis and culminates at worldfund's annual june meeting of the board of directors. In advance of this meeting, the board's executive committee meets to discuss the job performances of the senior executives/officers and reviews recent data compiled on comparable nonprofit executive pay. Based on job performance, current pay ranges for comparable nonprofit executives, and the fiscal health of worldfund, the executive committee reviews compensation and determines whether action is needed to adjust the salary levels considering these three critical factors. The executive committee then presents its recommendation to the board at large, at the june meeting and a vote is taken to accept or reject, based on a simple majority, the executive committee's recommendation. This vote is recorded in the organization's minutes.”

“Worldfund makes all required financial documents available to the public through its website (www.worldfund.org) where anyone can view and/or download them as well as upon request in person or through verbal or written request. The governing documents and conflict of interest policy are available upon request.”

“Bwb donates to worldfund 8% of gross margin proceeds realized from online resale of books donated in connection with any worldfund sponsored book drive.”

“Brazil consultants: program service expenses 205,162. Management and general expenses 37,786. Fundraising expenses 52,483. Total expenses 295,431. Consultants: program service expenses 44,997. Management and general expenses 8,287. Fundraising expenses 11,511. Total expenses 64,795. Staff & curriculum development: program service expenses 28,659. Management and general expenses 5,278. Fundraising expenses 7,331. Total expenses 41,268. Program instructors: program service expenses 358,535. Management and general expenses 0. Fundraising expenses 0. Total expenses 358,535.”

“Loss on currency translation -184,999.”