Center for Rural Entrepreneurship

“A copy of the completed 990 will be provided to the organization prior to the filing deadline. The return will not be provided to the board prior to signing but it will be reviewed by the president and cfo, who are entrusted by the board for their review, prior to the return being signed by the cfo.”

“At least annually, officers and directors are required to review and sign the conflict of interest policy, which contains a duty to disclose clause. These are reviewed by the president. Any issues identified are investigated and discussed with the cfo for financial reporting or regulatory / compliance impact. In the event of a potential conflict, that person will recuse themselves from all discussion and / or vote on the matter.”

“Management utilizes the vba annual salary survey as a guideline for determining market for bank executives and staff. Management then passes this info up to the human resources / compensation committee for further review and approval. All discussions are documented in the meeting minutes.”

“Financial statements are posted on the website. Governing documents and conflict of interest policy are available upon request.”

“Consulting : program service expenses 891,773. Management and general expenses 0. Fundraising expenses 0. Total expenses 891,773. Consulting, travel : program service expenses 34,136. Management and general expenses 0. Fundraising expenses 0. Total expenses 34,136. Guarantee fee expense: program service expenses 1,270. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,270.”

“The process has not changed.”

“All officer compensation is paid and reported by virginia community capital on form w2 and has been reported on form 990, part vii, line 1a. The subsidiaries of virginia community capital, including center for rural entrepreneurship, reimburse virginia community capital for utilizing the same staff. This reimbursement has been treated as a reduction of salary related expenses reported on lines 5-10 of part ix.”