Price Charities

“Robert price and allison price, husband and wife.”

“Management services contracted to the price group, llc.”

“The form 990 information was compiled from the organization's accounting records and provided to the organization's preparer. The completed form 990 was reviewed by the organization's cfo. Upon satisfactory completion of the review process, a draft of the form 990 was circulated to the organization's governing body's audit committee for review. The form 990 was then filed with the internal revenue service.”

“The organization's board of directors regularly discusses the importance of maintaining the public's trust and clearly communicates this message to all employees. The organization has established a process for all board members and officers to fully disclose potential conflicts of interest, including the annual completion of a conflict of interest form by the board members.”

“The organization did not pay any compensation to any of the organization's officers (see description in part vii section a).”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon the request of such documents.”

“The organization pays a management fee to the price group, llc ("tpg") for corporate management services and oversight based on individuals' allocated time devoted to work performed on behalf of the organization. This work includes but is not limited to management supervisory oversight, human resources(hr), legal, accounting, financial advisory, asset management, real estate management and development, and back office and board of directors support services. Although three officers of the organization received their total compensation through tpg, (1) none of the president's compensation; (2) only approximately $240,000 of the executive vice president/secretary's total compensation (including benefits); and (3) only approximately $170,000 of the cfo's total compensation (including benefits) was included in the calculation for the organization's 2016 management fee. The balance of their total compensation was not directly or indirectly paid for by the organization. The president and executive vice president/secretary are also members of tpg. The president, executive vice president/secretary and cfo of the organization spend the remainder of their working time (i.e. Hours listed for related organizations in part vii) working for price philanthropies foundation, the price group, llc, and other related entities. Although executives average more than 40 hours of work during a week, the reported average hours per week listed in column b of form 990, part vii, section a is based on a 40 hour work week.”

“The organization did not change it's audit oversight process or selection process during the tax year.”

“Although the total number of employees reported on form w-3 was 23, that number includes 16 employees and 7 pitch loan recipients required to receive w-2's as a result of receiving interest credits for volunteering in city heights as part of the organization's charitable mission.”

“In 2018, the boards of directors of price charities and the price philanthropies foundation, also a 501(c)(3), elected to initiate the process to merge the two non-profit entities, with the surviving non-profit entity to be price philanthropies foundation, a delaware corporation, overseen by a recomposed board of directors. The merger process is underway, is subject to review by independent directors, and is estimated to take several months as it is contingent upon multiple regulatory agency and governmental entity approvals.”