Leadership for Educational Equity

“Michael buman and emma bloomberg - business relationship”

“During 2025 the organization amended their governing documents to change their name. The organization also updated the mission of the organization.”

“During the 2024 independent audit, lee discovered a diversion of assets in the aggregate amount of $1.66m occurring through 2024. Of this total, $526,261 occurred in 2024. An additional $433,992 occurred in 2025. The diversions resulted from the unauthorized personal use of corporate credit cards. Lee's initial investigation suggests the diversions were limited to one non-managerial former employee (not a disqualified person under section 4958) who is no longer employed by lee. The diversions occurred as a result of circumventing internal controls and policies as well as concealing unauthorized transactions. Upon discovery of these diversions, lee immediately undertook an independent investigation led by expert outside legal counsel and forensic accounting support to conduct a rigorous independent investigation. Lee has since taken steps to implement enhanced internal controls, policies, and technologies that will better prevent, deter, and detect this type of activity and ensure it does not happen again. Lee is pursuing multiple recovery options including insurance claims.”

“The organization's general counsel/treasurer and executive director review the draft form 990. The prepared form 990 is provided to members of the governing body for comment and review. After the members of the governing body review and provide any comments, the organization electronically files the return with the internal revenue service.”

“All individuals serving in the capacity of a director or officer are required to adhere to the conflict of interest policy and complete an annual questionnaire disclosing any potential conflicts with the organization. When a director or officer becomes aware of a potential conflict, the director shall have a duty to (1) immediately disclose the existence and circumstances of the transaction in writing to the governing body; (2) refrain from using the director's personal influence to encourage the organization to enter into the transaction; and (3) physically excuse themselves from participation in any discussions regarding the transaction with the directors, officers, and employees of the organization. The governing body administers the conflict of interest policy and reviews the annual disclosure statements. The governing body has the sole authority to review the operation of the policy and make changes from time to time as it may deem appropriate.”

“The compensation of the organization's top management official, the executive director, is determined by the organization's independent members of its board of directors. Organization management reviewed the performance of all staff who had been in their position for at least 90 days as of september 1, 2023. Two key elements of the staff performance review and compensation structure were goals and role competencies identified for that role. Staff engaged in 360-degree performance reviews that included feedback from peers, managers, direct reports and partners as appropriate. Compensation increases were based on performance ratings e.g., higher performers received the higher range of compensation. Finally, the talent, learning, and culture team, vp of talent, learning & culture, and executive director then reviewed each staff performance rating, assessed internal equity, made any cost of labor adjustments, and agreed on that individual's 2024 compensation.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is posted on the lee website. In addition, the financial statements, conflict of interest policy, articles of incorporation, form 990 and by-laws are also available upon written request or by calling the organization directly.”

“Lee changed its mission in 2025. It now reads: as a leadership development organization, lee supports leaders to engage civically and increase access and opportunity in their communities.”

“Payroll processing fees: program service expenses 0. Management and general expenses 137,035. Fundraising expenses 0. Total expenses 137,035. Other consulting fees: program service expenses 3,289,547. Management and general expenses 0. Fundraising expenses 0. Total expenses 3,289,547.”

“Loss on write-off of other receivable -1,719,986.”