Educare DC

“The form 990 was prepared by outside accountants. The board of directors then reviewed, commented and approved the form 990 before it was finalized and filed.”

“The conflict of interest policy addresses transactions and arrangements involving educare dc's directors, officers, members of any committee of educare dc's board of directors with authority to act on behalf of the board of directors, and educare dc's executive employees (e.g. President & ceo, vice president of finance & administration, and vice president of programs) and any other manager or supervisor identified by the board of directors or the president & ceo as exercising substantial influence over the operations of educare dc. The policy identifies a potential conflict of interest with respect to a transaction or arrangement involving educare dc whenever he or she, or any of his or her family: * receives compensation directly or indirectly from educare dc and the transaction or arrangement involves such compensation. * has or anticipates having any financial interest, including ownership interest, investment interest, or compensation arrangement. * management role-serves or anticipates serving as a director, trustee, or officer of any entity or individual that either: (1) sells goods or services to, or purchases services from educare dc, or (2) has any other transaction or arrangement with educare dc. * positions with grant applicant - serves or anticipates serving as a director, trustee, or officer of any entity that receives or seeks grant funding for educare, dc. * financial relationships with grant applicants-has or anticipates having a financial relationship, including as an employee or a paid consultant, with the grant applicant. * conflicts of interest are reviewed by the president of the board and presented to the board of directors. Persons who disclose actual and potential conflicts and/or whom it has been identified that a conflict of interest exist recuses himself or herself from voting on any transaction or arrangement in which he or she has a potential or actual conflict of interest, and is not present when any such vote is taken.”

“The ceo's compensation arrangement has been approved in advance by our board of directors, which is composed of individuals who do not have a conflict of interest concerning the transaction. Prior to making its determination, the board obtained and relied upon appropriate comparable data. This analysis of data was originally based on the expertise of a retained search firm that utilized comparable market data for salaries and other compensation. Using comparable market data in may 2019, the board conducted an internal compensation review and confirmed that the ceo's salary was within the comparable rate. The board documented the basis for its determination at the time that it made the determination.”

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

“In september 2019, when the nmtc period expired, the usbcde exercised its put option to sell its ownership interest in the fund to bounce d.c. And the fund was liquidated and its assets distributed to bounce d.c. In conjunction with this event, cure was liquidated and its assets distributed to the fund. Immediately after the exit transactions were completed, bounce d.c. Became the holder of educare's note payable. The loans in the amount of $14,994,561, net of financing fees in the amount of $402,639, were forgiven. As a result, during the year ended june 30, 2020, educare recognized a non-cash contribution of $15,397,200 to reflect the forgiveness of the loans.”

“Professional services: program service expenses 551,036. Management and general expenses 100,810. Fundraising expenses 2,316. Total expenses 654,162. Service delivery study services: program service expenses 164,259. Management and general expenses 30,051. Fundraising expenses 690. Total expenses 195,000. Temporary staffing: program service expenses 278,630. Management and general expenses 50,974. Fundraising expenses 1,171. Total expenses 330,775. Hr services: program service expenses 102,714. Management and general expenses 18,791. Fundraising expenses 432. Total expenses 121,937.”

“On may 4, 2020, educare received loan proceeds in the amount of $123,100 under the paycheck protection program. Under the coronavirus aid, relief, and economic security act (cares act), the promissory note may be forgiven by the small business administration in whole or in part. Educare intends to use the proceeds for purposes consistent with the paycheck protection program and believes that its use of the loan proceeds will meet the conditions for forgiveness of the loan. Educare intends to apply for forgiveness after completing the applicable covered period. If forgiveness is granted, educare will record revenue from debt extinguishments during the period that forgiveness was approved.”