Inner City Impact

“The Executive Committee has the power to transact all regular business of the corporation during the interim between the meetings of the Board of Directors, provided that any action which it may take shall not conflict with the policies of the Board of Directors. The Executive Committee is comprised of the CEO/President, Chairman of the Board, and two other Directors appointed by the Board.”

“The Form 990 is prepared by an independent CPA firm. The Form 990 is reviewed by management in detail and is provided to every member of the governing body prior to filing with the IRS.”

“Each board member, officer, and member of senior management of the corporation, including related entities, complete an annual conflict of interest questionnaire. The signed questionnaires are reviewed by the board. Should any potential conflicts of interest be disclosed, the board member or officer would be asked to refrain from participation in any deliberation or decision with regard to matters affected by the relationship.”

“The Board of Directors, composed of independent persons, reviews the compensation package of the CEO/President and CFO/Treasurer using market comparability data for similar organizations. The independent board votes on the proposed compensation packages as part of the annual budget process. This process is documented in the corporate minutes and was last completed during the fiscal year.”

“The organization's governing documents, conflict of interest policy, and financial statements are available to the public upon request.”

“Compensation reported in Part VII, column D is the amount reported on the individual's W-2, box 1 or 5 (whichever amount is greater) per the IRS instructions. In the case of minister's compensation when box 5 of the W-2 is not applicable, box 1 compensation is used. Employee deferrals to qualified retirement plans are normally captured in box 5, not box 1 of Form W-2. For reporting purposes we have included the employee's retirement plan deferrals in Part VII, column F.”

“In accordance with the principles of FASB ASU 2016-14 (ASC 958), the organization has implemented required changes to its audited financial statements for the period ended 3/31/2019. To date, Form 990 and its associated schedules have not been updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Part X, Lines 27-29: Line 27 - Net assets without donor restrictions $3,244,217 Line 29 - Net assets with donor restrictions $ 120,032 Total net assets $3,364,249”

“The organization's Board assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. This process has not changed since the prior year.”