Futures in Education

“Futures in education delegated 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 has management control over executive reporting, organization management, fundraising and development, budgets and accounting, events, and vendor and contract management. For the tax year ending august 31, 2021, futures in education paid catholic foundation for brooklyn and queens $768,797 for management services. The management fee expenses of $768,797 represents expenses of management fees, payroll service fees, advertising, office expenses, information technology, occupancy, travel, conferences, grants, and insurances. John notaro, executive director, and aida torres, secretary, are compensated by catholic foundation for brooklyn and queens. Futures in education reimbursed catholic foundation for brooklyn and queens for their compensation in accordance with the management services agreement in place. Total compensation (salary plus deferred compensation, medical, and other benefits) paid for john notaro's services amounted to $110,393 in 2020. Total compensation (salary plus deferred compensation, medical, and other benefits) paid for services provided by aida torres was $33,007 in 2020.”

“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 provided to the outside accountants and addressed, after which the return is finalized and approved for filing with the internal revenue service.”

“The organization has a conflict of interest policy applicable to trustees, principal officers, and members of any committees with governing board delegated powers who has a direct or indirect financial interest. The policy is reviewed on an annual basis and each trustee must sign a statement affirming that he/she is aware of and understands the policy. Upon disclosure of a potential conflict of interest, an interested person may make a presentation at the governing board or committee, 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, the board shall determine whether the transaction or arrangement is in own benefit, and the corporation's best interest, and whether it is fair and reasonable. In conformity with the above determination, it shall make its decision by majority vote as to whether to enter into the transaction or arrangement.”

“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 116,143. Write-off of uncollectible pledges -45,962. Change in valuation -193,484.”

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