The Mon Valley Initiative

“The board of directors is composed of members.”

“Mvi's independent auditor and management review form 990 in draft form with the audit committee. Management then distributes the draft 990 to the board of directors for review. Once the 990 has been reviewed by the board, management files form 990.”

“Mon valley initiative's board has approved a written conflict of interest policy that addresses conflicts of interest and disclosure requirements, and establishes accountabilities for both the board and staff. Management is obligated to review the policy with the board on an annual basis, and to report any issues as they become apparent. The ceo and cfo share compliance responsibilities (with the cfo being directly responsible for day-to-day compliance), and the audit committee and board share oversight responsibilities. Managers make regular reports to both oversight bodies. The conflict of interest policy complements mvi's employee handbook, which establishes staff member responsibilities with respect to conflicts of interest.”

“The ceo submits a summary of her accomplishments for the year to the chair of mvis board of directors. The chair then reviews the accomplishments and various comparability data with the board of directors, and recommends a course of action. The directors, all of whom are independent, discuss the recommendation, and after deliberation vote on the recommendation. All deliberations and decisions are contemporaneously substantiated in the minutes of the meeting. Mvis cfo then reports on the compensation review process for mvis other officers and employees. The board periodically reviews and approves salary ranges for all mvi positions, as often as appropriate.the cfo's compensation is determined in the same manner as that of all other staff members with exception of the ceo. Mon valley initiative uses a formal, written annual performance evaluation process for staff members, and salary actions are determined in the context of the evaluations, relative performance levels, approximate prevailing market pay rates, and the organization's budget for the year.”

“Mon valley initiative (mvi) will post its form 1023 and its current 990 (excluding schedule b and any other confidential sections) on the organization's website. Mvi will also make form 1023 and form 990 available to the public upon request, and will make its governing documents, conflict of interest policy, and audited financial statements available for public inspection at mvi's office.mon valley initiative's board of directors chartered an audit committee in 2008, with specific powers and duties relating to mvi's independent audit program and internal control program. The committee meets on a regular basis, and provides active oversight to mvi's financial and compliance activites. The committee is directly and solely responsible for the appointment and dismissal, evaluation, compensation, and oversight of mvi's independent auditor.”

“Adjustment for Real Estate Carrying Value = -$3620”

“Loan Loss Provision = -$30348”

“Other = -$48920”