Maryland Black Caucus Foundati

“The MBCF follows a structured process for board review to maintain transparency, compliance, and accuracy in financial reporting. First, MBCF staff or an external accounting firm compiles the required financial data and prepares a draft of”

“the 990 form, ensuring it accurately reflects MBCFs revenue, expenses and activities. The Executive Committee, or designated finance subcomittee, conducts an initial review of the draft, checking for accuracy and identifying any”

“potential issues. Once this preliminary review is complete, the draft is presented to the full board, where members can ask questions and request claifications before approval.”

“Through this process, MBCF ensures its financial records are accurate, compliant and transparent to the public.”

“The MBCF maintains a Conflict of Interest policy to ensure transparency, integrity, and accountability with the organization. Each year, all board members complete”

“a Conflict of Interest disclosure form, which is them filed by the Board Secretary. This form serves as a formal declaration of any potential conflicts that could influence”

“a board members decision-making.Board members are required to disclose any new conflicts that may arise throughout the year. These updates must be provided in writing & presented to the board for monitoring and ethical oversight.”

“The MBCF follows a structured process to ensure that hiring and compensation for both employees and consultants align with industry standards, particularly for administrative and fundraising roles. First, MBCF defines requirements and”

“responsibilities for each role, conducting thorough industry benchmarking to set compensation in line with current standards. This includes gathering data from reputable salary surveys and nonprofit industry reports to inform fair”

“and competitive pay. Next, MBCF prepares a detailed compensation proposal, supported by market data, to ensure alignment with internal budgets and organizational goals.”

“During quarterly board meetings, compensation proposals are presented for review, allowing for board oversight and consideration of any potential conflicts of interest.”

“Additionally, MBCF performs an annual compensation audit to confirm ongoing alignment with industry standards, making adjustments as necessary. This process enables MBCF to”

“maintain equitable and competitive compensation practices while supporting transparency and accountability.”