Socialventures

“The 990 is prepared by an outside firm and reviewed by the board of directors prior to filing.”

“An interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the board or executive committee. Any interested person may recuse himself or herself at any time from involvement in any decision or discussion in which he or she believes a conflict may exist, without going through the process for determining whether a conflict of interest exists. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the board or executive committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or executive committee members shall decide if a conflict of interest exists. An interested person may make a presentation at the board or executive committee meeting, but after the presentation, he/she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. The chairperson of the board or executive committee shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. After exercising due diligence, the board or executive committee shall determine whether the organization can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. If a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the board or executive committee shall require that the interested person guarantee in writing that the terms offered are as good or better than those offered to any other client or customer, in which case the organization may enter into the transaction or arrangement. Each director, principal officer and member of a committee with board delegated powers shall annually sign a statement that affirms such person: - has received a copy of the conflict of interest policy, - has read and understands the policy, - has agreed to comply with the policy, and - understands that in order to maintain its federal tax exemption the organization must engage primarily in activities that accomplish one or more of its tax-exempt purposes. Each voting member of the board shall annually sign a statement that declares whether such person is an independent director. If at any time during the year, the information in the annual statement changes materially, the director shall disclose such changes and revise the annual disclosure form. The executive committee shall regularly and consistently monitor and enforce compliance with this policy by reviewing annual statements and taking such other actions as are necessary for effective oversight. To ensure the organization operates in a manner consistent with charitable purposes and does not engage in activities that could jeopardize its tax-exempt status, periodic reviews shall be conducted. The periodic reviews shall, at a minimum, include the following subjects: - whether compensation arrangements and benefits are reasonable, based on competent survey information (if reasonably available), and the result of arm's length bargaining. - whether partnerships, joint ventures, and arrangements with management organizations, if any, conform to the organization's written policies, are properly recorded, reflect reasonable investment or payments for goods and services, further charitable purposes and do not result in inurement or impermissible private benefit or in an excess benefit transaction.”

“The organization's governing documents and financial statements are provided when requested. During the tax year, the only requests have been for financial statements, which were requested by grant-making organizations. The 2016 and 2017 form 990 and annual reports from the previous four years are available for download from the website.”

“Change in temporarily restricted net assets 100,000.”