Innovation Africa

“The organization contracted an outside company, innovation: africa israel, ltd. ("ia israel"), for administrative services. The services included program management, coordination of activities, and general management services. The organization incurred expenses in the amount of $644,622 to ia israel during the tax year. Sivan ya'ari, ceo, was compensated 308,869 (israeli shekel) by ia israel in 2019 for services provided to the filing organization. In addition, the organization engaged ab yaari ltd. ("ab) for consulting services provided by sivan ya'ari. The services included initiation of projects, direction of the organization's operations (including the hiring and termination of employees of the organization), public relations, fundraising and management of the organization's resources. The organization incurred expenses in the amount of $112,567 to ab during the tax year.”

“The form 990 is prepared by an outside accounting firm and is then presented to the ceo, cfo, and chairman of the organization for review. After the return has been reviewed and prior to filing, the board of directors is presented a copy for review. The form 990 is filed with the internal revenue service after the board has been provided with sufficient time to review and any necessary changes have been made.”

“The conflict of interest policy is applicable to all board members, officers and employees. An interested person must disclose the existence of any potential or actual conflict of interests to the founder and ceo. If a conflict arises, the founder and ceo and when necessary, board members will determine whether the issue at hand is in efforts in caring for our beneficiaries, serving the community, and succeeding in the social services arena. Annually, all interested persons shall sign a statement of affirmation stating that they have received a copy of the conflict of interest policy, and agree to abide by it.”

“The salary of the ceo was determined by conducting a compensation survey of equivalent positions in the nonprofit sector and was then presented and approved by the board. The approval was documented in board minutes in may 2015. The salary of the cfo was determined by negotiation between management in october 2018 and was approved and documented in the board minutes in november 2018.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is posted on new york state attorney general website, guidestar.org and other similar types of websites. In addition, the financial statements, conflict of interest policy, articles of incorporation and by-laws are also available upon written request at 520 eigth avenue, 15th floor new york, ny 10018 or by calling the organization directly at 646-472-5396.”

“Foreign currency translation gain 139,187.”

“The innovation africa audit committee assumes responsibility for the oversight of the audit of its financial statements and selection of its independent auditor. The policy for selection and oversight of the independent auditors has not changed since last year.”