The Forbes Funds

“Business relationship: elisabeth schroeder and fred brown. Business relationship: elisabeth schroeder and patrick dowd. Business relationship: consulting services were provided by a company that jason jones owns.”

“The bylaws of the organization were amended and approved march 12, 2020. The amendment was to increase the term of the chairperson from one to two years with a possible extension of two additional years. Also, the number of board members increased from seven to nine which in turn increased the number of appointed members by the supported organization from four to five. Lastly, the supported organization and the forbes funds' board of directors may nominate and elect additional non-voting directors to serve in an emeritus, ex-officio or other similar status to assist the board of directors with its duties.”

“The organization's amended bylaws provide for nine directors. At all times, five directors elected by the pittsburgh foundation shall be nominated by the directors of the corporation, subject to approval of the pittsburgh foundation. In addition, four 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 57,371. Fundraising expenses 0. Total expenses 57,371. Accel programming: program service expenses 133,238. Management and general expenses 0. Fundraising expenses 0. Total expenses 133,238. Mgmt/hr training: program service expenses 99,808. Management and general expenses 0. Fundraising expenses 0. Total expenses 99,808. Community development: program service expenses 120,547. Management and general expenses 0. Fundraising expenses 0. Total expenses 120,547. Technology hosting: program service expenses 40,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 40,000. Socioeconomic consulting: program service expenses 53,300. Management and general expenses 0. Fundraising expenses 0. Total expenses 53,300. Strategic planning: program service expenses 18,185. Management and general expenses 0. Fundraising expenses 0. Total expenses 18,185. Webbased integration: program service expenses 32,538. Management and general expenses 0. Fundraising expenses 0. Total expenses 32,538. Public policy: program service expenses 28,548. Management and general expenses 0. Fundraising expenses 0. Total expenses 28,548. Social change facilitation: program service expenses 28,958. Management and general expenses 0. Fundraising expenses 0. Total expenses 28,958. Program expenses: program service expenses 182,909. Management and general expenses 7,261. Fundraising expenses 0. Total expenses 190,170.”

“Grant cancellations 66,495.”

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