Georgia Works Inc

“The form 990 is prepared by the engaged cpa firm, reviewed by the ceo, and also distributed to the board members for their review prior to filing with the irs.”

“Any director, officer, or key employee who has an interest in a contract or other transaction presented to the board or a committee thereof for authorization, approval, or ratification shall make a prompt and full disclosure of their interest to the board or committee prior to its acting on such contract or transaction. Each director, officer, and member of a committee with governing board delegated powers shall annually sign a statement which affirms such person: a) has received a copy of the conflicts of interest policy. B) has read and understands the policy. C) has agreed to comply with the policy. D) understands the organization is charitable and in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax exempt purposes.”

“All of the board of directors will be nonsalaried and will not be related to salaried personnel or to parties providing services. In addition the salaried individuals cannot vote on their own compensation and those compensation decisions will be made by the board. In all instances of setting rates of compensation, the voting board members shall be polled as to how they voted on such issues and their positions shall be recorded in the written minutes of the meeting. However all compensation paid to staff will be reasonable and will be based on the following factors: 1) the amount and type of compensation received by others in similar positions. 2) the compensation levels paid in this particular geographic community. 3) the amount of time the individual is spending in his/her position. 4) the expertise and other pertinent background/skill sets of the individual. 5) the size and complexity of the organization. 6) the need of the services of the particular individual. Additionally, to ensure the organization operates in a manner consistent with charitable purposes, period reviews shall be conducted. These reviews will include whether compensation arrangements and benefits are reasonable, based on competent survey information and the result of arm's length bargaining.”

“Tax filings are made available for public inspection upon request.”

“In december 2023, georgia works and 250 auburn ave, llc (related entity) entered into an arrangement with various entities and multiple agreements to facilitate a new market tax credit ("nmtc") transaction to fund the renovation of the organization headquarters building and the expansion of program and administrative space (the "project"). The nmtc program was designed to stimulate investment and economic growth in low-income communities by offering taxpayers a 39% tax credit against federal income taxes over a seven-year period for qualified equity investments ("qei") in designated community development entities ("cde"). Cdes receive nmtc allocations pursuant to section 45d of the irc. These designated cdes must use substantially all of the proceeds to make qualified low-income community investments. To earn the tax credit, the qei must remain invested in the cde for a seven-year period. Also, the entity receiving the loans needs to be treated as a qualified active low-income community business ("qalicb") for the duration of the seven-year period. The organization is the leverage lender in the nmtc arrangement. On december 14, 2023, 250 auburn entered into a note receivable agreement with gw atlanta investment fund, llc (the "borrower"), an unrelated entity, in an agreement amount of $9,872,000 advanced in two tranches of $5,579,454 and $4,292,546. The note matures on december 1, 2054, at which time any unpaid interest and principal will be due. The note is collateralized by a security interest in the membership interests of gw atlanta investment fund, llc. Interest is due of 1.393% per annum from the borrower, beginning on december 15, 2024, annually in arrears for the previous twelve months. Interest on the nmtc leverage note receivable is recognized over the term of the loan and is calculated using the simple-interest method.”

“There have been no changes in the methods for auditor selection and review of financial statements.”