Greyston Foundation Inc.

“The organization uses an outside management company, ADP Total Source Inc, a professional employer organization ("PEO") as a co-employer. ADP was paid $72,571 during 2019 for their services. The compensation for those listed in Part VII were paid by the PEO.”

“The organization made the following amendments to its bylaws: 1. ARTICLE III, SECTION 13 - Voting: The organization established that except as otherwise provided by law or by these by-laws, the vote of a majority of the Directors present at the time of the vote, if a quorum is present at such time, shall be the act of the Board. Notwithstanding the foregoing, a vote of the Board pertaining to any of the specified actions or any other actions required by law shall require a vote of two thirds of the entire Board to constitute a majority vote. 2. ARTICLE VII, SECTION 2 - Audit Oversight Requirements: THE ORGANIZATION designated AN audit committee of the Board comprised solely of Independent Directors, THAT shall oversee the accounting and financial reporting processes of the Corporation and the audit of the Corporation's financial statements.”

“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. 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.”

“Mike Brady 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 Mr. Brady'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 2019, approximately 50% of Mr. Brady's salary was allocated to Greyston Bakery, Inc. based on the estimated time required to fulfill his duties with this organization. In addition, included in Mr. Brady's 2019 compensation is a $50,000 bonus payment associated with the performance of his duties as President and CEO of Greyston Foundation (and affiliated not-for-profits), and a $50,000 bonus payment associated with the performance of his duties as President of Greyston Bakery, Inc. The review of Mr. Brady'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 1023, and by-laws are also available upon written request or by calling the organization directly.”

“Founded 1982, Greyston has grown into one of the country's leading social enterprises. Greyston's mission is to create thriving communities through the practice and promotion of Open Hiring. Open Hiring fills jobs without background checks, interviews, or any judgement of an individual's past history, thereby creating opportunities for individuals who are often excluded from the mainstream workforce. For over three decades, our unique blend of Open Hiring and community programs has supported individuals in Southwest Yonkers, New York, searching for a path 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 (our for-profit commercial bakery) has been steadfast in its commitment to hiring regardless of education, work experience, history of incarceration, homelessness, or past drug use. Greyston's non-profit services provide the community infrastructure to ensure that individuals have access to all of the resources that they need to thrive in their jobs. Community programs including training, community gardens, and housing provide direct services to thousands of local residents. Our employee PathMaker program ensures that those most in need have access to the full array of resources that are available from Greyston and our community partners. Our employment practices have grown into a proven Open Hiring business model that demonstrates to employers around the world that you can run a profitable business while making a positive impact on a community.”

“Greyston's mission is to create thriving communities through the practice and promotion of Open Hiring. As one of the country's leading social enterprises, Greyston is dedicated to serving the community of Southwest Yonkers, NY, and to scaling our Open Hiring model to organizations around the world. Comprised of a purpose-driven for-profit commercial bakery aligned with a group of additional not-for-profit organizations that provide services and support to our employees and the community, Greyston is proving that businesses can change established human resources processes to create a more inclusive workforce and reduce poverty, while maintaining a profitable business. Profits generated by Greyston Bakery along with additional fundraising provide financial support for our not-for-profit programs which include: Workforce Development, Community Gardens which includes environment education, and Issan House. Greyston Foundation, Inc., our 501(c)(3) not-for-profit, provides supervision, oversight, human resources, accounting and finance, information technology, development, and administrative support for all of the not-for-profit and for-profit entities under the Greyston umbrella.”

“Payroll service fees: Program service expenses 795. Management and general expenses 742. Fundraising expenses 773. Total expenses 2,310. Consultants: Program service expenses 161,763. Management and general expenses 116,057. Fundraising expenses 0. Total expenses 277,820. Consultant - Contract labor: Program service expenses 125,252. Management and general expenses 89,863. Fundraising expenses 0. Total expenses 215,115. Public relations: Program service expenses 25,304. Management and general expenses 18,154. Fundraising expenses 0. Total expenses 43,458.”

“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.”