Rocky Mountain Microfinance Institute

“The Form 990 was prepared and reviewed by an independent CPA firm, then reviewed by the executive director, and then submitted to the board for review before being filed with the IRS.”

“The board of directors, as well as the Executive Director, are responsible for overseeing the organizations conflict of interest policy. Each year board members review and sign a conflict of interest statement, disclosing any potential conflicts. The board of directors, as well as the Executive Director, are responsible for overseeing the policy. If a conflict of note should arise, it would be addressed in the appropriate forum (Board meeting, Mgmt meeting, or team meeting) by the independent parties present, and a resolution would be defined for how to handle the conflict.”

“In determining compensation and benefits for the Executive Director and other directorial positions, the independent members of the board reviewed comparability data of other similar non-profit organizations. This process was last carried out in 2012. During 2013, employees received a 3% cost of living increase. All compensation related decisions and deliberations are documented in the board minutes.”

“The governing documents, conflict of interest policy, and financial statements are available upon request.”

“Government grant revenue appearing on 990, Page 9, Part VIII, Line 1e was unintentionally overstated in the previously filed Form 990. An amended return is being filed to correct this. In addition, contribution revenue on 990, Page 9, line 1f has been reduced by $352, and fundraising event revenue on line 8a has been increased by this amount. Both of the revenue adjustments have been reflected on Schedule A Part II as well. In addition, 990 Part IX, Line 7 was accidentally understated by the amount of officer benefits ($3,000) included on 990 Part IX, Line 5. Line 9, was over stated by this amount. Both line 7 and line 9 have now been adjusted.”