The Fund for Bric Inc

“The fund for bric inc. Has an administrative services agreement with bric arts | media | bklyn. The fund pays fees in exchange for certain services including administrative services, financial services, board services, and donor relations services.”

“The fund for bric inc. Updated its bylaws, whistle blower policy and conflict of interest policy in november 2014.”

“Bric arts media bklyn, inc. Is the sole member of the fund for bric inc.”

“Bric arts media bklyn, inc. Is the sole member of the fund for bric inc. The president, chair, and investment committee chair of bric are ex-officio members (with voting rights) of the board of directors of the fund for bric inc. The bric board of directors elects the remaining board members of the fund for bric inc.”

“Decisions of the governing body are subject to approval of the sole member, bric arts media bklyn, inc.”

“The fund for bric inc. Has no committees with authority to act on behalf of the governing body.”

“The draft 990 is reviewed in detail by management and then distributed as a revised draft to the board of directors at least two weeks prior to the planned filing date. Suggestions by board members are reviewed by management, and with the independent auditor if relevant, and the document is finalized and submitted.”

“If a potential conflict of interest arises in connection with any contract or transaction proposed for approval by the board, regardless of amount (an interested party contract), the board shall review the interested party contract (and possible alternatives to such contract) and shall recommend whether the fund for bric should enter into such contract. If the board recommends that the fund for bric does not execute such contract, the board may nonetheless review such contract and may, by majority vote of the disinterested directors entitled to vote on the matter, authorize the fund for bric to execute such contract. In reaching its decision, the board shall adhere to the legal requirements applicable to approval of interested party contracts. The crux of those requirements is that taking into account the terms of possible alternatives, the proposed contract is fair, reasonable, and in the best interest of the fund for bric. All action regarding interested party contracts shall be recorded in the minutes of the board meeting that reviewed the contract and alternatives thereto. In order to further the policy of the fund for bric that no contract or transaction involving a potential conflict of interest be tainted by any actual conflict of interest, and to protect bric against any potential breach of the above-described duty of loyalty, the board may, by majority vote ask any director or officer who has a potential conflict of interest in a matter not to participate in discussion with regard to that matter, or to leave the room at the board meeting during any such discussion.”

“The process for determining compensation is done by the company's sole member, bric arts media bklyn, inc. Compensation for the president is reviewed annually by the personnel committee; minutes are kept. The committee considers comparable salaries for like-sized non-profit organizations in new york city, and salaries of other bric management staff. This process was last done in 2014.”

“These documents are available upon request.”

“Process has not changed from prior years.”