Greater Grand Rapids Chamber Foundation

“The 990 is reviewed by the cfo and checked against the schedule provided to the auditors. Once the cfo agrees with the return, it is reviewed by the president of the foundation and accepted. A draft is sent electronically to board members for review. The board has already reviewed and approved the audited financial statements before this is sent. All reviews take place before the 990 is filed with the irs.”

“The foundation is monitored by the grand rapids area chamber of commerce, a related organization. The process is as follows: all directors and officers sign a conflict of interest policy yearly. This is reviewed by the president of the foundation. The president or board chair has the power to remove any board member from voting on an issue where there possibly could be a conflict of interest with that board member and the proposal presented. Generally we have seen board members remove themselves from the voting process voluntarily.”

“We will provide these documents upon request.”

“The organization moved a portion of the community leadership program to the grand rapids area chamber of commerce. Based on the future funding and purpose of the program it was determined this a portion of the program was not applicable with the mission of the organization. In addition, hello west michigan programs was transferred to a fiduciary outside of the chamber. The organization moved the hello west michigan program to the grand rapids area chamber of commerce. The purpose of the future programming was deemed to not be aligned with the organization's mission.”

“Contracted services: program service expenses 46,638. Management and general expenses 5,409. Fundraising expenses 237. Total expenses 52,284. Contracted labor: program service expenses 119,033. Management and general expenses 121,447. Fundraising expenses 26,578. Total expenses 267,058. Misc. Professional fees: program service expenses 59,386. Management and general expenses 0. Fundraising expenses 0. Total expenses 59,386. Price waterhouse cooper: program service expenses 120,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 120,000.”

“Gain on revaluation of beneficial interst 2,619.”