Greyston Foundation Inc

“The board was provided a copy of the return to review after the return was filed.”

“The conflict of interest policy is applicable to all board members, officers, and management employees of the foundation. Anyone who believes they may have a conflict must disclose all material facts to the board of directors. After disclosure of the conflict and all material facts, and after discussion with the interested person, the interested person shall leave the meeting and the determination of a conflict of interest is discussed and voted upon. The remaining members of the board of directors or committee shall decide if a conflict of interest exists. If the board of directors takes action concerning a financial transaction or arrangement previously reviewed by a committee, the board shall make its own determination or affirm the determination of the committee as to whether a conflict of interest exists. The minutes of the board of directors including each committee with board delegated powers and each authorized body of the foundation shall contain: (i) 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 in fact existed; and (ii) the names of the persons who were present for discussions and votes relating to the financial transaction or arrangement, a summary of the discussion, including any alternatives to the proposed financial transaction or arrangement, and a record of any votes taken in connection therewith. Each director and officer of the foundation, each member of a committee with powers delegated by the board of directors of the foundation, and each member of an authorized body of the foundation shall sign a statement annually which affirms that such person: (i) has received a copy of the policy and procedures on conflict of interest; (ii) has read and understands the policy and procedures; (iii) has agreed to comply with the policy and procedures, and (iv) understands that the foundation is a charitable organization and that in order to maintain its federal tax exemption it must engage primarily in activities that accomplish one or more of its tax-exempt purposes.”

“Joseph kenner serves a dual role as ceo and president of greyston foundation, as well as president of greyston bakery, inc., the for-profit social enterprise that is wholly-owned by the greyston foundation. In order to determine joseph kenner's total salary, the board of directors appointed a sub-committee of directors, who considered comparable salaries for similar sized organizations, discussions with outside recruiters and other factors such as level of experience and areas of responsibility. In 2022, approximately 50% of mr. Kenner's salary was allocated to greyston bakery, inc. Based on the estimated time required to fulfill his duties with this organization. The review of mr. Kenner's compensation is conducted annually, with the final recommendations documented and approved by the organization's board of directors. Only the ceo compensation is determined by the board. For the other members of the executive team, the ceo along with the senior hr leaders and consultation with the board determine the compensation. A number of factors are considered including comparable salaries for similar sized organizations, discussions with outside recruiters and other factors such as level of experience, etc.”

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

“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.”

“Equity in gains of subsidiaries -1,068,692. Write-off of uncollectible pledges -288,610.”

“The finance committee of greyston foundation, inc. Assumes, for all of its related tax exempt organizations, responsibility for oversight of the audit of financial statements and selection of an independent accounting firm. This process did not change from prior year.”