The Forbes Funds

“Business relationship: maxwell king, kate dewey and matthew zieger.”

“The organization's bylaws provide for five directors. At all times, three directors elected by the pittsburgh foundation shall be nominated by the directors of the corporation, subject to approval of the pittsburgh foundation. In addition, two directors shall be elected by the directors of the forbes funds.”

“The pittsburgh foundation has the authority to approve all modifications to the articles of incorporation of the forbes funds regarding all mergers, consolidations, divisions, sales of substantially all assets and any dissolution or liquidation. The pittsburgh foundation may remove from office any director elected by the pittsburgh foundation. The pittsburgh foundation has the authority to approve amendments to the bylaws.”

“The organization does not have any committees with authority to act on behalf of the governing body.”

“The organization provides its board members with an electronic copy of the form 990 for review before it is filed. Prior to distribution, the form 990 is reviewed by the president of the forbes funds in conjunction with the pittsburgh foundation.”

“The organization requires each trustee to file a written declaration with the forbes funds stating affiliations and potential conflicts of interest upon joining as a trustee and once each year thereafter.”

“The process for determining compensation of the organization's president includes a negotiation of salary between the board and the president, and a committee review of performance. President evaluation and compensation: beginning in the 4th quarter of every year, the board chair solicits rounded feedback about the president's performance for that year from the members of the forbes fund board. The board chair then summarizes the rounded feedback and circulates the summary back to the board by the end of november with a recommendation for compensation. The president also submits a self-assessment to the board chair by the end of november. The board chair conducts a performance review for the president in december. Based on the results of the performance evaluation and consistent with both the organization's ability to pay as well as a review of the benchmark and comparable compensation data for similar positions from similar community foundations, the board chair may recommend changes to both the base salary and the variable compensation for the president. The hr department of the pittsburgh foundation prepares an intermediate sanctions review for the president position and other key employees, and submits the findings to the board chair for their review and approval during the 4th quarter of every year. The board chair requests both local and national benchmark data and the comparison data is shared with the board.”

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

“Upprize is a research-based social innovation challenge designed to identify and champion breakthrough innovations that address critical community needs in our region. The upprize challenge was launched in 2015 by the forbes funds in partnership with bny mellon and the bny mellon foundation of southwestern pennsylvania. Intensive research with the assistance of more than 150 local nonprofit oranizations led to the development of the 2015 challenge's core areas of opportunity: access, coordination and independence. In this inaugural year upprize granted over $390,000 to winners in the challenge. Upprize has been heralded by regional grant-makers, as well as national nonprofit associations, as a best practice and model for creatively deploying capital to drive innovation and the social sector. Upprize has in one year significantly transformed how many in the pittsburgh region define innovation, investment, and entrepreneurship. What set upprize apart was its unique focus on community and nonprofit challenges. The project was able to stimulate the creation of a local ecosystem focused on social innovation through a broad series of partnerships and collaborations across the city's nonprofit, entrepreneur, educational, business, philanthropic, university and investor communities.”

“Research/training: program service expenses 63,471. Management and general expenses 0. Fundraising expenses 0. Total expenses 63,471. Strategy and design: program service expenses 51,790. Management and general expenses 0. Fundraising expenses 0. Total expenses 51,790. Economic impact: program service expenses 44,738. Management and general expenses 0. Fundraising expenses 0. Total expenses 44,738. Succession planning: program service expenses 25,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 25,000. Healthcare consulting: program service expenses 22,204. Management and general expenses 0. Fundraising expenses 0. Total expenses 22,204. Nonprofit planning: program service expenses 20,729. Management and general expenses 0. Fundraising expenses 0. Total expenses 20,729. It assessment: program service expenses 18,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 18,000. Fiscal management: program service expenses 15,891. Management and general expenses 0. Fundraising expenses 0. Total expenses 15,891. Communications: program service expenses 12,500. Management and general expenses 0. Fundraising expenses 0. Total expenses 12,500. Grants evaluation: program service expenses 10,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 10,000. Codefest application completion: program service expenses 23,333. Management and general expenses 0. Fundraising expenses 0. Total expenses 23,333. Nonprofit consulting: program service expenses 91,850. Management and general expenses 0. Fundraising expenses 0. Total expenses 91,850.”

“Grant cancellations 99,072.”

“The board of directors assumes responsibility for oversight of the audit. This process has not changed from the prior year.”