The Economic Progress Institute

“Form 990 is prepared by the external auditors and reviewed by management/finance committee. After review and approval by management/finance committee, it is finalized and a copy is provided to all board members. At the subsequent boardmeeting,members are asked if any questions or comments have occurred. Ageneral review of the form is conducted and revisions and corrections are made as necessary. Subsequent to this meeting, the form is submitted to the irs.”

“Each year the organization's conflict of interest policy is provided to all officers, directors and key employees. These individuals are asked to review the policy and sign a statement indicating that they understand the policy, have reported all potential conflicts of interest during the past year in accordance with the policy and will report all potential conflicts during the current year. All potential conflicts are evaluated by the board to determine if a conflict actually exists. In those instances where the potential transaction is a conflict, the board examines the transaction and a vote is taken (with those involved recusing themselves) as to whether the organization will enter into the transaction.”

“The board annuallly conducts a performance review and evaluation of the executive director (ed). The board's review also establishes the ed's compensation for the following year. This process involves the ed's evaluation and a review of compensation for the position within similar organizations based on their form 990. The board's deliberation and decision is noted in the minutes of the meeting. The executive director (ed) establishes the compensation of the senior management team and reviews the performance evaluations. The ed then recommends compensation packages to the board.although these items are discussed with the board, no vote of approval of the executive director's decision is required.”

“The institute reviews and compares salaries to other similar organizations to determine reasonablness. The board of director's reviews the salaries and approves.”

“The organization makes its governing documents (articles of incorporationand by-laws), conflict of interest policy and financial statements available to the public upon request. The organization wil mail copiesupon request or provide copies to those who come to the administrative office during normal business hours. The organization charges for copies inaccordance with irs regulations.”

“The organization's mission is to improve the economic security of low and modest-income rhode islanders and monitor and encourage the development of tax and budget policies that are equitable and adequate to fund public services.”

“Payroll processing fee 0 10,583 0 consulting fees 50,525 6,316 6,316 total 50,525 16,899 6,316”

“Form 990, part xii, line 2c: the organization has a committee that assumes responsibility for oversight of the review of its financial statements and selection of independent accountants. This process is the same as prior years.”