Blacksmith Institute Inc

“The organization has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. After the form 990 has been prepared, a copy of the form 990 is reviewed by the finance director, president, vp of operation and the audit committee. When it is ready to be filed with the internal revenue service, it is electronically sent to the board for approval. Once the board has approved the return it is filed with the internal revenue service.”

“Each director, principal officer and member of a committee with governing board delegated powers shall annually sign a statement which affirms such person: a. Has received a copy of the conflicts of interest policy, b. Has read and understands the policy, c. Has agreed to comply with the policy, and d. Understands the organization is charitable and in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax-exempt purposes. In connection with any actual or possible conflict of interest, an interested person must disclose the existence of a financial or other interest and be given the opportunity to disclose all material facts to the directors and members of committees with governing board delegated powers considering the proposed transaction or arrangement. After disclosure of the interest and all material facts, and after any discussion with the interested person, he/she shall leave the governing board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists.”

“The board financial committee reviews salaries as part of its budget approval process, including the salaries of officers and key employees. The committee uses comparative data from other organizations as part of their review. This includes salary ranges of other not-for-profit companies within the nyc area. This process is documented in the bylaws and the budget approval by the full board is documented in the minutes of the meeting when it occurs. The compensation review process was last undertaken in november 2024.”

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

“Payroll service fees: program service expenses 7,647. Management and general expenses 1,854. Fundraising expenses 1,358. Total expenses 10,859. Overseas consulting: program service expenses 865,078. Management and general expenses 10,927. Fundraising expenses 14,098. Total expenses 890,103. Program consulting: program service expenses 732,663. Management and general expenses 9,254. Fundraising expenses 11,940. Total expenses 753,857.”

“Foreign currency translation adjustment -119,552. Return of grant funds 6,091.”

“The organization has a committee that is responsible for the oversight of the audit of its financial statements and the selection of an independent accountant. This process has not changed from the prior year.”