Debt Education and Certification Foundation

“Mitchell allen and nat holt have a business relationship where they are partners in an advertising agency. This other business is not engaged in credit counseling or financial education and has no collaborative or competitive relationship with the foundation.”

“The prepared form 990 is reviewed first by the organization's accountant, cfo and president. The form 990, as prepared by the organization's outside auditors rylander, clay and opitz llp, is then reviewed by the organization's legal counsel, venable llp, before being electronically provided to each voting members of the governing body.”

“The organization has a conflict of interest policy. This policy serves to define the term "conflict of interest", to assist members of the board, officers, and key employees in identifying and disclosing such conflicts, and to minimize the impact of such conflicts on the organization and the fulfillment of its mission whenever possible. The policy is intended to supplement, but not replace, any applicable state and federal laws governing conflict of interest applicable to nonprofit and charitable organizations. Pursuant to the policy, the organization requires all board members and key employees ("covered officials") to disclose any actual or potential transaction or relationship which presents, or may present, a conflict between a covered official's obligations to the organization and his or her personal, business, or other interests. This is accomplished through an annual disclosure process and review of the organization's conflict of interest policy. This is also accomplished by the relevant individual notifying the board whenever an actual or potential conflict arises. The policy specifies procedures for the board to follow when addressing a potential conflict of interest. Under the policy, if the board determines that an actual or potential conflict of interest does exist, the board shall also determine an appropriate remedy. Such remedy may include, for example, the recusal of that individual from participating in certain matters pending before the board.”

“The foundation followed the rebuttable presumption of reasonableness under the intermediate sanction rules set forth in the treasury regulation 53.4958-6 to establish and approve total remuneration to mr. Allen, co-president and ceo, and mr. Tonne, co-president and coo, for 2016. Prior to establishing the compensation to be provided to the foundation executives, the foundation's compensation committee met in consideration of the compensation. The compensation committee considered an executive compensation report and recommendation letter to the board of directors from a previous year. The board of directors, exclusive of mr. Allen, voted and approved the recommendations of the compensation committee.”

“Debt education and certification foundation complies with the public inspection requirements of internal revenue code section 6104 by making its form 1023, application for recognition of exemption under section 501(c)(3) of the internal revenue code, its determination letter from the irs and the forms 990 for its three most recently completed tax periods available to the public. These documents are available for public inspection during normal business hours at its principal office. Requests for inspection of public documents may also be made by telephone or email. However, as section 6104 does not require an organization exempt under section 501(c)(3) to disclose its governing documents, conflict of interest policies, or financial statements, the foundation has chosen not to make such information available for public inspection.”