50Can Inc.

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

“50can, inc. Has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, reviewed by ceo and is ready to be filed with the internal revenue service, it is electronically sent to the board for approval. Once the board has approved the return it is filed with the internal revenue service.”

“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 or”

“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 voting and approval are documented in the minutes of the executive session. This process was last undertaken in december 2020.”

“The organization makes its form 990 and form 1023 available for public inspection as required under section 6104 of the internal revenue code. The return is also posted on guidestar.org and other similar types of websites. In addition, the organization makes its governing documents available to the public by providing copies upon request.”

“Payroll processing: program service expenses 144,703. Management and general expenses 0. Fundraising expenses 0. Total expenses 144,703. Program stipend: program service expenses 1,062,961. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,062,961. Other professional fees: program service expenses 270,844. Management and general expenses 281,010. Fundraising expenses 0. Total expenses 551,854.”

“An amended return is being filed to in order to conform to the organization's december 31, 2020 audited financial statements issued subsequent to the original filing of this return. A listing of all of the changes to the form 990 is as follows: 1. Page 1, box 6: gross receipts was updated to reflect the updated revenue reported in part viii 2. Part i, lines 8-22 (current year): these amounts were updated to reflect the changes reported in their respective parts of the return. 3. Part iii, line 4a, 4b, 4c and 4d: the total program expenses were updated to agree to the functional allocation in part ix 4. Part iv, line 11f and 12a: checked yes based on the issuance of the audited financial statements 5. Part viii: statement of revenue was updated 6. Part ix: the overall functional expense allocation was updated. The revised allocation was incorporated into part ix. In addition, various line items were adjusted due to the revised figures throughout the statement 7. Part x : the amounts on the balance sheet were updated 8. Part xi, lines 1 - 10: these amounts were updated for the changes reported in part viii and part ix, as per the changes discussed above 9. Part xii, line 2b: checked yes to reflect the issuance of the audited financial statements 10. The following schedules were updated per the corresponding changes above: -schedule a, part iii, column (e) and column (f), lines 10, 12, -schedule b, contributors were adjusted to reflect 2% threshold -schedule c, total exempt expenditures were updated -schedule d, part vi, part x, line 2, part xi, part xii and part xiii. -schedule i”