Association of Black Foundation

“The organization has the following three classes of membership: 1) institutional, including an entity private, public, community, family or corporate grantmaking institution or a nonprofit organization or corporation participating as a grantor and/or investor in black communities; 2) individual voting members, including current or past donor, trustee or staff of an organization eligible; and 3) individual associate members, including individual that supports abfe's mission may become an associate member upon application and payment of dues.”

“The election of the board of directors is subject to approval by the individual voting members. Each year at abfe's annual membership meeting, a slate of candidates to serve on abfe's board is elected by eligible members with voting privileges, including members in good standing.”

“The organization 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, it is presented to the audit committee and then distributed electronically by email to the organization's board of directors before it is filed. The board of directors reviews and provides feedback on the form 990. The feedback is reviewed and addressed until the return is finalized and approved for filing with the irs.”

“Abfe has a conflict of interest policy that applies to the board of directors and officers. Each member of the board of directors must sign a conflict of interest statement upon becoming a board member. In addition, sitting board members and officers must annually sign the conflict of interest statement and disclose any potential or actual conflicts that may exist for each year that they are on the board. Board members are also asked to present any conflict of interest during their first regular board meeting of the year. Any conflict of interest noted will be reviewed by the president, chair, and other members of the board of directors and is handled on a case-by-case basis, which is recorded in the board meeting minutes. If an actual conflict exists, interested party will be notified immediately and will not be allowed to vote or be a part of any decision about any such transactions that have to do with the conflict until such time there is no longer a conflict.”

“Line 15a: the salary range for the president & ceo was set by the executive committee based on a survey of nonprofit executive salaries in organizations of similar size (budget and staff) in the nyc metropolitan region. The executive committee's annual assessment of the president and ceo's performance is used to determine salary adjustments. Their assessment includes salary surveys and data for similar organizations in the nonprofit sector. The executive committee approves the compensation of the president and ceo through the budget process. This process was last undertaken in 2024. Line 15b: compensation for other officer and key employees is determined by the president based on information provided by third-party consultant, compensation philosophy/policy, salary surveys and etc. The finance committee approves the compensation of other officers and key employees through the budget process. This process was last undertaken in 2024.”

“Abfe makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. In addition, form 990, as well as the financial statements and conflict of interest policy are available upon written request.”

“The organization has an audit 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.”