Opportunity Finance Network

“Per ofn's bylaws, there is one class of membership available to private, non-governmental, mission-driven financial institutions that meet the qualifications for membership. Each member is entitled to be represented at any meeting of the members by up to two delegates, who shall be either an employee of or a board member of the member. The presence in person of delegates representing at least one-third of the members constitutes a quorum for the transaction of business. When a quorum is present at any meeting, the majority of the votes present decides any question brought before the meeting. Each member is entitled to one vote on each matter submitted to a vote of the members. All voting, except elections for directors which is by written or proxy ballot, may be by voice vote or ballot. At least two-thirds of the directors are elected by the members. Up to one-third of the directors are appointment by the board of directors. Nominations for candidates for director are made by a written notice to the nominating committee and must be endorsed by not less than two (2) members and delivered at least sixty (60) days before the election. All nominations so made by members are presented to the membership for consideration. New bylaws may be adopted, or the existing bylaws may be amended or repealed, by the affirmative vote of a majority of the votes represented. Voting occurs by proxy or in person at a duly held meeting of members at which a quorum is present.”

“Per ofn's bylaws, there is one class of membership available to private, non-governmental, mission-driven financial institutions that meet the qualifications for membership. Each member is entitled to be represented at any meeting of the members by up to two delegates, who shall be either an employee of or a board member of the member. The presence in person of delegates representing at least one-third of the members constitutes a quorum for the transaction of business. When a quorum is present at any meeting, the majority of the votes present decides any question brought before the meeting. Each member is entitled to one vote on each matter submitted to a vote of the members. All voting, except elections for directors which is by written or proxy ballot, may be by voice vote or ballot. At least two-thirds of the directors are elected by the members. Up to one-third of the directors are appointment by the board of directors. Nominations for candidates for director are made by a written notice to the nominating committee and must be endorsed by not less than two (2) members and delivered at least sixty (60) days before the election. All nominations so made by members are presented to the membership for consideration. New bylaws may be adopted, or the existing bylaws may be amended or repealed, by the affirmative vote of a majority of the votes represented. Voting occurs by proxy or in person at a duly held meeting of members at which a quorum is present.”

“Per ofn's bylaws, there is one class of membership available to private, non-governmental, mission-driven financial institutions that meet the qualifications for membership. Each member is entitled to be represented at any meeting of the members by up to two delegates, who shall be either an employee of or a board member of the member. The presence in person of delegates representing at least one-third of the members constitutes a quorum for the transaction of business. When a quorum is present at any meeting, the majority of the votes present decides any question brought before the meeting. Each member is entitled to one vote on each matter submitted to a vote of the members. All voting, except elections for directors which is by written or proxy ballot, may be by voice vote or ballot. At least two-thirds of the directors are elected by the members. Up to one-third of the directors are appointment by the board of directors. Nominations for candidates for director are made by a written notice to the nominating committee and must be endorsed by not less than two (2) members and delivered at least sixty (60) days before the election. All nominations so made by members are presented to the membership for consideration. New bylaws may be adopted, or the existing bylaws may be amended or repealed, by the affirmative vote of a majority of the votes represented. Voting occurs by proxy or in person at a duly held meeting of members at which a quorum is present.”

“Prior to filing the form 990, the chief financial officer and the vp, accounting review the form for accuracy and then forward it to the president & ceo for review. In addition, the organization sends an electronic copy of the form 990 to its board of directors. This is primarily for informational purposes and to allow for comments from the board, but does not require action from the board.”

“Each year the board of directors signs a potential conflict of interest statement which states that they do not have a potential conflict of interest as covered by the opportunity finance network's conflict of interest policy. If the board member (or any related party) is involved in transactions with ofn including but not limited to loan and grant applications to ofn, and consulting contracts with ofn, the board member discloses this in a separate statement. All staff also must adhere to ofn's conflict of interest policies and report potential conflicts for review and approval.”

“The compensation for the president & ceo is governed by an executive employment agreement and determined through an annual performance review. Ofn's board chair manages this process by reviewing the president & ceo's performance against set goals. They use a documented process of self-assessment and performance review. These results are documented for the records. Ofn senior officers and all key employees undergo an annual performance management review process, in which annual compensation is also reviewed. Ofn undertakes a regular external market compensation study for all key staff positions, which serves as a foundation benchmark for determining appropriate staff compensation levels.”

“The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request for the same period of disclosure as set forth in section 6104(d).”

“Loss on disposal of lease -150,000.”