The Iraq Middle Market Development Foundation

“The form 990 was prepared by the outside accountants and reviewed by the general manager and an independent financial contractor. The 990 was distributed to the board of directors prior to being filed with the irs.”

“The board of directors have approved a policy requiring each director to disclose any potential conflicts of interest as they arise. Annual fraud disclosure forms are required of each board member. If there are transactions involving a director, that director leaves the relevant portion of the board meeting and does not participate in the decision. No immdf employee is allowed to engage in conduct resulting in a potential conflict of interest. Employees must strictly avoid any conflict of interest or the appearance of a conflict of interest. The organization monitors the conflict of interest policy annually. Employees make full disclosure of their actions or relationships with perspective vendors, contractors, or consultants.”

“The initial salary of the general manager of immdf was approved by the government agency funding immdf. Raises are determined by the board of directors after a performance review, a comparison with similar organizations, and a discussion by the board without the general manager present. The decision is documented in the written minutes of the board. The last salary review for the general manager was done in february 2020.”

“Immdf does not make its governing documents, conflict of interest policy, or financial statements available to the public.”

“Immdf has a deficit net asset balance of $1,801,449 as of september 30, 2022. However, certain principal payments on the notes payable are not due unless principal payments on outstanding loans receivable are collected. And, since management of immdf is solely focused on the collection of the outstanding loans receivable, the fiscal 2022 budget has been reduced to approximately $750,000 and the current liquidity should provide enough cash flow to sustain operation through fiscal 2024. Additionally, several loans receivable have been restructured so that final future principal payments on the outstanding loans should be received by the end of the fiscal 2025 year (september 30, 2025). Upon the collection of such principal payments on the active loans receivable, management of immdf intends to shut-down operations.”

“Decrease in provision for uncollectable loans 32,317.”