The Forbes Funds

“Business relationship: maxwell king and fred brown. Business relationship: maxwell king and patrick dowd.”

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

“During 2017, forbes funds engaged a national executive search firm to recruit a new president. The new president commenced employment with forbes funds on january 8, 2018. The forbes funds also had an internal search committee comprised of all the board members. The internal committee engaged an independent consultant to perform benchmarking analysis for the position. During 2018, a subcommittee comprised of two board members and the president of the supported organization discussed the forbes funds' president's compensation and related items. Changes were made to internal processes during 2018 to be more in compliance with the human resources policies of the supported organization.”

“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 66,159. Management and general expenses 8,793. Fundraising expenses 0. Total expenses 74,952. Business strategy cohort: program service expenses 14,123. Management and general expenses 1,875. Fundraising expenses 0. Total expenses 15,998. Prof dev/strategic teamwork: program service expenses 8,827. Management and general expenses 1,173. Fundraising expenses 0. Total expenses 10,000. Executive coaching: program service expenses 8,827. Management and general expenses 1,173. Fundraising expenses 0. Total expenses 10,000. Executive in residence: program service expenses 57,527. Management and general expenses 7,645. Fundraising expenses 0. Total expenses 65,172. Comm participatory research: program service expenses 31,777. Management and general expenses 4,223. Fundraising expenses 0. Total expenses 36,000. Cohort facilitation: program service expenses 11,034. Management and general expenses 1,466. Fundraising expenses 0. Total expenses 12,500. Organizational strategy: program service expenses 13,240. Management and general expenses 1,760. Fundraising expenses 0. Total expenses 15,000. Finance consultant: program service expenses 49,937. Management and general expenses 6,637. Fundraising expenses 0. Total expenses 56,574. Policy development: program service expenses 14,564. Management and general expenses 1,936. Fundraising expenses 0. Total expenses 16,500. Technology hosting: program service expenses 66,202. Management and general expenses 8,798. Fundraising expenses 0. Total expenses 75,000. Risk management training: program service expenses 14,123. Management and general expenses 1,877. Fundraising expenses 0. Total expenses 16,000. Other consulting exps: program service expenses 49,715. Management and general expenses 6,612. Fundraising expenses 0. Total expenses 56,327. Velocity pgh campaign: program service expenses 18,389. Management and general expenses 2,444. Fundraising expenses 0. Total expenses 20,833.”

“Grant cancellations 24,707.”

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