Fifth Avenue Committee Inc

“Fifth avenue committee, inc. Has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, reviewed by management and is ready to be filed with the internal revenue service, it is electronically sent to the board members of the organization for any comments. Any comments are then grouped, summarized and provided to the outside accountants. Each issue is documented and addressed until the return is finalized and approved for filing.”

“Fac has a written conflict of interest policy that is annually monitored. The policy applies to responsible persons. A responsible person is defined as any person serving as an officer, employee, or member of the board of directors of fifth avenue committee, inc. If a responsible person were to have a conflict the following procedures would take place: a. Before board or committee action on and agreement or transaction involving a conflict of interest, a director or committee member having a conflict of interest and who attends the meeting shall disclose all facts material to the conflict of interest. Such disclosure shall be reflected in the minutes of the meeting. B. A director or committee member who plans not to attend a meeting at which he or she has reason to believe that the board or committee will act on a matter in which the person has a conflict of interest shall disclose to the chair of the meeting all facts material to the conflict of interest. The chair shall report the disclosure at the meeting and the disclosure shall be reflected in the minutes of the meeting. C. A person who has a conflict of interest shall not participate in or be permitted to hear the board's or committee's discussion of the matter except to disclose material facts and to respond to questions. Such person shall not attempt to exert their personal influence with respect to the matter, either at or outside the meeting. D. A person who has a conflict of interest with respect to an agreement or transaction that will be voted on at a meeting shall not be counted in determining the presence of a quorum for purposes of the vote. The person having a conflict of interest may not vote on the agreement or transaction and shall not be present in the meeting room when the vote is taken, unless the vote is by secret ballot. Such person's ineligibility to vote shall be reflected in the minutes of the meeting. For purposes of this paragraph, a member of the board of directors of fifth avenue committee, inc. Has a conflict of interest when they stand for election as an officer or for re-election as a member of the board of directors, unless the vote is as a slate of candidates or officers. E. Responsible persons who are not members of the board of directors of fifth avenue committee, inc., or who have a conflict of interest with respect to an agreement or transaction or outside activity that is not the subject of board or committee action, shall disclose to the executive director any conflict of interest that such responsible person has with respect to an agreement, transaction or outside activity. If the responsible person is the executive director, they shall disclose to the executive committee of the board any conflict of interest that such responsible person has with respect to an agreement, transaction or outside activity. Such disclosure shall be made as soon as the conflict of interest is known to the responsible person. The responsible person shall refrain from any action that may affect fifth avenue committee, inc's participation in such agreement, transaction or outside activity. F. In the event it is not entirely clear that a conflict of interest exists, the individual with the potential conflict shall disclose the circumstances to the chair or co-chairs, the executive director or the executive committee (as a member of the board, an employee or the executive director as relevant), who shall determine whether there exists a conflict of interest that is subject to this policy.”

“The executive committee of the board of directors, who does not have a conflict of interest, reviews information annually about the executive compensation of nonprofit peers as well as salary survey from independent sources. The executive committee makes a recommendation on executive director compensation utilizing this information to the full board of directors who then votes on the annual compensation of the executive director. The decision is documented in the minutes to the board. The operations and personnel committee reviews third party salary surveys and 990's of nonprofit peers and provides guidance to the executive director on salary ranges for the executive director to then finalize for other staff including key staff. This process was last undertaken in fy2023.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is posted on guidestar.org (dba candid), on fac's website and other relevant websites. In addition, the financial statements, conflict of interest policy, articles of incorporation and by-laws are also available upon written request or by calling the organization directly.”

“Fifth avenue committee, inc. (fac) is a comprehensive community development corporation and chartered member of the neighborworks america network. Founded in 1978, fac's mission is to advance economic, social, and racial justice in new york city. Fac strives to make our communities more equitable, sustainable, inclusive and just so that all can live and work with dignity and respect. To achieve its mission, fac develops and manages affordable housing and community facilities; creates economic opportunities for low and moderate income new yorkers, and ensures access to economic stability through workforce training and job placement assistance; connects needy families with public benefits, tax preparation assistance and legal, financial and credit counseling; provides student-centered adult education and literacy classes; organizes community members, public housing residents, immigrants and youth; and combats displacement caused by gentrification. Together, fac's programs directly impact the lives of 7,400 low and moderate income new yorkers annually.”

“The organization contracted with a professional employer organization (peo) for services, including but not limited to, payroll, timekeeping, employee benefits, hr administration and workforce regulatory compliance needs. As the employer of record for tax purposes, forms w-2 and w-3 are issued by the peo and filed under the peo's federal ein. In this co-employment arrangement, the organization is the common law employer and, accordingly, compensation is reported on form 990, part vii, section a and part ix, lines 5-10.”

“The organization has a committee that assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. This process did not change from the prior year.”