Nysarc Inc New York City Chapter

“The arc new york is a unitary corporation consisting of its 48 chapters. Nysarc, inc. New york city chapter is one division of the corporation. The corporation and chapter's governing body is the board of governors representing the individual membership in each chapter's jurisdiction. Each chapter has one primary and one alternative governor with a weighted vote based on member. The corporation through its bylaws delegates day-to-day operating authority to the chapter's board of directors. The executive committee of the board of governors (see part vi, line 7a below) comprises the corporation's elected officers and exercises all powers of the board of governors between plenary meetings of the governors.”

“The organization's members elect the officers and directors of the chapter annually. In turn, those chapter board members nominate the officers and directors of the corporation. Nysarc, inc. New york city chapter's officers and directors are nominated by the chapter's nominating committee and elected at the chapter's annual meeting during the month of june.”

“Chapter bylaw amendments are subject to the board of governors' approval. Any action of the board of governors may be reviewed at the succeeding delegate assembly. No action of the governors that affects the irrevocable rights of third parties may be rescinded. Corporate bylaw amendments are subject to approval by a majority of chapters.”

“The form 990 was prepared by an independent accounting firm, which served as paid preparer, with assistance from the staff of nysarc (new york city chapter (ahrc nyc)). A copy of the draft form 990 was circulated to the audit committee and then to the full board of the organization in either paper or electronic form for discussion and comment. Each individual is provided ample opportunity to comment on the information contained in the 990 prior to its filing with the internal revenue service.”

“The organization monitors compliance with its conflict of interest policy very carefully. Directors, officers and key employees are required to disclose possible conflicts of interest upon joining the organization, when a conflict arises, and annually by filling out a conflict of interest disclosure statement. The disclosure statement is provided to the director of internal audit of the organization. Any conflicts are reported to the audit committee. Decisions relating to conflicts are also documented in board minutes.”

“The organization's board has adopted a compensation policy (the "policy") for covered individuals. Pursuant to the policy, a compensation committee of independent directors was established to review the compensation of all employees specified as having a substantial influence over the organization and who receive remuneration from the organization, including among others, the organization's chief executive officer, chief financial officer, chief legal officer, and cheif program officer. The compensation committee is advised by an independent compensation consultant, which opines to the compensation committee that the level of compensation paid and the process by which compensation is established meet applicable irs reasonableness and "safe harbor" standards. The outside compensation consultant provides data of compensation provided at similar organizations to ensure that the organization does not compensate in excess of market norms. The last compensation study was done in april 2021.”

“The organization makes its 990 available to the public upon request. The organization makes its governing documents, conflict of interest policy, financial statements, and form 1023 available to the public upon request, and at management's discretion.”

“The organization owned a significant investment in a managed care organization that consists of an hmo that paid claims for the support and services delivered to people with intellectual and developmental disabilities in the geographic regions in which organization operates. This investment was recorded as a program-related investment on the organization's balance sheet as the investment's primary purpose was to further the organization's tax-exempt mission without regard for the production of income (or appreciation in the value of the investment being the primary reason why the organization supported the venture). In fiscal 2022, the organization conducted a valuation of this investment and determined that the net book value of the investment was unrecoverable; as a result, the investment was completely written down and the loss on this write-off of the program related investment is recorded in form 990, part viii, line 11(b). In addition, the program-related investment has been fully removed from the organization's balance sheet.”

“Pension related charge other than net periodic costs -420,603.”