National Academy Foundation

“Sanford i. Weill, chairman, and marc weill, board member, have a family relationship.”

“The return is prepared by an independent accounting firm based on information provided by the organization and in consultation with naf staff members. The return prepared by the accounting firm is then reviewed by the organization's finance department, as well as the finance and audit committees of the board of directors. The organization's form 990 is then provided electronically to the full board of directors before submission of the return to the internal revenue service.”

“Naf has a code of ethics/conflict of interest policy requiring all directors, officers and key persons to complete a conflict of interest policy letter annually. The letters are reviewed by the audit committee who determines if a conflict of interest exists. In the event of a conflict of interest, the board of directors determines the appropriate actions required, including preventing the individual from participating in discussion and decisions regarding the matter. Minutes of the meetings of the audit committee will record the names of the interested persons, nature of the conflict of interests, and the final decisions made regarding the conflict of interests.”

“Naf hired an independent compensation consultant to produce a salary survey in 2021. Naf has set compensation for senior management within the range of the going market rate for functionally comparable positions held by individuals with similar experience levels at similarly situated organizations. Documentation is maintained in naf's records. A compensation committee and the entire board of directors review and approve compensation for the ceo, as well as all other top management and key employees. This process was last undertaken in 2021 and will be done again in 2024.”

“Naf makes its form 990 and financial statements available for public inspection as required under section 6104 of the internal revenue code; the form 990 is available on the organization's website, guidestar.org, and other similar types of websites. In addition, the form 990 as well as the financial statements, governing documents, form 1023, and conflict of interest policy are available to the public upon written request.”

“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.”

“Research: program service expenses 133,228. Management and general expenses 23,511. Fundraising expenses 13,250. Total expenses 169,989. Curriculum development: program service expenses 111,690. Management and general expenses 101. Fundraising expenses 101. Total expenses 111,892. Consulting and professional fees: program service expenses 2,963,526. Management and general expenses 233,324. Fundraising expenses 117,771. Total expenses 3,314,621.”

“Loss on lease termination -368,412.”

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