Center for Economic Progress

“The executive committee is comprised of not less than four members, at least two of whom are directors and including the chair of the board. The executive committee shall have and may exercise all of the powers and authority of the board of directors in the management of the affairs of the organization between board meetings. Provided, however, such committee shall not have the authority of the board of directors in reference to (1) amending, altering or repealing these bylaws, (2) electing, appointing or removing any member of any committee of the board of directors or any director or officer of the corporation, (3) amending the articles of incorporation, (4) adopting a plan of merger or adopting a plan of consolidation with another corporation, (5) authorizing the sale, lease, exchange of mortgage of all or substantially all of the properties and assets of the corporation, (6) authorizing the voluntary dissolution of the corporation or revoking proceedings therefore, (7) adopting a plan of distribution of the assets of the corporation, or (8) amending, altering or repealing any resolution of the board of directors which by its terms provides that it shall not be amended, altered or repealed by the executive committee. The executive committee is responsible for conducting an annual performance evaluation of the president; provided, however, the board has the authority to hire and terminate the president.”

“The organization retains the services of an independent cpa firm to prepare the organization's form 990. The form 990 was reviewed for accuracy by the coo and the finance manager, then forwarded to the board internal affairs committee for additional review. Upon committee approval, the 990 was distributed to the full board for final review prior to filing with the irs.”

“The conflict of interest policy is reviewed with the board of directors each year and each member is required to sign a new conflict of interest statement.”

“The board of directors in 2013 hired an independent consultant to conduct a market analysis of the compensation of the president and all full-time staff positions. President's salary is reviewed and approved by the board of directors. Annual percentage increases are established based upon comparable salaries at other non-profit organizations and approved by the board of directors' executive committee. The approval is substantiated in the board minutes.”

“The organization's annual form 990 and audited financial statement are available online via the organization's website www.economicprogress.org. The public may also request the reports through the organization's finance manager.”

“In 2014 cep partnered with the city of chicago to do a pilot program where 343 participants received a portion of their earned income tax credit as an advance. Funding for the eitc advance payments was provided by the chicago housing authority, totaling $575,000. Research on the value and national viability of the program is being done in partnership with the university of illinois.”

“Staffing: program service expenses 17,685. Management and general expenses 2,494. Fundraising expenses 1,183. Total expenses 21,362. Media consulting: program service expenses 228. Management and general expenses 32. Fundraising expenses 15. Total expenses 275. Other consulting: program service expenses 355,900. Management and general expenses 50,185. Fundraising expenses 23,817. Total expenses 429,902.”

“Uncollectable receivables -200,023.”