The Forbes Funds

“Business relationship: maxwell king, elisabeth schroeder and fred brown. Business relationship: maxwell king, elisabeth schroeder 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 and the chief operating officer 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 president's compensation and benefits are in alignment with all compensation, benefit and personnel hr policies of the supported organization, the pittsburgh foundation. An annual performance plan for the president is reviewed and discussed by the board at quarterly board meetings as part of the president's report. Current year compensation levels are reasonable and within survey benchmark levels for comparable positions. The board chair works directly with the president of the pittsburgh foundation to establish compensation and incentive levels for the president that are guided by his performance and are in accordance with criteria set forth by an independent nonprofit advisor.”

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

“Finance consultant: program service expenses 0. Management and general expenses 56,621. Fundraising expenses 0. Total expenses 56,621. Accel programming: program service expenses 127,226. Management and general expenses 0. Fundraising expenses 0. Total expenses 127,226. Data analysis reporting: program service expenses 14,100. Management and general expenses 0. Fundraising expenses 0. Total expenses 14,100. Summit coordinator: program service expenses 54,360. Management and general expenses 0. Fundraising expenses 0. Total expenses 54,360. Executive in residence: program service expenses 26,064. Management and general expenses 0. Fundraising expenses 0. Total expenses 26,064. Policy analysis: program service expenses 10,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 10,000. Project management: program service expenses 28,150. Management and general expenses 0. Fundraising expenses 0. Total expenses 28,150. Technology hosting gpnp: program service expenses 165,833. Management and general expenses 0. Fundraising expenses 0. Total expenses 165,833. Program consulting: program service expenses 75,116. Management and general expenses 0. Fundraising expenses 0. Total expenses 75,116.”

“Grant cancellations 27,477.”

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