Panthera Corporation

“The organization prepares its form 990 on the accrual basis of accounting, in accordance with generally accepted accounting principles (gaap). As such, revenue is recognized when earned. In fiscal year 2023, the organization recognized a $10 million unconditional pledge as revenue. The pledge is donor time-restricted and is being released from restriction at a rate of $2 million per year over five years, starting in 2023. The full recognition of the $10 million pledge in 2023 contributed to a significantly higher total revenue and increase in net assets reported that year. In 2024, total revenue is lower because it reflects normal, ongoing operations with spending down on the $10 million unconditional pledge recognized in 2023. Additionally, readers should note that form 990 reports the change in net assets on line 19, rather than net income. This includes all activity for the year, both operating and non-operating, such as releases from restrictions and contributions recognized under accrual accounting. These factors combined explain the differences in reported revenue and the bottom-line change in net assets between 2023 and 2024.”

“The finance committee reviews form 990 in its entirety in detail with the controller. Copies of the form 990 are then provided to the board of directors and the tax form is approved and filed with irs on behalf of the board of directors after the review process.”

“Disclosure of potential conflict of interest: directors, officers and key employees have a duty to disclose the existence of any material facts about any personal relationship having a personal or financial interest in a proposed transaction, contract or compensation arrangement with panthera or based on the director's, officer's or key employee's relationship or position in panthera. The potential conflict of interest must be disclosed before the transaction, contract or arrangement is reviewed, authorized, approved, or ratified. The personal interest may arise because the director, officer or key employee has a relationship or personal financial interest in a proposed transaction, contract, or compensation arrangement ("immediate family" means the director's, officer's or key employee's spouse, children, or individual (s) residing in the director's, officer's or key employee's home). Compliance review: panthera's corporate secretary is responsible for circulating disclosure forms to directors, officers and key employees confirming on an annual basis that the forms are kept up to date and informing the board of directors of actual or potential conflict of interest. Enforcement of conflicts policy: following any disclosure of a potential conflict of interest by a director, officer or key employee, the board of directors' audit committee will review the disclosure and determine whether an actual conflict exists. The board of directors' audit committee then may or may not authorize or approve the proposed transaction or other matter as fair and reasonable by a vote without counting the vote or votes of such interested person or persons. The person with a conflict of interest may be present for or participate in the discussion of the proposed transaction or other matter if deemed appropriate by the chairperson of the meeting or by the board of directors' audit committee. Potential conflicts of interest of other than key employees will be reviewed by the audit committee, which consists of the panthera executive officers in a manner similar to that utilized by the board of directors' audit committee. Violations of the conflicts of interest policy: if the board of directors has reasonable cause to believe that a director, officer of key employee has failed to disclose a potential/actual conflict of interest, it will inform the individual of the basis for the belief and afford the individual the opportunity to explain the failure to disclose. The board of directors may take whatever follow-up action it deems necessary and, at its option, may void a transaction, contract or arrangement where a potential or actual conflict of interest exists that has not been disclosed. Annual statements: each director, officer and key employee will annually sign the disclosure form and the certification form that affirms that the director, officer or key employee: a) received a copy of panthera's board of directors, officers and key employees' conflict of interest policy; b) read and understand the policy; c) agreed to comply with the policy; d) understands that panthera is a charitable organization and that in order to maintain its tax exempt status, it must engage primarily in activities that accomplish one or more of its tax exempt purposes; and e) complies with the policy other than actual or potential conflicts of interests that may exist and have been disclosed to the corporate secretary of to the board of directors. Any director, officer or key employee who finds or suspects a violation of this policy must immediately report the conduct to the chairman of the board of directors and/or the corporate secretary. Any employee or agent may report conduct that may be in violation of this policy to the chairman of the board of directors, corporate secretary, officers or his or her manager.”

“15a) a compensation arrangement for the ceo is based on a written employment contract established by the ceo in conjunction with the board of directors at the time of initial employment. The finance committee, after the review of such information, establishes the officers and key employees' salary levels annually and documents the process in the finance committee minutes. 15b) panthera's finance committee of the board of directors evaluates each officer's and key employee's individual duties, responsibilities, educational background, work experience and past performance (if applicable) to set fair rates of compensation. Panthera seeks to provide compensation that is consistent with prevailing rates at similar not-for-profit organizations for comparable job functions consistent with the annual budget approved by the board of directors. Under panthera's bylaws, a board of director's member shall not receive compensation for any services rendered in such capacity, but may be reimbursed for reasonable and customary expenses incurred. All officers and key employees' compensation is established annually based on salaries paid by comparable tax exempt organizations, based on publicly available information, including other organizations' form 990 filings, independent salary survey studies and such other information as deemed appropriate. The finance committee, after the review of such information, establishes the officers and key employees' salary levels annually and documents the process in the finance committee minutes.”

“A copy of panthera's financial statements will be available upon request. If the request is made in person, it will be honored on the day of the request; if it is written, then panthera will respond within 30 days of the initial request.”

“Other professional service fees: program service expenses 4,323,444. Management and general expenses 906,018. Fundraising expenses 169,396. Total expenses 5,398,858.”

“Other comprehensive loss on foreign exchange -89,433.”