Thrive Chicago Nfp

“In january 2020, the organization terminated the employment of its director of operations. Subsequent to his termination in january 2020, the organization discovered the former employee had been entering into unauthorized transactions and using the organization's corporate funds to pay for these transactions. Upon discovery of the issue the organization engaged legal counsel to undertake a thorough review of the incident, to evaluate the organization's options for recourse, and to identify any needed changes to internal controls. The organization filed a claim with its insurance company. The insurance company has covered a portion of these disbursements. The organization is in negotiations with the terminated employee to repay the unauthorized disbursements. The organization has reviewed and enhanced internal controls in the expenditure, finance, and accounting functions to ensure we are adequately protecting organization assets. Improved controls include the use of more robust systems for expense management, with better documented approvals and separation of duties, and additional review points. Organization confirmed that all donor restricted funds were properly spent and allocated.”

“After the form 990 is completed, the tax return is reviewed by both the treasurer of thrive chicago and legal counsel. Once the treasurer is satisfied that the return has been prepared accurately in accordance with irs instructions, a copy is sent to all board members for their review.”

“Thrive chicago's policy requires that conflict of interest disclosure statements must be completed each year by all employees, officers, and directors and returned to the chair of the board for review. If the chair of the board determines that there is in fact a conflict of interest involving an employee or officer, the matter is disclosed to the board of directors for resolution. Conflicts involving a board member are handled in a similar manner, with the individual disclosing the conflict abstaining from any vote on the matter.”

“Compensation recommendations are reviewed by the board in conjunction with the annual budget process and are based on employee performance, inflationary figures, and budget constraints. Board approval/disapproval of recommended salaries is documented in the minutes as approval/disapproval of the annual budget.”

“Thrive chicago's governing documents, conflicts of interest policy, and financial statements are available to the public upon request.”

“The organization adopted a written policy for document retention in 2020.”

“At the time of filing the 990, the organization is engaged in an independent audit and will have audited financial statements available upon completion.”

“Program fees: program service expenses 1,575,823. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,575,823. Program service consultants: program service expenses 475,651. Management and general expenses 0. Fundraising expenses 0. Total expenses 475,651. Information technology: program service expenses 16,893. Management and general expenses 6,900. Fundraising expenses 0. Total expenses 23,793. Payroll service fees: program service expenses 10,797. Management and general expenses 641. Fundraising expenses 0. Total expenses 11,438. Miscellaneous: program service expenses 0. Management and general expenses 146,840. Fundraising expenses 0. Total expenses 146,840. Postage: program service expenses 237. Management and general expenses 0. Fundraising expenses 0. Total expenses 237.”