Chances for Children

“Two married couples are members of the board.”

“The board of chances for children all receive a copy of the form 990 prior to filing. The 990 tax form is sent to each board member via federal express for their review. Upon review a conference call is scheduled where each member asks specific questions and approves the form.”

“A. Duty to disclose. In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the directors and members of committees with governing board delegated powers considering the proposed transaction or arrangement.b. Determining whether a conflict of interest exists. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the governing board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists.c. Procedures for addressing the conflict of interest. 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 providing a conflict of interest, the governing board or committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the corporation's best interest, for its own benefit, and 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.d. Violations of the conflicts of interest policy. If the governing board or committee has reasonable cause to believe a member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose.if, after hearing the member's response and after making further investigation as warranted by the circumstances, the governing board or committee determines the member has failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action.”

“A voting member of the governing board who receives compensation, directly or indirectly, from the corporation for services is precluded from voting on matters pertaining to that member's compensation.no voting member of the governing board or any committee whose jurisdiction includes compensation matters and who receives compensation, directly or indirectly, from the corporation, either indivudally or collectively, is prohibited from providing information to any committee regarding compensation.when approving compensation for directors, officers and employees, contractors, and any other compenation contract or arrangement, in addition to complying with the conflict of interest requirements and policies as well as the preceding paragraphs of this section, the board or a duly constituted compensation committee of the board shall also comply with the following additional requirements and procedures:a. The terms of compensation shall be approved by the board or compensation committee prior to the first payment of compensation.b. All members of the board or compensation committee who approve compensation arrangements must not have a conflict of interest with respect to the compensation arrangement as specified in irs regulation section 53.4958-6(c)(iii), which generally requires that each board member or committee member approving a compensation arrangement between this organization and a "disqualified person" (as defined in section 4958(f)(1) of the internal revenue code and as amplified by section 43.4958-3 of the irs regulations):1. Is not the person who is the subject of the compensation arrangement, or a family member of such person;2. Is not in an employment relationship subject to the direction or control of the person who is the subject of the compensation arrangement.3. Does not receivie compensation or other payments subject to approval by the person who is the subject of the compensation arrangment.4. Has no material financial interest affected by the compensation arrangement; and5. Does not approve a transaction providing economic benefits to the person who is the subject of the compensation arrangement, who in turn has approved or will approve a transaction providing benefits to the board or committee member.c. The board or compensation committee shall obtain and rely upon appropriate data as to comparability prior to approving the terms of compensation. Appropriate data may include the following:1. Compensation levels paid by similarly situated organizations, both taxable and tax-exempt, for functionally comparable positions. "similarly situated" organizations are those of a similar size, purpose, and with similar resources.2. The availability of similar services in the geographic area of this organization.3. Current compensation surveys compiled by independent firms.4. Actual written offers from similar institutions competing for the services of the person who is the subject of the compensation arrangement. As allowed by irs regulation 4958-6, if this organization has average annual gross receipts (including contributions) for its three prior tax years of less than $1 million, the board or compensation committee will have obtained and relied upon appropriate data as to comparability if it obtains and relies upon data on compensation paid by three comparable organizations in the same or similar communities for similar services.d. The terms of compensation and the basis for approving them shall be recorded in written minutes of the meeting of the board or compensation commmittee that approved the compensation. Such documents shall include:1. The terms of the compensation arrangement and the date it was approved.2. The members of the board or compensation committee who were present during debate on the transaction, those who voted on it, and the votes cast by each board or committee member.3. The comparability data obtained and relied upon and how the data was obtained.4. If the board or compensation committee determin”

“The following documents of the organization will be available for inspection upon request: tax exemption application (form 1023), internal revenue service determination letter, articles of incorporation, by-laws containing conflict of interest policy, form 990. The organization will make best efforts to ensure that when responding to a public inspection request for any organizational document or form 990 by anyone, the organization shall fulfill such request in a timely fashion.”

“Other program services 4: chances for children provides opportunities for volunteers to travel to haiti to assist in our efforts. Chances for children provides housing for volunteers through a fully staffed guesthouse. Other program services 5: chances for children provides high quality education programs in rural areas of haiti. Other program services 6: in an effort to help families, chances for children provides 4,000 children with meals each day. This effort promotes family preservation and helps keep children out of orphanages. Other program services 7: chances for children works to eliminate poverty and the orpan epidemic in haiti. Starting by building churches and communities centered in faith - through these efforts the organization is able to build up families. Other program services 8: chances for children provides affordable medical services to support families in haiti through a pediatric medical clinic in kenscoff and mobile medical clinics in rural villages. Other program services 9: chances for children provided assistance to both ends burning campaign, inc. (both ends believing) whose stated mission is to defend every child's human right to a permanent loving family and the global initiative to transform the process of international adoption.”

“Management has discovered that during 2011, two loan payments totaling $30,000.00 were received on a $193,003.77 receivable from both ends believing (formerly both ends burning). The amount receivable has been decreased by $30,000 on this return. The original payments must have been originally recorded as income in error and are now being reflected as a prior period correction in part ix, statement of functional expenses, line 24c.”