Grand Street Settlement Inc

“Grand street settlement outsourced its financial department to btq financial. Btq provided the following services: general financial management, planning and budgeting, maintain the accounting and financial system and assist with managing the settlement's grants. Fees incurred for btq during fiscal year 2024 for these services were $996,420.”

“Grand street settlement 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. When the form 990 has been prepared, reviewed by management and is ready to be filed with the internal revenue service, it is presented to board members of the organization for any comments. Any comments are then grouped, summarized and provided to the outside accountants. Each issue is documented and addressed until the return is finalized and approved for filing.”

“The conflict of interest policy is applicable to key employees, board members, and officers of the organization. Upon being hired, all employees are provided with the employee handbook, which includes a conflict of interest policy. All employees are required to sign an acknowledgement form stating that they have read and agree with the policies in the handbook. If an employee becomes aware of a potential conflict during the year, they are required to notify either their supervisor or the executive director. The board members are required to sign a conflict of interest statement annually. The policy is updated on an annual basis to ensure that all potential conflicts are handled properly. If any conflicts were to arise, they would be handled by the independent directors of the board to ensure that the conflicts do not affect operations. The interested person would be excused from voting on the conflict resolution. Any resolution would be documented in the minutes to the meeting, and would include the names of the persons involved, the independent directors who voted on the potential conflict, and decision of the board.”

“During the month of july, the board of directors shall, subject to the minimum annual increase set forth below, evaluate the level of compensation and benefits being paid to the executive director based upon his duties and responsibilities, the manner in which he carries out those duties and responsibilities, the compensation being paid to individuals in comparable positions at similar institutions in the same geographical area, the pano (professional association of nonprofit organizations) compensation survey, and any other factors which the board of directors deems to be relevant with respect to the compensation payable to executives of organizations in the state of new york. Provided, however, that (a) the settlement shall increase employee's base salary by the amount of no less than three percent (3%) per year, and (b) the settlement shall not, under any circumstances, increase the amount of compensation or benefits payable to the employee by any greater amount if such increase results in compensation and/or other benefits that are excessive or unreasonable or constitute private inurement. This minimum increase is disclosed in the employment agreement with the executive director. The executive committee last approved his compensation in fy2024. Compensation for the other officers of the organization is determined by the board of directors annually. The board of directors shall evaluate the level of compensation and benefits being paid to the officer based upon her duties and responsibilities, the manner in which she carries out those duties and responsibilities, the compensation being paid to individuals in comparable positions at similar institutions in the same geographical area, and any other factors which the board of directors deems to be relevant with respect to the compensation payable to executives of organizations in the state of new york. The board's discussion and approval of the compensation is documented in the minutes to the meeting.”

“The exempt organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. It is posted on guidestar.org and other similar types of websites. In addition, financial statements, governing documents and conflict of interest policy are available upon written request.”

“Founded in 1916, the corporation provides residents of new york city with the tools and support they need to overcome challenging circumstances and build productive lives and futures, as further described in the certificate of incorporation. Its comprehensive and integrated array of culturally relevant programs and services assist more than 13,500 area residents of all ages annually from toddlers in early head start and day care to school-age youth participating in educational and recreational afterschool programs, to programs for young adults and senior citizens, including providing housing to seniors. The corporation also supports the mission and purpose of the grand street settlement senior housing development fund corporation, a sponsored project of the corporation.”

“Family care health services: program service expenses 2,383,083. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,383,083. Health and education services: program service expenses 456,110. Management and general expenses 283,868. Fundraising expenses 57,330. Total expenses 797,308. Consultants: program service expenses 258,747. Management and general expenses 262,409. Fundraising expenses 52,996. Total expenses 574,152. Participant fees: program service expenses 305,068. Management and general expenses 0. Fundraising expenses 0. Total expenses 305,068. Payroll processing: program service expenses 179,285. Management and general expenses 111,582. Fundraising expenses 22,535. Total expenses 313,402. Security services: program service expenses 28,519. Management and general expenses 10,906. Fundraising expenses 2,203. Total expenses 41,628. Other professional: program service expenses 18,293. Management and general expenses 11,384. Fundraising expenses 2,299. Total expenses 31,976.”

“Write-off of pledge receivables -161,500.”

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