The Forbes Funds

“Business relationship: maxwell king and kate dewey. Business relationship: maxwell king and patrick dowd.”

“The organization amended its bylaws in 2016. The amendment reflected a change in the number of board directors from five to seven, four of which shall be elected by the supported organization, the pittsburgh foundation. Also the timing of director election changed to the last quarter of the fiscal year. The election timing is effective for service terms beginning january 1, 2017.”

“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.”

“Community consensus project consultant: program service expenses 209,958. Management and general expenses 28,090. Fundraising expenses 0. Total expenses 238,048. Research training: program service expenses 102,244. Management and general expenses 13,679. Fundraising expenses 0. Total expenses 115,923. Professional development: program service expenses 57,330. Management and general expenses 7,670. Fundraising expenses 0. Total expenses 65,000. Executive search: program service expenses 44,787. Management and general expenses 5,992. Fundraising expenses 0. Total expenses 50,779. Executive in residence: program service expenses 64,425. Management and general expenses 8,619. Fundraising expenses 0. Total expenses 73,044. Screening reporting processing: program service expenses 22,050. Management and general expenses 2,950. Fundraising expenses 0. Total expenses 25,000. Process reenginnering cohort: program service expenses 19,845. Management and general expenses 2,655. Fundraising expenses 0. Total expenses 22,500. Analytic reporting: program service expenses 18,460. Management and general expenses 2,470. Fundraising expenses 0. Total expenses 20,930. Finance consultant: program service expenses 50,403. Management and general expenses 6,743. Fundraising expenses 0. Total expenses 57,146. Executive coaching: program service expenses 13,230. Management and general expenses 1,770. Fundraising expenses 0. Total expenses 15,000. Cohort facilitation: program service expenses 11,025. Management and general expenses 1,475. Fundraising expenses 0. Total expenses 12,500. Risk management training: program service expenses 11,025. Management and general expenses 1,475. Fundraising expenses 0. Total expenses 12,500. Policy writing: program service expenses 9,923. Management and general expenses 1,328. Fundraising expenses 0. Total expenses 11,251. Shadow consulting: program service expenses 9,526. Management and general expenses 1,274. Fundraising expenses 0. Total expenses 10,800. Upprize initiative support: program service expenses 44,016. Management and general expenses 5,889. Fundraising expenses 0. Total expenses 49,905. Upprize project management: program service expenses 40,726. Management and general expenses 5,449. Fundraising expenses 0. Total expenses 46,175. Program initiatives: program service expenses 25,656. Management and general expenses 3,433. Fundraising expenses 0. Total expenses 29,089.”

“Grant cancellations 29,948.”

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