Behavioral Ideas Lab Inc.

“The form 990 was prepared by the outside accountants and reviewed by senior management.”

“Officers, directors and trustees are required to annually disclose interests that could give rise to conflict. In connection with any actual or possible conflict of interest, an interested person discloses the existence of the financial interest and is given the opportunity to disclose all material facts to the directors and members of committees with governing board delegated powers considering the proposed transaction or arrangement. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she leaves the governing board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members decide if a conflict of interest exists. Procedures for addressing the conflict of interest: a) an interested person may make a presentation at the governing board or committee meeting, but after the presentation, he/she leaves the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. B) the chair of the governing board or committee, if appropriate, appoints a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. C) after exercising due diligence, the governing board or committee determines whether ideas42 can obtain with reasonable efforts from a different person or entity a more advantageous transaction or arrangement that would not give rise to a conflict of interest. D) if a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the governing board or committee determines by a majority vote of the disinterested directors whether the transaction or arrangement is in ideas42's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination, it makes its decision as to whether to enter into the transaction or arrangement. If the governing board or committee has reasonable cause to believe that a member has failed to disclose actual or possible conflicts of interest, it informs the member of the basis for such belief and affords the member an opportunity to explain the alleged failure to disclose. If, after hearing the member's response and after making further investigation as warranted by the circumstances, the governing board or committee determines that the member has failed to disclose an actual or possible conflict of interest, it takes appropriate disciplinary and corrective action.”

“Salary adjustments for the executive director are determined by the board of directors in the absence of the executive director. The board makes a determination based on comparative salaries for similar-sized organizations and on overall performance. Comparative salaries are compiled by the executive committee and are submitted for review to the full board. The executive director's compensation was deliberated by the board in closed session and the final decision was documented in the board minutes. The last compensation review took place in december 2020. The compensation of other officers is determined by the executive director.”

“The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request.”

“On april 15, 2020, ideas42 received loan proceeds in the amount of $245,052 under the paycheck protection program. The promissory note calls for monthly principal and interest payments amortized over the two-year term of the promissory note. Under the coronavirus aid, relief, and economic security act (cares act), the promissory note qualifies for forgiveness by the small business administration in whole or in part. During the year ended december 31, 2020, ideas42 used the proceeds for purposes consistent with the paycheck protection program and has met the conditions (and applied) for forgiveness of the loan. As of the date of this report, ideas42 has not applied for forgiveness. At such time when after filing for fogriveness and notification is received, the forgiven amount will be recorded as an extinguishment of debt in the appropriate reporting period.”