Futures in Education

“Futures 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, budgets and accounting, events, and vendor and contract management. For the tax year ending in 2016, futures in education paid catholic foundation for brooklyn and queens $419,309 for management fee expenses. The management fee expenses of $419,309 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 futures 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 $64,789. Aida torres, associate director of operation's salary is also reimbursed by futures in education. Total compensation (salary plus medical and other benefits) reimbursed to aida torres is $29,159.”

“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's form 990 is available for public inspection as required under section 6104 of the internal revenue code. It is posted on the guidestar.org website and other similar websites. 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 fnd. For brooklyn & queens 8,621. Bad debt expense -27,959.”

“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.”