Western Reserve Community Development Corporation

“Review of form 990 - form 990 is reviewed by the organization's governing body prior to filing.”

“Monitoring and enforcement of conflict policy - if it is determined that the information disclosed by the interested person concerning a financial interest constitutes a conflict of interest on the part of such interested person, the following procedures shally apply: (1) the interested person shall not participate in any meeting or portion of a meeting, discussion, deliberations or votes concerning the transaction, circumstances or matters giving rise to the conflict of interest or otherwise related to the financial interest disclosed; (2) if appropriate, a committee of non-interested directors or employees or a non-interested trustee or employee may be appointed to investigate alternatives to any proposed transaction involving a conflict of interest; (3) if it determined after exercise of due diligence that the transaction or other circumstance or matter giving rise to the conflict of interest is or are (a) in the best interests of the corporation; (b) for the benefit of the corporation; (c) fair and reasonable to the corporation; and (d) that the corporation cannot obtain a more advantageous transaction with reasonable efforts under all facts and circumstances as then known to the directors or employees, if subject to board approval (by majority of non-interested parties), or if not subject to board approval, shall be approved by a non-interested employee with the authority to approve such a transaction.”

“Compensation review and approval - the executive director's salary was determined by the finance and executive committee and approved by the entire board. The individuals on the committee and the board are independent of the executive director.”

“Availability of documents - the organization's financial statements, governing documents, and conflict of interest policy are available upon request.”

“In 2017, the organization restated its 2016 financial statements to decrease the deferred funding by $65,970, increase the real estate tax payable by $31,826, increase inventory by $1,453,532, and increase unrestricted net assets by $1,487,676. Temporarily restricted net assets in the amount of $29,031 were reclassified to unrestricted net assets.”