Red Hook Initiative

“The information provided in the draft 990 form is shared with our audit committee, which then makes a presentation and recommendation to the full board in order to approve the full audit before we file it.”

“The Governance Committee is tasked with making sure the policy is up to date, signed by all board members annually, and the provisions reinforced periodically. They ask questions about the nature of board members activities and ventures with an eye on any potential conflicts or red flags to raise.”

“In 2020 RHIs Board of Directors adopted the following compensation policy:Approved by vote at June 10, 2020 Board MeetingRed Hook Initiative Policy for Board Approval of CompensationThe Executive Director of Red Hook Initiative (RHI) is the principal representative of RHI, and the person responsible for the efficient operation of RHI. Therefore, it is the desire of RHI to provide a fair yet reasonable and not excessive compensation for the Executive Director (and any other highly compensated employees and consultants).The annual process for determining compensation is as follows: The Executive Committee of the Board of Directors shall annually evaluate the Executive Director on his/her performance, and ask for his/her input on matters of performance and compensation.Board Approval: The Executive Committee will obtain research and information to make a recommendation to the full board for the compensation (salary and benefits) of the Executive Director (and other highly compensated employees or consultants) based on a review of comparability data. For example, the Executive Committee will secure data that documents compensation levels and benefits for similarly qualified individuals in comparable positions at similar organizations. This data may include the following:Salary and benefit compensation studies by independent sources;Written job offers for positions at similar organizations;Documented phone calls re: similar positions at both nonprofit and for-profit organizations; andInformation obtained from the IRS Form 990 filings of similar organizations.Concurrent Documentation: To approve the compensation for the Executive Director (and other highly compensated employees and consultants) the Board must document how it reached its decisions, including the data on which it relied, in minutes of the meeting during which the compensation was approved. Documentation will include:A description of the compensation and benefits and the date it was approved; The members of the board who were present during the discussion about compensation and benefits, and the results of the vote;A description of the comparability data relied upon and how the data was obtained; andAny actions taken (such as abstaining from discussion and vote) with respect to consideration of the compensation by anyone who is otherwise a member of the board but who had a conflict of interest with respect to the decision on the compensation and benefits. Independence in Setting Compensation: The President of the Board of Directors, who is a volunteer and not compensated by RHI, will operate independently without undue influence from the Executive Director. No member of the Executive Committee will be a staff member, the relative of a staff member, or have any relationship with staff that could present a conflict of interest.”

“These documents are made available upon request.”

“Loss on uncollectible pledges = -$300000”