Ef Intercultural Foundation Inc

“The foundation does not have any committees. Due to the size of the board (2 members), all directors and officers are involved in all foundation decisions.”

“The foundation's treasurer and clerk present a draft of the form 990 to the board, which is prepared by the foundation's independent accountants. Any resultant comments and changes are then incorporated into the form 990 by the independent accountants. A final version of the form 990 is provided to each member of the board of directors prior to its filing with the irs.”

“All officers and directors of the foundation are required to file a statement on an annual basis disclosing any potential interests that could give rise to conflicts. These statements are completed at the beginning of each fiscal year and are evaluated by the officers of the foundation. Individuals with potential conflicts of interest are prohibited from participating in any deliberations or decisions that may be effected by a potential conflict of interest.”

“Compensation for top officials is based upon approval by the board of directors. For other key employees and officers, compensation is based upon a fixed sum agreed upon at the time of employment. This sum reflects an employee's level of experience and expertise when (s)he joins the foundation. Salaries are strictly confidential and negotiated individually.”

“The foundation's audited financial statements are available to the public via the websites of certain state regulatory agencies as well as upon request. The foundation's governing documents and conflict of interest policy are available to the public upon request.”

“Under an agreement with ef education first, ltd., the foundation is compensated for operating and administering educational and cultural exchange programs within the united states. Ef education first, ltd. Reimbursed the foundation for all production costs and other approved expenditures incurred. For the year ended september 30, 2019, the amount of these costs totaled $4,924,911, and are included in program fee revenue on form 990, part viii. Amounts owed to affiliated companies at september 30, 2019 totaled $1,203,927 and are included in other liabilities on form 990, part x. Interest income recognized relative to the balances due to/from affiliated companies totaled $30,560 for the year ended september 30, 2019. The foundation leases its primary office space in cambridge, massachusetts from efekta house, inc. The original lease was entered into december 1, 2014 and was amended on january 1, 2016 and on october 1, 2017. The amended lease calls for annual rent of $74,620 and expires on september 30, 2023. During 2019, efekta did not charge the foundation rent. An in-kind contribution of $103,692 was recognized on the foundation's financial statements in 2019, which is the estimated fair market value of the office space plus certain utility costs. No expense is reflected on the tax return relative to in-kind rent.”