50Can Inc.

“50can does not have board committees with the authority to act on behalf of the governing board.”

“The form 990 will be completed annually and copies will be provided to the entire board of directors as well as the president of the organization. At that time the president will review the form 990 with the board's audit/finance committee. Any necessary changes will then be updated on the form. Once all necessary changes are made and the president is in agreement with the audit committee on the finished form 990, it will be signed by the president, dated and submitted by the filing deadline. A copy of the approved form 990 will be provided to the board of directors.”

“Any director, principal officer, or member of a committee with governing board delegated powers, who has a direct or indirect financial interest, as defined below, is an interested person. A person has a financial interest if the person has, directly or indirectly, through business, investment, or family: (a) an ownership or investment interest in any entity with which the organization has a transaction or arrangement, (b) a compensation arrangement with the organization or with any entity or individual with which the organization has a transaction or arrangement, or (c) a potential ownership or investment interest in, or compensation arrangement with, any entity or individual with which the organization is negotiating a transaction or arrangement. Compensation includes direct and indirect remuneration as well as gifts or favors that are not insubstantial. A financial interest is not necessarily a conflict of interest. A person who has a financial interest may have a conflict of interest only if the appropriate governing board or committee decides that a conflict of interest exists. In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be 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 shall leave 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 shall decide if a conflict of interest exists. Procedures for addressing the conflict of interest: a.an interested party may make a presentation at the governing board or committee meeting, but after the presentation, he/she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. B.the chairperson of the governing board or committee shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. C.after exercising due diligence, the governing board or committee shall determine whether the organization can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity 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 shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the organization's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination it shall make its decision as to whether to enter into the transaction or arrangement. If the governing board or committee has reasonable cause to believe a member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford 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 the member has failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action. Each director, principal officer and member of a committee with governing board delegated powers shall annually sign a statement which affirms such person a.has received a copy of the conflict of interest policy, b.has read and understands the policy, c.has agreed to comply with the policy, and d.understands the organization is charitable and in order to m”

“For all positions, 50can looks at non-profit compensation across its various states to ensure that its compensation is competitive to retain the best talent. When setting compensation for positions, 50can reviews compensation surveys for non-profits and considers other education reform groups and how they compensate their employees. Raises and promotions are usually based on 50 can's performance review systems. Once compensation has been determined, a chart is submitted to the board of directors with explanations of any proposed changes and the board then votes on these figures during an executive session.”

“The organization makes its governing documents available to the public by providing copies upon request.”

“Loss on allowance for pledges on discontinued program -200,000.”

“The board of directors assumes the responsibility for the oversight of audited financial statements; the board collectively reviews and approves the audited financial statements.”