Goodwill Industries of Greater Grand

“A copy of the form 990 is provided to the organization's governing body before it is filed. The executive team of officers reviews and gives input on the form 990 at its regular meeting.”

“Each new "responsible person" (defined by giggr's conflict of interest policy as any person serving as an officer, employee, or member of the board of directors of giggr) is required to review and sign an acknowledgment for giggr's conflict of interest policy. At that time, and annually thereafter, each responsible person is required to complete a disclosure statement identifying any relationships, positions or circumstances in which the responsible person is involved that s/he believes could contribute to a conflict of interest. The executive finance committee of giggr's board of directors then annually reviews all disclosed and known conflicts of interest involving officers and members of the board of directors and addresses those conflicts pursuant to giggr's conflict of interest policy.”

“The process for determining the compensation of the organization's c.e.o., officers, and key employees includes review and approval by independent persons (the executive finance committee of the board of directors) the use of comparability data, and contemporaneous substantiation of the deliberation and decision. The by-laws of giggr require the executive finance committee of the board of directors to, among other things, address matters relating to compensation of the organization's executives and key employees and to ensure organizational compliance with irs requirements. The committee reviews salary surveys and reports from both for-profit and not-for-profit sources, including goodwill industries international, the michigan non-profit compensation survey, guidestar, michigan association of rehabiliation organizations (maro), the society for human resources management (towers watson), pay scale, and the like, to ensure that executive compensation is competitive but not excessive. The by-laws require the executive finance committee to consist of at least three directors, and to meet seven times per year. It takes contemporaneous minutes regarding its deliberation and decision-making about executive compensation, and those minutes are approved no later than the next meeting of the committee.”

“Giggr makes its form 990 available on its website, and on guidestar.org. It also makes the annual report available on its website. Governance documents, policies, and financial information are otherwise typically made avaialble to the public upon request.”

“To solicit, collect, receive and administer funds for the benefit of goodwill industries of greater grand rapids, inc. This was previously administered by goodwill industries of greater grand rapids foundation. Effective august 26, 2022, the governing boards of goodwill and the foundation mutually agreed to merger and transfer the foundation assets to goodwill and discontinue the foundation. In october 2022, $3,184,434 of cash and investments, were transferred by the foundation to goodwill.”

“The organization's rou assets are recorded as right-of-use assets on the statements of financial position at december 31, 2022, in the amount of $11,681,253, and consist entirely of operating lease assets. Management annually reviews these rou assets for impairment whenever events or circumstances indicate that their carrying values may not be fully recoverable”

“Merger/transfer of foundation cash and investments 3,184,434.”

“The process for selecting and overseeing the work of the independent auditor has not changed from prior years.”

“During 2016, the organization sold five buildings and certain equipment with a net book value of approximately $7,376,000 for $9,118,000 and subsequently entered into a lease agreement for each property with the respective buyers. Direct costs incurred in connection with these transactions approximated $460,000. The gain on sale of the property of $1,282,219 is recognized in proportion to the gross rent expensed over the lease term. The gain on sale recognized was $128,031 for the year ended december 31, 2021. The remaining deferred gain on sale was $602,649 as of december 31, 2021. Upon adoption of asc topic 842 using the modified retrospective method, the organization recognized the prior deferred gain on sale, which had previously been accounted for as a sale and operating leaseback in accordance with asc 840, as a cumulative effect adjustment to beginning net assets in the amount of $602,649 as of january 1, 2022.”