Firstspark Inc.

“In february 2024, the firstspark board of directors voted to approve updated bylaws for the non-stock corporation. The purpose of the update was for a legal review of best practice and to update alignment with virginia code and definitions pertaining to non-profits. A summary of the changes includes: * number of directors no less than three (3) and no more than thirty-one (31) * removal of a director for failure to attend a majority of meetings or who cannot actively support the work of the organization in any fiscal year. * quorum for action changed to a majority of directors vs. A set percentage or number * committees may be created by the board and appoint directors to serve on them with each committee having at least two or more directors. * clearer definition to the duties of the president (ceo, executive director) * a new article on emergency bylaws”

“Form 990 is reviewed by the treasurer and then sent to the board of directors before filing.”

“Each director, principal officer and member of a committee with governing board delegated powers has to annually sign a statement that he/she has read, understands, and agrees to comply with the conflict of interest policy. Periodic reviews shall be conducted. Reviews shall include the following subjects: 1. Whether compensation arrangements and benefits once implemented are reasonable, based on competant survey information, and are the result of arm's length bargaining. 2. Whether partnerships, joint ventures, and arrangements with management organizations conform to the organization's written policies, are properly recorded, reflect reasonable investment or payments for goods and services, further charitable purposes and do not result in inurement, impermissible private benefit or in an excess benefit transaction.”

“The board of directors will set the rate of compensation for future years based upon performance review and research done on reasonable rates of pay for comparable positions in other organizations and in other smart beginnings coalitions. Personnel policy requires board review of any fulltime employee. Factors considered in setting rates of compensation are: work experience of the individual, research done on reasonable rates of pay for comparable positions in other businesses and organizations, and rates of compensation allowable under budget guidelines of grants and contracts.”

“Governing documents and financial statements are made available upon request.”

“Process has not changed from the prior year.”