Building for the Future Inc

“Minutes are taken at all meetings of its governing body, which includes the recording of all board actions. These minutes are then approved by resolution at the following meeting. The governing body does not have any committees.”

“The organization is in the process of re-establishing a process for review of the form 990 by the audit committee and the board of trustees to be implemented in 2014.”

“The officers of building for the future, inc. Follow the conflict of interest and disclosure policy of the nonprofit finance fund, the parent organization. This conflict of interest policy was revised in 2012 . The policy is applicable to all directors, officers, committee members and employees. At the beginning of each year, all directors, officers, committee members and key employees are asked to sign a statement that affirms that the individual has received a copy of the conflict of interest and disclosure policy, that they have read and understood the policy, and that they agree to comply with the policy. All potential conflicts are reportable to the board of directors or relevant committee to determine if a conflict of interest exists. The interested person may not participate or be present in meetings when the potential conflict of interest is discussed or determined. Authorization of a transaction is approved by the board or board committee without the presence of the interested person. The board or board committee will review available information regarding the cost/benefit of comparable transactions or arrangements, and may also appoint a disinterested person or committee to investigate alternatives. The minutes of any meeting regarding the transaction and potential conflict of interest will reflect that the interested person has recused themselves from the meeting and abstained from voting. The minutes will also include details about the transaction, data gathered surrounding the transaction, the date the transaction was approved, board members present during the deliberations and the results of the voting. The minutes are reviewed and approved at the next board meeting. If it is discovered that an interested person fails to disclose a potential conflict of interest, the board will take appropriate action including removal from the board or committee, or termination of employment.”

“Form 990's are made available for public inspection as required under section 6104 of the internal revenue service code as it is posted on guidestar.org. In addition, forms 990 and 1023, as well as the audited financial statements, conflict of interest policy, articles of incorporation and by-laws are available upon written request of the organization at 70 west 36th street, 11th floor, new york, ny 10018, or by calling the organization at 212-868-6710.”

“Building for the future, inc. Does not have compensated employees as a result, there is no compensation expense and none of its officers, directors, or trustees receive compensation from the organization. Instead, building for the future, inc. Has volunteers, which are paid by nonprofit finance fund. Nonprofit finance fund has a board-level committee whose responsibility is to determine the salary of its ceo, and ensure the reasonability of all other salaries. The committee is comprised solely of independent voting members of the board of directors. In order to fulfill this responsibility, nonprofit finance fund contracts with a human resources consulting firm to perform a salary benchmarking study (against a broad array of nonprofit organizations) for all positions within the organization. In addition, for the determination of the ceo's salary the organization compiles a list of salaries of ceo's of other comparable community development financial institutions. This information is analyzed and discussed during an annual meeting of the compensation committee, at which point the ceo's salary is established and the committee determined that the salaries of other officers and key employees were reasonable. The board-level committee of nonprofit finance fund last met for this purpose during october 2012.”

“Building for the future, inc. Has a committee that is responsible for oversight of the audit of its financial statements and selection of an independent accountant. This process has not changed from the previous year.”