Community Capital New York Inc

“Edward quinn and anderson mitchell have a business relationship.”

“The organization has its form 990 prepared by an outside accounting firm, with the assistance of management, and has the following review process to ensure that the information reported is complete and accurate. Once the form 990 is prepared, it is presented to the executive committee for its review, revision and/or approval. The committee has been previously authorized by the board of directors to take responsibility for the form 990 review. Upon review the executive committee approves the form 990, and a copy is electronically submitted to all board members prior to filing the return with the internal revenue service.”

“The policy requires that all directors, committee members, and officers complete a conflict of interest statement on an annual basis. Immediately upon election or appointment as a director or officer, all directors and officers shall disclose any relevant interest of an interested party or related party as they relate to such director or officer which may pose a potential conflict of interest. The board of directors of ccny (or a duly appointed committee of the board) shall investigate the potential conflict of interest. The director or officer to whom the potential conflict of interest relates may offer factual information to the board or committee; but no such director or officer shall vote on such matter. The board or committee may, by majority vote, ask any such director or officer not to participate in any discussion relating to the conflict, or to leave the room in which such discussion is carried on; provided, however, that the interested director may participate in any discussion regarding his or her exclusion. Directors and officers to whom the potential conflict of interest relates shall not attempt to influence other directors regarding such matter. After conducting due diligence, the board or committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in ccny's best interest and for its own benefit and whether the transaction is fair and reasonable to ccny and shall make its decision as to whether to enter into or allow the transaction or arrangement in conformity with such determination. As part of its due diligence efforts, the board or committee shall determine whether ccny can obtain a more advantageous transaction or arrangement with reasonable efforts from a person or entity that would not give rise to a conflict of interest. The following information shall be recorded in the minutes of the meeting of the board or committee: 1. The names of the persons who disclosed or otherwise were found to have a financial interest in connection with an actual or possible conflict of interest, the nature of the financial interest, any action taken to determine whether a conflict of interest was present, and the board's or committee's decision as to whether a conflict of interest in fact existed; and 2. The names of the persons who were present for discussions and votes relating to the transaction or arrangement, the content of the discussion, including any alternatives to the proposed transaction or arrangement, and a record of any votes taken in connection therewith.”

“Salary for the ceo is determined by gathering compensation data from relevant compensation surveys. The data is shared and reviewed by the executive committee to ensure that salaries are in line with industry standards. Compensation is documented in board minutes and in the budget.”

“The organization makes its form 990 and form 1023 available for public inspection as required under section 6104 of the internal revenue code. The return is available on guidestar.org and other similar websites. In addition, the financial statements, conflict of interest policy, articles of incorporation and by-laws are available upon written request or by calling the organization directly.”

“Consultant fees: program service expenses 250,482. Management and general expenses 17,996. Fundraising expenses 4,778. Total expenses 273,256. Professional services: program service expenses 0. Management and general expenses 44,990. Fundraising expenses 0. Total expenses 44,990.”

“Loan loss (benefit provision) -149,507. Bad debt recovery 845.”

“The organization has a finance 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.”