Greater Washington Educational Telecommunications Association Inc.

“The organization experienced an external cybersecurity breach in december 2019, resulting in an initial loss of $3,239,398 due to a series of fraudulent transactions. Upon discovery and investigation of the incident, the organization's financial institution was able to recover approximately $2.4 million in fraudulent charges, with the remainder expected to be recovered through a combination of the success of the federal investigation into the thefts (which involved other entities) and coverage provided by the organization's insurance policies. Investigative and corrective measures taken as a result of this event include thorough internal and external investigations into the incident and its causes, an external assessment of the accounts payable process, mandatory cybersecurity training of employees, and modifying our vendor management process to incorporate independent verifications intended to prevent future cybertheft.”

“The organizations' form 990 undergoes a number of internal and external reviews before it is filed with the irs. The return is prepared by the controller, then reviewed by the cfo, then by the organization's public accounting firm. The 990 is reviewed by the finance & budget committee prior to filing.”

“The conflicts of interest policy applies to: (i) trustees who are entitled to vote on the board of trustees, (ii) principal officers of weta, including without limitation the president, chief operating officer, chief programming officer and chief financial officer, (iii) and members of board-delegated committees. There is a separate conflict of interest policy for employees in the overall code of conduct policy. An interested person promptly shall disclose to weta any transaction or proposed transaction with weta of which he or she is aware: (a) to which such interested person or a related person is a party, regardless of the dollar amount of the transaction, or (b) with an organization with which such interested person or a related person has an affiliation and in which the amount involved in the transaction exceeds or is likely to exceed $5,000. In addition, disclosure shall be made by each interested person upon election, appointment or initial employment, as the case may be, and annually thereafter on or about the time of the annual meeting, by completing and submitting the disclosure form. All disclosures under this conflicts of interest policy shall be directed to the chief operating officer who, in consultation with the general counsel, shall be responsible for the administration of this policy. The written minutes of the board or committee meeting will include a general description of any transaction that was approved and the basis for the approval, the information considered by the board or committee before voting on the transaction and how that information was obtained, and the members of the board or committee who were present for the discussion and the vote. If the board or committee determines that a transaction should not be approved, the written minutes will reflect the reasons for its determination and its recommendation, if any. The minutes shall be recorded before the next meeting of the board or committee, and reviewed and approved at that meeting.”

“The process for determining compensation of the organization's ceo, or top management official: compensation for weta's officers is reviewed and approved annually by weta's compensation committee and board of trustees with an external consultant based upon comparable market information. This annual compensation review is documented. The process for determining compensation of the organization's officers or key employees: compensation for weta's key employees is reviewed by weta officers using external market information. Compensation reviews are documented.”

“The governing documents and conflict of interest policy are available on the internal website. The financial statements are available upon request, on our website, as well as on guidestar. These documents are available for the same period of disclosure as set forth by section 6104(d).”

“Hours reflected for employees are the standard hours per week and not actual hours worked.”