Futures in Education

“Future in education delegate control over management duties to catholic foundation for brooklyn and queens through a management services agreement. Under the agreement catholic foundation for brooklyn and queens have management control over executive reporting, organization management, fundraising and development, budge and accounting, events, and vendor and contract management. For the tax year ending in 2013, future in education paid catholic foundation for brooklyn and queens $659,359 for management fee expenses. The management fee expenses of $659,359 represents expenses of management fees, payroll service fees, advertising, office expenses, information technology, occupancy, travel, conferences, grants, and insurances. In addition, john notaro, acting executive director, is reimbursed by future in education for the management services included in the agreement with catholic foundation for brooklyn and queens. Total compensation (salary plus medical and other benefits) reimbursed to john notaro is $68,471.”

“The following significant changes were made to the by-laws: article ii: offices- the corporation expanded it offices to borough and county of queens article v: board of trustees- section 2: number of qualifications: -number of trustees shall not be less than ten nor more than thirty -at all time a majority of the total number of elected trustees must be persons who have given or have cause to have a gift given of at least $25,000 to the futures in education. Article vi: meetings of the board of trustees- section 5: quorum and voting: -fifty percent (50%) of the entire board or ten (10) trustees, whichever is fewer, shall constitute a quorum at all meetings of the board for the transaction of business, or of any specified item of business. Article viii: committees of the board and of the corporation- section 1: standing committee of the board: -the board of the trustees, by resolution adopted by a majority of the entire board, may designate from among its members an executive committee, audit, finance and investment committee, development committee, nominating and governance committee, marketing committee, and other standing committees of the board. Article xi: officers- section 1: officers: -the officers of the corporation shall be the following elected officers: a chairman, a vice chairman, an executive director, a secretary and a treasurer and such other officers, including one or more assistant secretaries or one or more assistant treasurers as may be elected by the board of trustees. Section 2: election and term of office: -the elected officers shall serve a term of two years as such until the next annual meeting of the board after the term is expired and until their successors have been elected and qualified. Article xiii: employee protection policy- a employee protection policy was added to the by-laws”

“Futures in education has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, reviewed by management and is ready to be filed with the internal revenue service, it is electronically sent to the board members of the organization for any comments. Any comments are then grouped, summarized and provided to the outside accountants. Each issue is documented and addressed until the return is finalized and approved for filing.”

“Any director, principal officer, or member of a committee with governing board delegated powers, who has a direct or indirect financial interest. Once a year, each trustee must sign that he/she is aware of and understands the policy. The policy is reviewed on an annual basis. An interested person may make a presentation at the governing board or committee meeting, but after the presentation, he/she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. The chairperson of the governing board or committee shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. After exercising due diligence, the governing board or committee shall determine whether the corporation can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. If a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, committee shall determine by a disinterested directors whether the governing board or majority vote of the transaction or arrangement is in own benefit, and the corporation's best interest, for whether it is fair and reasonable. In conformity with the above determination it shall make its decision as to whether to enter into the transaction or arrangement.”

“The board of directors, at times, used the services of an outside consultant to search for key personnel. Certain members of the board interview potential candidates and select a final candidate. A written employment contract is then prepared which includes salary, bonus potential and fringe benefits. This contract is then signed by the chairman of the board. In february 2013 the board approved the hiring of an outside consultant firm, which presented an overall strategic plan for the organization. Part of that plan was an executive compensation analysis and comparison to determine the average salary for an executive at comparable organizations. The strategic plan has been approved by the board. This process was last undertaken in january 2013.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code by posting it on the guidestar.org website. The organization's form 990, governing documents, conflict of interest policy and financial statements are available to the public upon written request at the organization's business address during normal business hours at 243 prospect part west, brooklyn, ny 11215.”

“Change in interest in net assets of catholic fdt. For brooklyn & queens 136,917.”

“The organization has a committee that assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. This process did not change from the prior year.”