Irc'S Center for Economic Opportunity

“Ircs center for economic opportunity, inc. Has three members.”

“The members have full voting rights and such other rights as are granted to members under the new york not-for-profit corporation law.”

“The members may receive reports on the activities of the corporation, including the annual financial report prepared and presented in accordance with section 13 of article ii, and determine the direction of the corporation for the coming year at its annual meeting. Special meetings of the members, for any purpose or purposes, may be called at any time by the chairman of the board of directors or the members. Currently-seated members of the corporation may add or remove members of the corporation via unanimous vote.”

“The organization has no committees with authority to act on behalf of the governing body.”

“Ircs center for economic opportunity, inc. (ircs ceo) has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, reviewed by the executive director and deputy director, finance & administration of ircs ceo, and is ready to be filed with the internal revenue service, it is electronically sent to the board for review and approval. Once the board has approved the return it is filed with the internal revenue service.”

“THE CONFLICT OF INTEREST POLICY APPLIES TO IRCS CEO BOARD MEMBERS AND IRC STAFF PERFORMING DUTIES FOR IRCS CEO. THE POLICY ASKS FOR ANNUAL DISCLOSURES FROM ALL BOARD MEMBERS AND INVOLVED IRC STAFF. THESE DISCLOSURES ARE REVIEWED BY THE BOARD (OR ASSIGNED SUBCOMMITTEE) ANNUALLY AND PERIODICALLY. IF THE BOARD OR COMMITTEE HAS REASONABLE CAUSE TO BELIEVE THAT A MEMBER HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM THE MEMBER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE MEMBER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF, AFTER HEARING THE RESPONSE OF THE MEMBER AND MAKING SUCH FURTHER INVESTIGATION AS MAY BE WARRANTED IN THE CIRCUMSTANCES, THE BOARD OR COMMITTEE DETERMINES THAT THE MEMBER... (continuation in Schedule O, General Explanation)”

“TWO OF THE FIVE IRC CEOS BOARD MEMBERS ARE THE IRCS LEADERSHIP STAFF AND ARE COMPENSATED BY THE IRC (CEOS PARENT COMPANY). THEIR COMPENSATION FOLLOW THE IRCS COMPENSATION POLICIES. IRCS CEO AS A NON-CONSOLIDATED SUBSIDIARY OF THE INTERNATIONAL RESCUE COMMITTEE HAS ADOPTED THE PARENT COMPANY COMPENSATION PROGRAM AND SALARY BAND STRUCTURE. THE TOP OFFICIAL IS THE EXECUTIVE DIRECTOR, AND THAT POSITION IS THE ONE REVIEWED BY THE BOARD WITH BENCHMARKS MADE AGAINST OTHER POSITIONS AT THE PARENT ORGANIZATION, THE INTERNATIONAL RESCUE COMMITTEE, AND OTHERS WITH SIMILAR TITLE AND RESPONSIBILITIES WITHIN THE COMMUNITY DEVELOPMENT FINANCE INDUSTRY. THE TRADE ASSOCIATION FOR CDFIS PUBLISHES A SALARY SURVEY ON A REGULAR BASIS; CEO HAS SUBSCRIBED... (continuation in Schedule O, General Explanation)”

“TWO OF THE FIVE IRC CEOS BOARD MEMBERS ARE THE IRCS LEADERSHIP STAFF AND ARE COMPENSATED BY THE IRC (CEOS PARENT COMPANY). THEIR COMPENSATION FOLLOW THE IRCS COMPENSATION POLICIES. IRCS CEO AS A NON-CONSOLIDATED SUBSIDIARY OF THE INTERNATIONAL RESCUE COMMITTEE HAS ADOPTED THE PARENT COMPANY COMPENSATION PROGRAM AND SALARY BAND STRUCTURE. THE TOP OFFICIAL IS THE EXECUTIVE DIRECTOR, AND THAT POSITION IS THE ONE REVIEWED BY THE BOARD WITH BENCHMARKS MADE AGAINST OTHER POSITIONS AT THE PARENT ORGANIZATION, THE INTERNATIONAL RESCUE COMMITTEE, AND OTHERS WITH SIMILAR TITLE AND RESPONSIBILITIES WITHIN THE COMMUNITY DEVELOPMENT FINANCE INDUSTRY. THE TRADE ASSOCIATION FOR CDFIS PUBLISHES A SALARY SURVEY ON A REGULAR BASIS; CEO HAS SUBSCRIBED... (continuation in Schedule O, General Explanation)”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is also posted on guidestar.org and other similar types of websites. In addition, the organizations governing documents and conflict of interest policy are also available to the public upon request.”

“(continuation of Part III, 4a)...give these borrowers a path to other wealth-building opportunities and further CEOs mission of unlocking access to credit. (continuation of Schedule O, Part VI, Line 12c)...HAS IN FACT FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL TAKE APPROPRIATE CORRECTIVE ACTION. A BOARD MEMBER WITH A POTENTIAL CONFLICT OF INTEREST IS REQUIRED TO RECUSE HIMSELF OR HERSELF FROM THE MEETING DISCUSSION AND REFRAIN FROM VOTING ON THE MATTER. (continuation of Schedule O, Part VI, Lines 15a and 15b)...TO THAT SALARY SURVEY AND HAS BEEN ABLE TO USE IT TO ALIGN ITS COMPENSATION STRUCTURE WITH THAT OF OTHER SIMILAR-SIZED ORGANIZATIONS WITH A NATIONAL FOOTPRINT. THE CEO BOARD OF DIRECTORS REVIEWS THIS DATA, AND IN CONSULTATION WITH THE HR TEAM AT THE PARENT ORGANIZATION, DETERMINES AND THEN APPROVES AN APPROPRIATE COMPENSATION STRUCTURE FOR THE EXECUTIVE DIRECTOR. THIS WAS LAST UNDERTAKEN IN DECEMBER 2023. THE BOARD REVIEWED AND APPROVED THE BUDGET PROPOSAL FOR THE CURRENT FISCAL YEAR WHICH INCLUDED AN INCREASE TO SALARIES FOR CEO STAFF INCLUDING ITS EXECUTIVE DIRECTOR.”