Acumen Fund Inc.

“Jacqueline novogratz and michael e. Novogratz have a family relationship.”

“Beginning in 2004, the organization began using adp totalsource, a professional employer organization ("peo"). As a professional employer organization, totalsource provides professional employer services to acumen fund, inc. (acumen). In the peo relationship totalsource and acumen share certain responsibilities and allocate other employer responsibilities between each other. Acumen remains an employer of the worksite employees and totalsource is a co-employer of acumen's employees. Acumen has: direction and control over employees as is necessary to conduct its business, discharge and fiduciary responsibility it may have, or comply with any applicable licensure, regulatory or statutory requirement of acumen. Control over the day to day job duties of employees and over the job sites at which, or from which employees perform services totalsource reserves a right of direction and control over employees as is necessary to fulfill its obligations and provide its services under an agreement between acumen and totalsource. Totalsource and acumen have a right to hire, discipline, and terminate employees as to each one's employment relationship with employees.”

“The amended by-laws were adopted by the board of trustees in september 2014. Changes made to the amended by-laws, included the following principal revisions, in addition to other smaller changes: 1) clarify voting, including items for enhanced voting, and staggered board terms 2) enumerate processes around resignation, notice and voting, including electronic activity 3) memorialize activities around implementation of policies, recordkeeping, reporting, and investment and lending matters”

“The organization's finance staff members prepare the form 990 in conjunction with the organization's external independent accountants. Several senior management and internal legal staff members review the information and a draft form 990 is circulated electronically by e-mail to the full board of directors. After soliciting the board's feedback and comments the form 990 is e-filed with the irs.”

“The organization has a conflict of interest policy which is annually monitored requiring all of the organization's or its affiliate's board members, members of the investment committee, officers, key employees, individuals in those roles in the prior 5 years and each of their respective relatives to disclose any possible conflict of interest to the general counsel, for review by the audit & finance committee of the board. The organization requires that all such individuals promptly and fully disclose all material facts of any actual or potential conflict of interest that may exist at the time of hire or appointment, as applicable, and as they may arise while the individual is serving or employed in such capacity by the organization. Such disclosures involving a transaction or arrangement are reviewed by the general counsel, with oversight by the chief operating officer, and referred to the audit & finance committee to determine appropriate action to be taken to address the conflict of interest with respect to the transaction or arrangement. The individual with the conflict of interest is required to disclose recuse him/herself from the discussion and not be present during any deliberation or vote on matters where he/she has an actual conflict.”

“The organization annually reviews comparable compensation data for its non-profit peer group and similar organizations in the for-profit private sector. It seeks to benchmark against these comparative figures when setting compensation for its chief executive officer. The organization will also consider job performance when evaluating ceo compensation. The compensation committee recommends and then the board of directors discusses and approves, in executive session, the compensation information and determines the chief executive officer's salary. The compensation committee is comprised solely of board members who do not have a conflict of interest in determining the salary of the ceo. Any board members who are conflicted in determining the ceo's compensation are recused from the portion of the meeting where compensation is discussed and determined. Minutes documenting both the activities and actions of the compensation committee and the board of directors, including the materials they used in evaluating compensation, are taken and retained contemporaneously. This process was last undertaken in 2014. The ceo, in consultation with the director of talent, determines salaries of the other members of senior management of the organization using the same processes as described above.”

“The organization posts its form 990 and audited financial statments on its publicly accessible website www.acumen.org. Current year information is posted as it becomes available and two prior year's results are maintained online. The organization also provides its information to charity navigator and guidestar.org. Public information about acumen fund is available on charity bureau section of the new york state's attorney general's website, as well as upon request. The form 1023 is made available upon request. The governing documents are not made available to the public unless specifically requested and a summary of the conflict of interest policy is available on the form 990.”

“Program consultants: program service expenses 1,235,488. Management and general expenses 87,334. Fundraising expenses 67,983. Total expenses 1,390,805. Web media & design consultants: program service expenses 107,296. Management and general expenses 6,112. Fundraising expenses 3,674. Total expenses 117,082. Video prod & editing svcs: program service expenses 26,968. Management and general expenses 1,537. Fundraising expenses 923. Total expenses 29,428. India program service fee: program service expenses 1,271,172. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,271,172.”

“Change in value of charitable remainder trust 10,532.”

“Acumen fund, inc. Has a committee that assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. This process did not change from the prior year.”