Covenant Ministries of Benevolence

“The sole member is evangelical covenant church (ecc).”

“Appointed delegates of the evangelical covenant church elect the board of directors in addition to those who serve as ex-officio.”

“Bylaws include reserved powers to the [individual] members such as the election of the president of covenant ministries of benevolence (cmb), changes to mission and strategic plan, approval of certain acquisitions, dispositions and financings, changes to articles and bylaws.”

“Management review: the draft form 990 was reviewed by multiple levels of management including the president of cmb and the executive vice president of finance. Board review: prior to filing, key provisions of the form were discussed with the executive committee of the board of directors and the final form 990 was provided to each board member.”

“Covenant ministries of benevolence (cmb) has two conflict of interest policies. One is a general conflict of interest policy for the board members and the other is the compensation conflict of interest policy which is completed by the executive/compensation committee members. Annually, conflicts of interest are reviewed with the board members or the executive/compensation committee members. They individually declare if a conflict exists or not. Each member then signs an acknowledgment form. In addition to the above, a separate and more comprehensive questionnaire is sent to the board members, officers, key employees and other interested persons. The completed questionnaires are reviewed by cmb's legal counsel to determine if any actual or potential conflicts exist. If a person becomes an interested person, he or she may be considered in determining whether a quorum is present. The interested person may make a short statement relating to the transaction or arrangement in question, but shall not be present during the discussion and shall not vote on the motion addressing the actual or potential conflict.”

“Cmb's board of directors has duly appointed an executive compensation committee (the "committee"), which is responsible for the review and approval of all compensation and benefits provided to cmb's executive management. The committee has adopted a written executive compensation philosophy statement and an executive compensation committee charter governing the work and review process of the committee. The committee follows the procedures described in the philosophy statement and the charter when it reviews and approves the compensation and employee benefits provided to the cmb's senior management. The committee's review analyzes every element of compensation, including current and deferred compensation, and benefits, including qualified and non-qualified benefits. The committee conducts its review and approval process at least annually, and approves compensation and benefits only to the extent that the committee has concluded that the compensation and benefits constitute no more than reasonable compensation for each executive. The committee consists entirely of disinterested members of the board, and the committee works with an independent compensation consultant to prepare and review in advance comprehensive data showing the compensation provided by similarly situated organizations for functionally similar positions. The committee also prepares a timely and thorough written record of its deliberations and conclusions. As a result, the committee's review process is designed to satisfy the procedural criteria necessary to qualify for the rebuttable presumption of reasonableness under the federal income tax law intermediate sanctions rules. The resources utilized by the compensation committee include: 1) independent compensation consultant; 2) compensation survey or study; 3) approval by the board or compensation committee.”

“The governing documents, conflict of interest policy and financial statements are available upon request by contacting 773-989-1610.”

“Withdrawl from endowment -1,230,000. Withdrawl from holding account -1,060,668.”