One Acre Fund

“The organization amended its bylaws effective september 28, 2023 to separate the roles of president and the newly established postion, chief executive officer (ceo), which were previously held by one individual. The responsibilities previously held by the president and ceo, including supervision and control of the organization's affairs and the activities of the officers, are now assigned to the newly established ceo position. The ceo began employment in march 2024.”

“Form 990 is prepared by a nationally recognized accounting firm in conjunction with the organization's financial department. The cfo reviews and then forwards the draft form 990 to the board chair, who also reviews and approves. Each board member is supplied with a copy of the federal return as well.”

“Every year at a board meeting each member is asked to update/disclose conflicts of interest, if any. Similarly, key staff members listed on form 990 are required to update/disclose conflicts of interest annually. Any suspicion of undisclosed conflicts of interest are timely investigated.”

“The independent board of directors annually review the fairness of the executive director's compensation and benefits based on a rigorous internal analysis which identifies a comparable set of peers and gathers their publicly available compensation information. The independent board has reviewed and approved adjustments in the executive director's compensation and benefits. The minutes of decision of the board is prepared before the later of the next meeting or 60 days after the final decision of the board and the committee. The compensation memorandum record a) the date of the decision b) the members present during the decision and those who voted on it c) the full terms of the transaction that was approved d) the comparable data used and e) how the comparable data was obtained.”

“Other officers and key employees' performances are reviewed by the executive director, who also approves their compensation within the board-approved budget. An annual compensation survey is also done to aid in the decision.”

“The organization's governing documents, conflict of interest policy and financial statements are available to the public upon request. In addition, the organization's financial statements are available on its website and past financial statements are available on the illinois attorney general's website.”

“The organizations bylaws provide that any member may serve as an officer of this corporation. The board chair has not been elected as an officer of the corporation or of the board.”

“For 2023, the following entities have been consolidated on the audited financial statements in accordance with u.s. Gaap, however for form 990 purposes have been deconsolidated: - one acre uk - one acre stichting - registered trustees of one acre fund (malawi) - one acre farmers organization one acre uk and one acre stichting are foreign-recognized, non-501(c)(3) not-for-profits in the uk and netherlands, respectively, and as such have been deconsolidated on the form 990. Registered trustees of one acre fund (malawi) is a foreign-recognized corporation in malawi and as such has been deconsolidated on the form 990. One acre farmers organization is a foreign-recognized trust/nongovernment organization (ngo) in nigeria and as such has been deconsolidated on the form 990.”

“Foreign currency remeasurement loss............$(7,340,174)”