Knowledgeworks Foundation

“Certain KnowledgeWorks Foundation board members are also members of the boards of certain KnowledgeWorks Foundation affiliates. These overlapping board memberships constitute a "business relationship" as defined by the Form 990 instructions.”

“KWSL LLC, a wholly owned subsidiary of KnowledgeWorks Foundation contracted with Kohne O'Neill LLC and Nelnet to administer its student lending programs.”

“After completion by the preparer, the draft of the Form 990 is reviewed by the Accounting Manager and Chief Financial Officer. The final draft of the Form 990 is reviewed with the Audit Committee. After it receives the approval of the Audit Committee, the final Form 990 is distributed to all members of the Board of Directors before it is filed.”

“On an annual basis the Conflicts of Interest Policy is distributed to the directors, officers and key employees along with a questionnaire that must be completed, signed and returned to Legal Counsel. Legal Counsel reviews the questionnaire responses and advises management and the board of any required actions.”

“The compensation of the CEO, other officers, and key employees are set by the Compensation Committee of the Board of Directors utilizing a compensation study performed by an independent compensation consulting firm comparing similar positions in similar organizations. Members of the Board of Directors have in the past received reasonable compensation for their services as members of the Board of Directors. However, compensation to Board of Directors ceased as of July 2014.”

“The consolidated financial statements of KnowledgeWorks Foundation and its subsidiaries are available on the KnowledgeWorks Foundation website. KnowledgeWorks Foundation's Form 990 is also available on its website. The governing documents and Conflict of Interest Policy are available upon request.”

“Explanation of Compensation Arrangement: Douglas Thomson is not directly compensated for his services as Secretary to KnowledgeWorks Foundation. Douglas Thomson is a member (but owns or controls less than 1%) at Frost Brown Todd, LLC, a law firm with over 400 lawyers. KnowledgeWorks Foundation does compensate Frost Brown Todd, LLC for legal services, including Douglas Thomson's services as Secretary to KnowledgeWorks Foundation. The amount paid to Douglas Thomson for his services as Secretary of KnowledgeWorks Foundation cannot be determined.”

“Technical Assistance & Evaluation Support - School & Community Initiatives:: Program service expenses 2,492,169. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,492,169. Policy and Advocacy: Program service expenses 312,021. Management and general expenses 0. Fundraising expenses 0. Total expenses 312,021. Student Loan Program Consultants: Program service expenses 1,372,997. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,372,997. Technology and Software Development: Program service expenses 53,909. Management and general expenses 41,658. Fundraising expenses 0. Total expenses 95,567. Human Resources: Program service expenses 0. Management and general expenses 158,101. Fundraising expenses 0. Total expenses 158,101. General Business, Marketing and Communications: Program service expenses 23,766. Management and general expenses 52,911. Fundraising expenses 0. Total expenses 76,677.”

“Unrealized Gain on Interest Rate Swap Agreement 55,535. Unrealized Loss on Liability for Student Loan Residual -204,328. Amortization of Discount on Student Loans 1,094,788. Distribution of Investments from Exempt Subsidiary - KWI 970,209. Transfer of Net Assets to KnowledgeFunding Ohio -7,500.”