Interfaith Works Inc.

“The form 990 is reviewed by the chief executive officer and the executive committee prior to filing with the irs. A copy of the form 990 is then provided to each member of the board of directors.”

“A copy of the conflict of interest policy is provided annually to each member of the governing body as well as to all officers and key employees; each is reminded to review the policy and to report any conflicts of interest. In connection with any actual or possible conflict of interest, an interested person discloses the existence of the financial interest and is given the opportunity to disclose all material facts to the directors and members of the committees with governing board-delegated powers considering the proposed transaction or arrangement. In an effort to aid such disclosure, each member (board, committee, chief executive officer, chief operating officer) completes the interfaith works conflict of interest questionnaire as circumstances warrant, but no less frequently than annually. The board or committee reviews each member questionnaire and any other disclosures regarding the financial interests of its members. After disclosure of the financial interest, the interested person leaves the board or committee meeting while the remaining board or committee members discuss and vote on whether a conflict of interest exists. After exercising due diligence, the governing board or committee determines whether the organization can obtain with reasonable effort a more advantageous transaction or arrangement from a person or entity that would not produce a conflict of interest. The interested person is not present in the room during the determination. If an alternative transaction or arrangement is not possible, the governing board or committee determines by a majority vote of the disinterested directors whether the transaction or arrangement is in the best interests of the organization, for its own benefit, and fair and reasonable. Based on these determinations, the board or committee makes its decision on whether to enter into the transaction or arrangement. If the board or committee has reason to believe an individual has failed to disclose actual or potential conflicts of interest, it will inform the member and allow him/her to explain the alleged failure to disclose. If the board or committee still has reason to believe a conflict of interest exists after the alleged conflict is explained, it will take corrective action, possibly including removal of the member from the board or committee or from employment at interfaith works.”

“The board does an annual performance review of the ceo and sets the compensation level for the ceo. The last compensation review took place june 2020.”

“The governing documents, conflict of interest policy, and audited financial statements are not generally made available to the general public, but if requests for copies of these documents were to be received, the organization would consider making them available to the requestor.”

“On april 21, 2020, the organization received loan proceeds in the amount of $811,800 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. The organization 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. The organization intends to apply for forgiveness after completing the 24 week period. If forgiveness is granted, the organization will record revenue from debt extinguishments during the period that forgiveness was approved.”