The Literacy Project Foundation

“Through board meetings and filings in our main office.”

“Tax filings are reviewed and discussed at quarterly board meetings.”

“Compliance with the conflict of interest policies are monitored at quarterly meetings where policies and procedures are reviewed and discussed.”

“Compensation of CEO,executive director and top management are reviewed and approved by the compensation committee and the Board.”

“Compensation for other officers and other key employees are reviewed and approved by the compensation committee and the Board.”

“Disclosure of all governing docs, policies, and financial statements are available upon request.”

“2015-2016 EXPLANATION OF DEFICITThe Literacy Project has always operated with a surplus. After seven years of outsourcing grants, The Literacy Projects CEO and board decided there was a need to regulate the grant process more closely in-house. The intent was to contract from the inside out as opposed to vice versa in order to be the direct bridge of stewardship between the outsource, funder and TLP management. There was a significant funder that funded our organization for three years because they believed in TLPs mission and wanted to help build the organization. They had a policy to only fund an organization for three years and also didnt want to tip the organization into a private foundation. Acknowledging that ongoing grants through the outsource agency would eventually run their course, and noting TLP has maintained a strong cash reserve, they opted to change from outsourcing into a complete in-house grant management team with the following objectives:oTo reduce costs of grant writingoTo have a direct relationship with critical fundersoTo establish a premium stewardship program oTo monitor and deliver timely reportingoTo maintain long-term relationships that would not only secure funding but increase donation size over timeTLP has corrected the transition deficit by the following:oAs of March 2017, Sue Grant, Founder/CEO has donated her full salary and benefits of $102,000 to The Literacy Project. oTLP hired a Grant Specialist who has successfully launched an updated and more expansive grant process. Her passion for TLPs mission with children influenced her to also volunteer and give her time, well below market value. The Literacy Project now has a full in-house department that manages all aspects of grant funding from inception, reporting through stewardship. All foundation and corporate grantor relationships are now maintained from within.oTLP has formed new and stronger relationships with previously established funders.oTLP has worked diligently on building a strong and influential Board of Directors with national influences.”