Greyston Foundation Inc.

“The preparer emails a copy of a draft version of form 990 to the cfo 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 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.”

“The greyston board of directors announced the appointment of michael brady to lead greyston foundation, inc. On march 3, 2015. Prior to this position, mr. Brady was president of greyston bakery, inc., the for-profit social enterprise that is wholly owned by the greyston foundation. To arrive at mr. Brady's 2015 salary, the board of directors appointed a sub-committee of directors to consider the appropriate salary allocation between the greyston bakery and the foundation. The committee based the foundation portion of his salary on the level of the previous executive director and the 2014 financial performance of the greyston non-profits. The sub-committee recommended the compensation package to the executive committee of the board of directors. Letter agreement documenting the decision is on file. Included in mr. Brady's 2015 compensation is a $30,000 bonus payment associated with the performance of his duties as president of greyston bakery, inc in 2014.”

“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.”

“Equity in losses of limited partnerships intercompany adjustments equity gains in subsidiaries 101,995.”

“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.”