Brighter Choice Foundation Inc.

“The form 990 is prepared by the independent autitors and the final draft is reviewed by senior management and the treasurer. Upon completion of this review the final draft is sent to the board prior to a board meeting and then the board approves the 990 through vote and resolution.”

“Annual conflict of interest forms are distributed to all board members as well as senior management. The completed forms are forwarded to the secretary of the board and the treasurer & chair of the audit committe.”

“The compensation of the organization's executive director is determined by the compensation committee, including the board chair and treasurer, in consultation, and with the approval of the board. The process involves a review of comparable data and documentation of the decisions. The compensation of other officers and key employees of the organization is determined by the executive director in consulatation with the board. The process involves a review of comparable data and documentation of the decisions.”

“The foundation files form char500 with the charities registration bureau of the new york state attorney's office, which includes the audited financial statements which are available online as part of the report. In addition, the foundation makes information available, as required, upon request.”

“The brighter choice foundation (foundation) was established to provide support services and resources to the then-newly developing charter schools in the albany, ny market. In this partner-support role, the foundation obtained the financing necessary for the development and construction of various school facilties. These financing arrangements were based on design preferences of the school as described in collaborative conversations with community stakeholders and school personnel. The foundation carried the loan(s) through maturity at which time the foundation worked to transfer ownership back to the schools after they had secured their own financing (at the cost to develop property). These leasing arrangements were intentional and necessary given the poor state of the economy, the unforgiving capital markets, and limited borrowing opportunities offered to the charter schools during start-up phase. As is the case with most non-profit organizations, charter schools are rarely in a position to borrow significant money in order to purchase facilities. Thus, by design, these lease payments were established to assist the schools during their start-up phase and only require the schools to pay back the minimum debt service requirements - typically interest only or minimal principal reductions. This equates to the same debt the schools have been required to cover if they had been able to secure their own financing with favorable terms. In addition to providing assistance with initial financing, the foundation provides academic and operational support to school leadership. Support is provided through the foundation's dba, the albany charter school network (the network). The network contracts with the schools to provide expert area coaches to assist in the classroom with teacher capacity building and operationally to provide support with enrollment, marketing, and human resources needs.”

“Debt forgiveness 2,159,456. Guarantee release cost -1,700,000.”

“No changes to the oversight process or selection process”