Catholic Investment Services Inc

“The organization paid a firm for services of a chief compliance officer for purposes of compliance with the sec as well as a firm to act as its "backoffice". The organization also entered into an investment advisory agreement pursuant to which it will offer investment advisory services to the organization's funds.”

“The founding members of the organization are scott c. Malpass, john j. Brennan and thomas e. Lanctot. The charitable members are organizations organized and operated exclusively for religious, educational or charitable purposes that qualify for federal income tax exemption as organizations described in section 501(c)(3) of the internal revenue code.”

“Both classes of members elect directors of the organization.”

“The founding members of the organization have certain reserved powers such as the power to approve any amendment or repeal of the certificate of incorporation or bylaws of the organization, to approve the merger or consolidation of the organization, to approve the dissolution or liquidation of the organization, etc. The roman catholic archbishop of boston, although not a member or director of the organization, has certain reserved powers over the organization relating to its catholic identity and has granted permission pursuant to canon 216 of the code of canon law for the organization to use "catholic" in its name and for its activities.”

“The president of the organization and a partner of the firm who acts as the organization's "backoffice" review the draft of the form 990. After their review, it is reviewed by the audit committee and then the full board. Once approved by all of the above parties, the 990 is filed.”

“The organization's conflict of interest policy requires directors, officers and members of committees with governing board delegated power to:(a) disclose the existence of possible conflicts of interest and (b) discuss it with directors and committee members considering a proposed transaction or arrangement involving the interested person. Disinterested directors or committee members make the determination as to whether a conflict of interest exists. An interested person can present information to the board or committee considering an arrangement involving an actual or possible conflict of interest, but he or she must recuse himself of herself from the vote on the matter and leave the room prior to the vote to permit the disinterested directors and committee members to discuss freely the transaction or arrangement.”

“The chair of the board of trustees of cis (the former cio of university of notre dame), along with one of the founding trustees of cis and the advisor to the cis board of directors, who as a group have in excess of 75 years of experience in the asset management industry, collaborated to structure the ceo's compensation package. The independent members of the board that approved the compensation arrangement did so: (a) consistent with cis's conflict of interest policy; (b) in advance of paying the compensation; (c) with the date and terms of the approved compensation arrangement document in writing; (d) with the decision of the independent board members who voted on the compensation package documented in writing; (e) with information about compensation paid by similarly situated taxable or tax-exempt organizations for similar services, compensation surveys compiled by a third party or actual written offers from similarly situated taxable or tax-exempt organizations; and (f) with information on which the independent board members relied and its source recorded in writing.”

“No documents available to the public except as required by irs regulations.”

“On prior years' form 990's, a portion of thomas lanctot's amount of other compensation reported in part vii column f was an accrued bonus of $125,000 awarded at the end of 2021, which remained unpaid through 2023. During 2024, management decided that the bonus would not be paid and wrote it off. For book purposes, it was written off against tom's current year salary. Therefore, there is a $125,000 discrepancy between wages and benefits reported on part vii columns d ($310,000) & f ($31,000) and part ix line 5 compensation of current officers, directors, trustees and key employees ($216,000).”

“The board of directors assumes responsibility for oversight of the financial statement review process and selection of the independent accountants. This process has not changed from the prior year.”