Greyston Foundation Inc.

“Greyston purchases insurance through advocate brokerage. The business is related to a board member, jeff koslowsky. Jeff's wife, denise koslowsky, serves as a principal of advocate brokerage and the business is owned by her family. Jeff served as part-time cfo in 2013. Jeff koslowsky was not directly involved with the decision to purchase insurance from advocate brokerage. He has also resigned from his pt cfo role in early 2014 and has no ongoing role at the company.”

“The preparer emails a copy of a draft version of form 990 to the cfo/controller who, in turn, emails the draft version of form 990 to each board member for review. Each board member is requested to submit any comments to the cfo/controller prior to filing with the internal revenue service. Once all comments are resolved, a final version of form 990 is emailed to each board member and then the form 990 is filed with the internal revenue service by the applicable due date.”

“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 directors, the members of a committee with board-delegated powers or the members of an authorized body of the foundation. After disclosure of the conflict and all material facts, and after any discussion with the interested person, they shall leave the meeting of the board of directors, committee or authorized body of the foundation while the determination of a conflict of interest is discussed and voted upon. The remaining members of the board of directors, committee or authorized body 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 or authorized body, the board shall make its own determination or affirm the determination of the committee or authorized body as to whether a conflict of interest exists. The minutes of the board of directors, 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 was present, and the decision of the board of directors, committee or authorized body as to 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, officer and management employee 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.”

“Greyston used a formal process to determine the ceo's compensation for 2013. The process was as follows: 1) at the end of 2012, a subcommittee of the board of directors was formed to evaluate steven brown's compensation. 2) the subcommittee collected data on ceo compensation of nonprofits in the area with similar budget sizes. The committee also reviewed an independent study of nonprofit compensation published by the partnership in philanthropy. 3) on march 26, 2013, the subcommittee made a formal recommendation to the executive committee of the board of directors as to the appropriate compensation level for the ceo. The executive committee accepted the recommendation. The decision was documented in a memo.”

“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 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.”

“Grounded in a whole-person approach, which we call pathmaking, greyston foundation, a pioneer in social enterprise, creates jobs and provides integrated programs for individuals and their families to move forward on their path to self-sufficiency. In the 1980s, roshi bernie glassman, now an internationally-acclaimed american buddhist social activist, recognized that employment is the gateway out of poverty and towards self-sufficiency. In response, he opened the greyston bakery to provide jobs for hard-to-employ adults. He declared an open door hiring policy, which offers employment opportunities regardless of educational attainment, work history, or past social barriers, such as incarceration, homelessness or drug use. Out of this hiring policy a new and larger mission grew. Low-income apartments were then built for the formerly homeless to provide housing for bakery workers and their peers. Soon after, greyston child care center was founded to ensure that a lack of high-quality, low cost child care was never a barrier to work for tenants and bakery employees. As the aids epidemic spread, greyston responded by opening issan house and the maitri center - housing and adult day health services for people living with hiv/aids. Growing awareness of health disparities for communities of color and growing concerns about the environment prompted the creation of the community gardens and environmental education program. Most recently, in response to the recession, which disproportionately impacted poor yonkers residents, greyston launched wd 2.0, a comprehensive workforce development program. What originally began as a modest bakery has grown into a broad array of results-oriented evidence-based programs and services designed to respond to the changing needs of yonkers residents. Today, greyston serves over 2,200 community members annually. Most significant activities and how they are tied into mission -2012 marks 30 years since the inception of the greyston bakery. -in 2012, greyston turned its sights to investing in and reinvigorating our mission. As part of our move to a more outcome driven organization, we have derived a set of metrics that clearly show our impact on the greater community. The purpose of this initiative was to bring into focus how we can achieve the greatest impact through our efforts, and identify the partners that we are best able to align with to achieve broader societal goals. -throughout its history, greyston has been a leader in addressing poverty through entrepreneurship and innovation. This leadership continues to this day - as in recognition of its socially engaged entrepreneurship to address urban poverty, greyston was the first "b" corporation (a new type of corporation which uses the power of business to solve social and environmental problems) to be incorporated in new york state. -the provision of affordable housing to vulnerable populations is essential to helping them achieve self-sufficiency. Greyston provides affordable housing for 522 individuals in nearly 300 units of in our portfolio. In 2012, we opened a new $32 million multifamily housing development in yonkers with 92 modern, energy efficient apartments for local working families. Greyston is currently developing a 59 unit new construction affordable housing project in the hollows community of yonkers slated for occupancy in 2015. -building on the success of the bakery's hiring policies, greyston has continued to expand our workforce development programs and now trains upwards of 100 individuals every year in a wide variety of fields.”

“Equity in gain in subsidiaries 318,451. Equity in losses of limited partnerships -81,864.”

“The finance committee of the greyston foundation, inc. As a sole member assumes for all of its related tax exempt organizations 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.”