Strongminds Inc.

“The form 990 was prepared by the outside accountants and reviewed by the executive director. The completed form 990 was then presented to the audit committee of the board of trustees at the committee meeting. Prior to filing, a copy of the form 990 was provided to the members of the board of trustees for review.”

“The organization enforces the conflict of interest policy annually, by monitoring known relationships, questionnaires, and noting any changes in disclosed information. If a conflict arises, the interested person discloses the existence of financial interest and all material facts to the board and recuse him/her self while the board makes a determination and votes on the matter. Any conflict is reviewed by the board before a decision is made as to whether to approve the transaction.”

“In determining compensation, the board forms an executive director compensation review committee. They review 3rd party compensation studies and take into account market rates and the executive director's performance. The committee shares their analysis and recommendation with the board in executive session where it is put to a vote. Compensation for other key employees is reviewed, discussed and approved through the budget approval process which also takes into account compensation studies and market rates. The last compensation review for the ceo took place on december 11, 2019 and was effective for 2020 and 2021 compensation.”

“The organization's governing documents, conflict of interest policy and financial statements are available upon request.”

“On may 19, 2020, strongminds received loan proceeds in the amount of $120,700 under the paycheck protection program. The promissory note calls for monthly principal and interest payments amortized over the term of the promissory note with a deferral of payments for the first six months. Under the coronavirus aid, relief, and economic security act (cares act), the promissory note may be forgiven by the small business administration in whole or in part. Strongminds intends to use the proceeds for purposes consistent with the paycheck protection program and believes that its use of the loan proceeds will meet the conditions for forgiveness of the loan. Strongminds intends to apply for forgiveness after completing the 24-week period. If forgiveness is granted, strongminds will record revenue from debt extinguishments during the period that forgiveness is approved.”