Unknown Organization

“The organization by-laws provide for the board to have three standing board committees, an executive committee, an audit and finance committee, and an education equity committee. The governing body has the power to delegate powers and authority of the board in the management of the business and affairs of the corporation to the extent provided in the resolution of the board or in the bylaws.”

“The articles of dissolution were filed on 12/31/14 and are attached.”

“The form 990 is prepared by an outside accounting firm. It is reviewed by the former ceo and coo. The return will be circulated to the former board members before filing with the irs.”

“Inbloom's conflict of interest policy covers transactions between inbloom and its officers, directors, and key employees, and between inbloom and a family member or affiliated entity of an officer, director, or key employee. Each officer, director, and key employee annually completes a conflict of interest declaration to assist the organization in identifying covered transactions. The determination of the existence of conflicts, and the review of actual conflicts, is performed by the audit and finance committee (in the case of a conflict involving a board member or the chief executive officer), or the chief executive officer (in case of a conflict involving another officer or key employee). Persons with a potential or actual conflict of interest must refrain from using personal influence to affect decisions and must physically remove themselves from participating in discussions.”

“A third party conducts benchmarking analysis that includes market data, comparative data, and an assessment of the position for compensation (components and total). That analysis is used to determine the appropriate compensation package for all employees. The organization does this on an ongoing basis. Any compensation decisions for executives are discussed with the board of directors for approval. This is also done on an ongoing basis. Additionally, an independent analysis was conducted during the summer of 2013 to evaluate the compensation for all executives in the organization. That analysis was shared with the board in a private session for their review and acceptance. The board also approved the salaries and necessary incentive compensation to retain employees to conduct an orderly wind down of inbloom. The last formal compensation review occurred in august 2013.”

“The organization makes its form 1023 and form 990 available to the public upon request. Other company governing documents are not available to the public at this time.”

“The amounts on part vii, section a are based on the full calendar year 2014. The tax return is based on a short period from 7/1/14 through 12/31/14.”

“There were five members who volunteered on the board of directors during the year.”

“The organization has ceased all operations and liquidated its assets pursuant to its governing documents.”

“Returned grants -327,237. Impairment of intellectual property -37,646,774.”