Nonprofit Association of Westchester

“The corporation shall have two classes of members, nonprofit members and for-profit businesses partners. Both classes of members shall have the right to vote on all matters for which members may vote. Membership shall be open to all persons interested in the purposes of the corporation. The board may establish such other criteria for membership, including a schedule of dues, as they deem appropriate.”

“The members of the organization elect the directors of the board at their annual meeting.”

“Nonprofit association of westchester, inc. 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 management and is ready to be filed with the internal revenue service a draft of form 990 is shared with all members of the npw board of directors. Their input, questions and feedback is shared with those preparing the npw form 990. It is then filed with the internal revenue service.”

“The organization has a conflict of interest policy applicable to all board members and officers. All applicable individuals are required to sign a conflict of interest agreement annually, disclosing any possible conflict of interest and be given the opportunity to disclose all material facts to the board. After disclosure of all material facts, and after any discussions with the interested person, he/she shall leave the board meeting while the determination of a conflict of interest is discussed and voted upon. The remaining disinterested board members shall decide if a conflict of interest exists by a majority vote. The interested person recuses themselves from deliberations and voting on matters giving rise to such conflict. Deliberation and decisions are recorded in the minutes of the board.”

“The executive director's compensation is determined and approved by the board of directors by using compensation information of comparably sized not-for-profit organizations. This process is conducted on an annual basis and documented on the board's minutes.”

“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, articles of incorporation and by-laws are also available upon written request.”

“The organization has a finance committee that is responsible for the oversight of the review of its financial statements and the selection of an independent accountant. This process has not changed from the prior year.”

“During the year ended december 31, 2024, there was a prior period adjustment for the adoption of the new lease accounting standard, asc 842, using the modified retrospective approach. As a result of the adoption of asc 842, the organization made adjustments to its financial statements for the period ended december 31, 2023, to reflect the new accounting treatment for leases. The following outlines the nature and impact of these adjustments: an increase to rou assets of $2,413, an increase to rou liabilities of $2,988 and an increase to rent expense of $575. This impact resulted in a decrease in net assets of $575 as of december 31, 2023.”