New Classrooms Innovation Partners Inc.

“The organization amended its bylaws in fy2019, changes made to the amended by-laws included the following principal revisions, in additional to other smaller changes: 1. No director shall serve more than two three-year terms; provided that: (a) fulfilling an incomplete term is not considered part of the term limit; (b) for any director currently in office as of the date of the amended and restated by-laws, such term limit shall not apply and such director's term shall be as determined by resolution of the board; (c) such term limits shall not apply to the co-founders of the corporation until such time as they no longer serve as officers; and (d) in exceptional circumstances only, the chairperson may recommend an exception to such term limit, which shall be voted on by the board at the next meeting, and may only be approved by two-thirds of the entire board. 2. At least one of board of directors must be a non-employee of the corporation.”

“New classrooms has its form 990 prepared by an outside accounting firm and has established a review process to ensure that the information reported is complete and accurate. Once form 990 has been prepared by the outside accounting firm with inputs from new classrooms, it is reviewed by management and is submitted to the finance committee of the board for additional review. After the finance committee review the form 990, the return is sent to the entire board for any comments prior to submission to the irs. The ceo and cpo review and address all comments and ensure that each issue is documented and addressed prior to finalizing and filing the form 990. Once complete the form 990 is filed as appropriate.”

“New classroom currently has in place a conflict of interest policy that applies to any board member or officer. 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 decision of any actual or potential conflict of interest is documented in the minutes of the board meeting.”

“The talent 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 august 2020. The compensation of other officers (chief program officer and chief financial officer) is also determined by the talent committee using available market data for comparable positions (via independently verified sources as well as reported 990 compensation of like size and focus peer organizations), and taking into account internal equity considerations. The compensation review process is documented in the hr personnel files and was last undertaken in august 2020.”

“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.”