The Fund for Bric Inc

“The fund for bric 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.”

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

“Bric arts media bklyn, inc. (bric) is the sole member of the fund for bric inc. The president and 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 form 990 was 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 were reviewed by management, and with the independent auditor if relevant, and the document was finalized and submitted.”

“Directors, officers and key employees complete a conflict of interest statement prior to their appointment and annually thereafter. The statement identifies any "related party transactions," which are defined to be a "conflict of interest" under the law. The board of directors of bric (as sole member) considers these statements before voting on membership, to determine if candidates can be expected to have frequent related party transactions. The board of directors of the fund for bric reviews the annual statements and any potential concerns that arise. Directors, officers and key employees must promptly disclose any related party transaction, with all material facts to the board of the fund for bric. The director, officer or key employee involved in the transaction may provide information prior to deliberation, but may not be present during deliberation by the board. Related party transactions are not necessarily prohibited. The board must determine if the transaction is fair, reasonable and in the best interest of the organization, and must consider alternative transactions if the related party has a substantial interest. The board makes a decision by majority vote of independent members. All actions regarding related party transactions are recorded contemporaneously in minutes of the board”

“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 2016.”

“These documents are available upon request.”

“Capital campaign consultant: program service expenses 0. Management and general expenses 29,900. Fundraising expenses 0. Total expenses 29,900.”

“Transfer of investment 175,000.”

“Process has not changed from prior years.”