Wonders Early Learning and Extended Day Inc.

“The draft of the form 990 was first distributed to members of the finance & investment committee for their review. The treasurer (chair of the committee) then distributed copies to all board members for review. The treasurer presented the committee's recommendation to the full board for approval at the following regularly scheduled meeting of the board of directors. A copy of the final form 990 was provided to each board member before it was filed.”

“Annually, the conflict of interest policy is distributed to each member of the board when the form 990 is distributed for review. Each member is asked to certify compliance with the policy. Responsible persons have a continuing obligation to bring possible conflicts of interest, as defined in the policy, to the attention of the committee of officers of the board of directors as soon as the potential conflict is identified by the responsible person. A responsible person is any person serving as an employee or member of the board of directors of wonders early learning + extended day. The committee of officers, having been notified of a potential conflict of interest by a responsible person, informs the board of directors of this situation at the next regularly scheduled meeting of the board (or sooner, if the committee of officers deems that appropriate in light of the relevant circumstances). The responsible person has the opportunity to present any and all material facts to the board of directors at the meeting during which the instance is discussed, or to relate such material facts to the board of directors in writing at his/her option. The committee of officers, having received input from the responsible person and the board of directors, determines whether a conflict of interest in fact exists under this policy. If the committee of officers determines that a conflict of interest does not exist, the decision of the committee of officers can be overridden by a simple majority vote of the board of directors. If the committee of officers determines that a conflict of interest does exist, or if this decision is attained by an override vote of the board of directors, the board will determine the actions, if any, to take with respect to the conflict of interest. In this regard, the board may only take those actions within its powers, as authorized by the bylaws and/or articles of incorporation of wonders.”

“The committee of officers of the board of directors determines the compensation and benefits for the executive director. The committee reviews published comparable data for similar non profit organizations in the washington, dc metropolitan area. The committee also surveys other non-profit organizations, particularly child care organizations, for additional data. In addition the executive director's performance is assessed by the committee each year to measure the leadership and management achievements and to establish goals for the subsequent year. These descisions are documented by the board of directors. The last salary review for the executive director was august 2022. The compensation for other key employees is determined by the executive director. Published data for the washington, dc metropolitan area and surveys of other comparable non-profit organizations are taken into consideration in establishing the compensation for each. The executive director evaluates other key employees annually. These descisions are documented by the executive director.”

“The governing documents, conflict of interest policy and financial statements are available to the public, by request, at the corporate office of the organization.”

“On may 18, 2020, wonders received loan proceeds in the amount of $149,900, under the economic injury disaster loan (eidl) program administered by the sba, at an annual interest rate of 2.75%. On october 8, 2021, wonders received notice of an increase in the loan amount to $350,000. The promissory note calls for monthly payments of $1,539, comprising both principal and interest payments, over the 30-year term of the promissory note, with a deferral of payments for the first twenty four months from the date of the original note. As part of the eidl program, wonders also received a $10,000 payment which will not require repayment.”