New Classrooms Innovation Partners Inc.

“New classrooms' form 990 is prepared by an independent accounting firm. A detailed review of the form is performed by management and by the finance committee. Prior to filing, the board of directors receives a copy of the full return. All comments are addressed by management prior to filing with the irs.”

“At least once annually, new classrooms' board members and officers are given a copy of the conflict of interest policy, as well as any revision thereto, and are required to sign a document certifying that they have read and understood the conflict of interest policy and agree to comply with it. The policy requires that all individuals disclose to the directors any potential or actual conflicts that may exist. If a potential or actual conflict is disclosed at any time, the board will review the material facts and circumstances. If it is determined that a conflict does exist, the board will determine whether the transaction at issue may be obtained with reasonable efforts via an advantageous transaction or arrangement that would not give rise to a conflict or, if that is not reasonably possible, whether the original transaction is in the best interest of the organization and is fair and reasonable. The interested person will not participate in any vote or discussion on this matter.”

“The talent committee of the board conducts an annual review of salary bands for all employees based on third party market data. For offers to new senior employees, the committee considers various factors including market benchmarks from third parties to inform the composition of the compensation package which is then arrived at in a manner consistent with our compensation philosophy. For any compensation package offered to new senior employees that exceeds the maximum of the market benchmark range for that given level, the committee further researches and approves as appropriate. Additionally, the committee periodically commissions an outside party to conduct a benchmarking study of chief-level compensation to inform annual compensation increases. As part of the review, the committee references available market data for comparable positions (via independently verified sources as well as reported 990 compensation of like size and focus peer organizations), and takes into account internal equity considerations, as well. The co-founders' compensation review process is documented in the minutes of the board meetings and the last benchmarking study was undertaken in july 2019.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is posted on guidestar.org and other similar types of websites. In addition, the financial statements, conflict of interest policy, form 990, form 1023, and by-laws are also available upon written request at 1250 broadway, 30th floor, new york, ny 10001 or by calling the organization directly at 212-920-6130.”

“New classrooms' management and board members oversee the selection of an independent accountant and the financial statement audit. The process has not changed since the prior year.”