Virtual Enterprises International Inc

“The organization amended its bylaws as follows: a. Consistent with section 707 of the new york state non-for-profit corporation law, seven (7) directors shall constitute a quorum for the transaction of business and the taking of any action and/or passage of any resolution by the board. B. Two (2) directors shall constitute a quorum for the transaction of business and the taking of any action and/or passage of any resolution by any committee of the board.”

“The organization has its form 990 prepared by an outside accounting firm. The form 990 is provided electronically and reviewed by the treasurer and audit committee in a special committee meeting. Once approved by the committee, the form is submitted to the full board electronically before filing with the internal revenue service.”

“The organization currently has in place a conflict of interest policy, which the board of directors monitors and enforces. Each director, officer and key employee of the organization is required to annually sign a conflict of interest policy and disclose any potential or actual conflicts that may exist to the secretary. The interested person is given the opportunity to disclose all material facts to the board and members of the committee considering the proposed transaction or arrangement. The interested person is not present at any point while the determination of a conflict of interest is discussed and voted upon by the board or committee members. The board will set forth the existence and resolution of any related party transaction or other matter involving a conflict of interest in the minutes of the meeting at which the transaction or conflict was discussed and/or voted upon.”

“Compensation of top management officials and other officers are proposed to the board of directors for approval by utilizing compensation reports from various sources. This process takes place annually during annual budget development and approvals. Compensation approval is documented in the board minutes via approval of annual budget and via employment letters when applicable. This process was last undertaken in fy2023.”

“The organization makes its form 1023 and form 990 available for public inspection upon request. The organization's governing documents, conflict of interest policy, and financial statements are not available to the general public.”

“The organization contracted with a professional employer organization (peo) for services, including but not limited to, payroll, timekeeping, employee benefits, hr administration and workforce regulatory compliance needs. As the employer of record for tax purposes, forms w-2 and w-3 are issued by the peo and filed under the peo's federal ein. In this co-employment arrangement, the organization is the common law employer and, accordingly, compensation is reported on form 990, part vii, section a and part ix, lines 5-10.”

“Change in allowance for credit loss 23,105.”

“The board audit committee assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. This process has not changed from the prior year.”