Network for Teaching Entrepreneurship

“NETWORK FOR TEACHING ENTREPRENEURSHIP (NFTE) ADDED MASSACHUSETTS HIGHER EDUCATION ASSISTANCE CORPORATION (ASA) (EIN 04-2254705) AS A SUPPORTING ORGANIZATION. NFTE'S MISSION, TO ACTIVATE THE ENTREPRENEURIAL MINDSET AND BUILD STARTUP SKILLS IN YOUTH TO ENSURE THEIR SUCCESS, IS ALIGNED WITH THAT OF ASA. THE ADDITION OF ASA AS SUPPORTING ORGANIZATION IS AUTHORIZED BY NFTE AND ASA'S GOVERNING DOCUMENTS WHICH STATE THAT ASA SHALL SUPPORT THE CHARITABLE AND EDUCATIONAL PURPOSES OF ORGANIZATIONS THAT (I) ARE DESCRIBED IN SECTION 509(A)(1) OR 509(A)(2) OF THE CODE AND (II) SUPPORT STUDENTS IN OBTAINING AN EDUCATION THAT WILL SUPPORT SUCCESSFUL AND MEANINGFUL CAREER OUTCOMES. NFTE's Bylaws were amended to incorporate the terms of the agreement as follows: The number of board members remains the same, however, a simple majority of ASA's board of directors shall simultaneously serve on NFTE's board of directors. The members will be nominated by ASA's board of directors to concurrently serve on NFTE's board of directors, and the number of such individuals will be the minimum number to effectuate the Type II Supporting Organization Overlap. Each such nominated person shall be eligible to be elected as a director of NFTE, subject to consent and approval of the Chair of NFTE's Board of Directors. All directors other than ASA-Nominated directors may be elected at any meeting of the board of directors and are referred to as Directors-at-Large. The board of directors is divided into three staggered classes, with one such class elected each year. The ASA-Nominated directors will be distributed equally among the three classes. Each director holds office for a standard term of 3 years, and the board of directors may approve a one- or two-year extension of the term of any director. The initial group of ASA nominated directors shall hold initial terms of one, two or three years, depending on the class into which each ASA-Nominated Director is assigned. If at any time the ASA Board of Directors increases in size in a manner compliant with the Agreement, ASA shall be permitted to immediately nominate such number of additional ASA Nominees as shall be necessary to maintain the Type II Supporting Organization Overlap. If an ASA-Nominated Director ceases to serve on the ASA Board, that individual is deemed to also have resigned as a NFTE director. However, the NFTE Board of Directors may elect the former ASA-Nominated Director to continue serving on the NFTE Board of Directors as a Director-at-Large. If the Affiliation Agreement terminates, the ASA-Nominated Directors shall be deemed to have resigned as of the effective date of the termination.”

“THE INITIAL DRAFT RETURN IS REVIEWED BY THE CFO AND THE Director of Finance, WHO COMPARE THE RETURN TO THE AUDITED FINANCIAL REPORT. THE RESULTS ARE COMMUNICATED WITH OUR RETURN PREPARERS WHO HAVE A CHANCE TO AGREE WITH OR CLARIFY WHY POSITIONS WERE TAKEN. IF QUESTIONS ARE FORTH COMING, THEY ARE RESOLVED AND A FINAL RETURN IS SUBMITTED TO MANAGEMENT AND AUDIT COMMITTEE AS WELL AS THE ENTIRE BOARD, SIGNED BY MANAGEMENT, AND FILED WITH IRS.”

“Each director, principal officer and member of a committee with governing board delegated powers shall sign a statement annually or upon appointment which affirms such person : a) has received a copy of the conflict of interest policy, b) has read and understands the policy, c) has agreed to comply with the policy, and d) understands the organization is charitable and that in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax-exempt purposes.”

“Typically, each year, employees' base salaries are reviewed for possible salary adjustments. The percentage of the adjustment, if any, is dependent on many factors including, but not limited to, market conditions, internal and external competitiveness, performance of both the employee and the organization, and how long the employee has been in their current position and with the company. The organization periodically engages an outside compensation consultant in conjunction with the hr department to review and compare compensation across all titles, and to establish salary bands for each position. In determining compensation for the president/ceo, the executive committee of the board of directors establishes annual goals and reviews performance against those goals and reviews comparable compensation from other similar organizations. The decision is documented and filed in the personnel file.”

“The organization makes its consolidated financial statements available to the public on its own website. Governing documents and conflict of interest policy are available upon request.”