Transitcenter Inc.

“The bylaws were updated in 2014. Changes included: *ceo is no longer an automatic board member. All positions must be elected by a majority of the board *the passage stating that the board shall not have the power to amend or change the purpose of the organization as expressed in the certificate of incorporation was removed. *timing of annual board meeting and budget meetings were revised. *new section added regarding adjournment. A majority of the directors present may adjourn any board meeting to another time or place. *addition of section on removal of directors. Any or all of the directors may be removed for cause by vote of the directors, provided there is a quorum of not less than a majority present at the meeting of the directors at which such action is taken. *the title of president has been changed to executive director *the board may designate one or more persons to fulfill the duties and responsibilities of the treasurer, without designating any such person as the treasurer. *clerical tasks supporting the role of the secretary may be delegated to such employees designated by the executive director, which the consent of the board chair. *the board shall adopt a written investment policy and re-affirm or amend such policy no less frequently than once every two years.”

“An audit is conducted by our certified public accountants. Once this is completed additional information required to prepare the 990 is submitted. Once a draft of form 990 is received, it is reviewed internally by management for accuracy. When approved by management, it is shared with the board for comment and questions prior to filing.”

“The bylaws require that members of its governing board and corporate officers to disclose all conflict in interest promptly at the time they arise and annually via a written disclosure process. The governing board is charged with reviewing conflict of interest transactions and associated decisions, and making a determination regarding any individual involved in the decisions related to the conflict.”

“The board determines the appropriate salary for its staff and reviews compensation levels on an annual basis. As part of this review, the board of directors (and/or compensation committee of the board) reference various information sources including publicly available information/survey to determine appropriate compensation levels. The board used the hay group, an outside consultant, to reveiew the compensation package for the ceo.”

“Financial statements and form 990 are available on guidestar.org. These and other governing documents (including the conflict of interest policy) are available upon request.”

“Henry lanier resigned during 2014. Eric s. Lee and darryl young joined the board.”

“Organizational development: program service expenses 0. Management and general expenses 48,306. Fundraising expenses 0. Total expenses 48,306. Program consultant: program service expenses 561,331. Management and general expenses 24,305. Fundraising expenses 0. Total expenses 585,636. Payroll processing: program service expenses 0. Management and general expenses 10,848. Fundraising expenses 0. Total expenses 10,848. Human resource consultant & recruiting: program service expenses 0. Management and general expenses 2,380. Fundraising expenses 0. Total expenses 2,380.”

“There have been no changes in the process from prior years.”