New Venture Fund

“New venture fund contracted with arabella advisors, a professional services firm that supports philanthropists, impact investors, and nonprofit organizations, to provide business services under an administrative agreement. In that capacity, arabella supplies the systems and services to ensure compliance with federal, state, and local regulations related to charitable solicitation and provides hr, compliance, payroll, and other administrative functions for new venture fund, thereby enabling new venture fund to better further its mission and achieve impact.”

“Upon receipt of the completed form 990 from nvf's independent tax accountant, the organization's management and legal counsel reviews a draft of the form; adjustments are made, as necessary. Nvf then sends the completed form 990 to all members of the board of directors for review and comment and, upon addressing all comments, the 990 is filed with the internal revenue service.”

“All persons covered by the organization's conflict of interest policy are required to declare conflicts of interest annually. Covered individuals cannot vote on matters before the board when they have a conflict in the matter. Disinterested members must determine whether or not there are any suitable alternatives to potential transactions that cause conflict. If a covered person is found to be in violation of this policy, it may be cause for removal from the board of directors.”

“Compensation for nvf's president is reviewed by the board of directors, which utilizes comparability data to substantiate the reasonableness of the compensation package. Compensation for nvf's cfo is reviewed by the president, who utilizes comparability data to substantiate the reasonableness of the compensation package.”

“Nvf makes its form 1023, application for recognition of exemption, available for public inspection upon request. Those materials include the fund's initial governing documents, conflict of interest policy, and other policies. The fund does not make its financial statements available to the public.”

“Consultants - communications: program service expenses 11,424,296. Management and general expenses 292,427. Fundraising expenses 0. Total expenses 11,716,723. Consultants - project management: program service expenses 70,777,993. Management and general expenses 512,145. Fundraising expenses 0. Total expenses 71,290,138. Consultants - research & evaluation: program service expenses 13,486,120. Management and general expenses 42,115. Fundraising expenses 0. Total expenses 13,528,235. Other professional fees/consultants: program service expenses 1,496,522. Management and general expenses 180,201. Fundraising expenses 28,595. Total expenses 1,705,318.”

“Reversal of prior year subgrantee funds -8,654,865. Reversal of prior year grant expense 3,658,393. Loss on uncollectible receivables -25,668,379.”