Mce Social Capital

“A draft of the form 990 is presented to management for review. Once management has made any necessary changes, the form 990 is submitted to the audit committee for approval. The audit committee is comprised of three members of the board of directors. It is elected by the board to assist the board in fulfilling its oversight responsibilities by reviewing: the financial reports and other financial information provided by the organization to any governmental body or the public; the organization's systems of internal controls regarding finance, accounting and legal compliance that management and the board have established; and the corporation's auditing, accounting and financial reporting processes in general. A complete copy of the form 990 is provided to the board prior to filing electronically.”

“Mce has a written conflict of interest policy, which is posted on its website. According to the policy, all members, officers, committee members (including advisory members), employees and other persons designated by the members as subject to the policy are required to review and sign mce's conflict of interest policy each year. Board members and staff members are required to sign the statement at the beginning of each fiscal year. If a potential conflict of interest is discovered, the individual with the conflict shall not participate or be permitted to hear the members' discussions or vote. In addition, the members shall decide by majority vote whether or not an actual conflict exists. If the members find that a conflict of interest does exist, a disinterested person will be appointed to investigate alternatives to the proposed transaction. The members will then determine a reasonable solution.”

“The salaries of mce's three paid officers, including the cio, cfo and cbdo, are set by the ceo based on comparable salaries, employee qualifications, the requirements of the position, and professional judgment. A review or process for setting the ceo's salary prior to 2020 was not necessary prior to 2020 as the position was pro bono. Beginning in 2020, mce began a search for a salaried ceo for the first time in the organization's history. At this time, the bod formed a compensation committee to set the salary for the new executive, and will continue to manage the salary of the ceo going forward. The salaries of the other three paid officers will continue to be set by the ceo based on the same standards as used previously.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public via its website.”

“The number of volunteers includes board volunteers, committee volunteers, and management volunteers. Volunteers provided legal, management, governance, and advisory services during 2019.”

“Unrealized foreign currency translation gain/(loss) -210,429. Change in fmv of derivative instruments -73,256. Remeasurement of guarantor contributions -533,851. Contribution revenue recognition from tax loan impairment -1,031,651. Contribution revenue deferral from gaap loan impairment 767,466.”