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 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 board of directors, sub-committee, or other authorized body. After disclosure of the conflict and all material facts, and after any 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, 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 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.”

“From our roots as a spiritually-minded organization, greyston has grown into one of the country's leading social enterprises with combined revenues of $21 million. Greyston's mission is to create thriving communities through the practice and promotion of open hiring. Open hiringtm fills jobs without judging applicants or asking any questions, thereby creating opportunities for individuals who are often excluded from the mainstream workforce. For 35 years, our unique blend of open hiring and community programs has supported individuals in southwest yonkers searching for a way out of poverty. In a community where one- third of adults live below the poverty line and are often denied the opportunity to work, greyston bakery has been steadfast in its commitment to hiring regardless of education, work experience, or histories of incarceration, homelessness, or drug use. What began as a modest bakery has grown into an open hiring model that provides a continuum of support services to more than 5,400 southwest yonkers residents each year.”

“Greyston is a social enterprise dedicated to serving the community of southwest yonkers, ny and to scaling and replicating our cutting-edge open hiring model across the united states and beyond. Comprised of a purpose-driven commercial bakery combined with a system of not-for-profit organizations that provide service and support to our employees and their community, greyston is proving that business can be a powerful force for good. Profits from the bakery coupled with supplemental fundraising provide financial support for our programs including early childhood education, workforce development, community gardens, health services and housing. The greyston foundation, our 501(c)(3) not-for-profit, provides supervision, oversight, human resources, accounting and finance, information technology, and administrative support for all of the not-for-profit and for-profit entities under the greyston umbrella (greyston bakery, greyston health services, greyston family inn and ravine avenue properties).”

“The foundation is in the process of divesting the majority of its real estate portfolio and has determined that the foundation will have no significant continuing involvement in real estate operations after the disposal transaction. As a result, property and equipment and results of operations of its real estate portfolio are presented in the accompanying consolidated financial statements as assets and liabilities held for sale and discontinued operations.”

“Payroll service: program service expenses 0. Management and general expenses 47,579. Fundraising expenses 0. Total expenses 47,579. Consultants: program service expenses 49,972. Management and general expenses 35,125. Fundraising expenses 176,498. Total expenses 261,595.”

“Equity in gains of subsidiaries 512,577. Equity in losses of limited partnerships -113,170. Equity in losses of limited partnerships - discontinued operations -316,093.”

“The finance committee of the 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 the prior year.”