Global Business Coalition for Education

“Theirworld projects limited, a subsidiary of theirworld, provides management and administrative services, including working space, communications, consultancy, fundraising, finance, accounting, and legal services. For the tax period ending december 31, 2024, $244,211 was paid for these services.”

“The sole member of the organization is theirworld, a charity formed under the laws of the united kingdom.”

“All voting board directors are appointed by the sole member and may be removed with or without cause by the sole member.”

“The number of people on the board of directors shall be determined by the sole member, but may not be less than three. The bylaws may be amended, altered and repealed, and new bylaws may be adopted, by the sole member.”

“The organization's governing body did not delegate board authority to any committee during the tax period ended december 31, 2024, and, as such, the irs requires that form 990, part vi, section a, line 8b be answered no.”

“The form 990 is prepared by an independent accounting firm. Prior to filing, the form 990 is distributed to the board of directors for review.”

“The organization periodically takes action to monitor key employees (when applicable), officers, and board of director compliance with the conflict of interest policy. This is done through an annual communication to applicable employees setting forth the policy and asking employees to report any conflicts of interest that violate the policy. The board of directors signs conflict of interest statement annually. Annual meetings have a standing agenda item to ask the directors to sign conflict of interest statement. To regularly and consistently monitor the policy, there is also a provision that requires the organization to conduct periodic reviews of its activities to monitor for potential conflicts. In addition, potential conflicts must be timely disclosed to the board of directors, who decide if a conflict exists. If a conflict does exist, the following procedures shall be followed: (a) the chairman, shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement; (b) after exercising due diligence, the directors or committee shall determine whether the organization could obtain a more advantageous transaction or arrangement with reasonable efforts from a person or entity that would not give rise to a conflict of interest; and (c) if a more advantageous transaction or arrangement is not reasonably attainable, the directors or committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the organization's best interests and for its own benefit and whether the transaction is fair and reasonable to the organization and shall decide as to whether to enter into the transaction or arrangement in conformity with such determination.”

“Form 990, part vi, section b, line 15a: theirworld, the sole member, determines the compensation for the executive director using a compensation review process that includes independent persons, a review of the form 990 of other organizations, use of a written employment contract, and approval by the board/compensation committee. Form 990, part vi, section b, line 15b: no other compensated person meets the irs definition of officer or key employee.”

“The organization does not generally make its governing documents, conflict of interest policy, or financial statements available to the public, but will provide them to parties upon request on an as needed basis.”

“The organization's audited financial statements do not include a footnote that addresses their liability for uncertain tax positions under fin 48. The organization has processes in place to ensure the maintenance of its tax-exempt status; to identify and report unrelated income; to determine its filing and tax obligations in jurisdictions for which it has nexus; and to identify and evaluate other matters that may be considered tax positions. The organization has determined that there are no material uncertain tax positions that require recognition or disclosure in the financial statements.”