Bancroft Global Development

“Starting in october 2021, bancroft global development (bgd) contracted with bancroft global management (bgm), an unrelated organization, to provide management services, oversight, and personnel to bgd. The following individuals were compensated by bgm in the listed amounts for their services to bgd under the management arrangement with bgm: michael stock $0 marc frey $39,450 william walters: $0 gregory joachim: $54,600 christine jones: $19,800”

“The form 990 was prepared by the outside accountants and reviewed by the organization's officers. For completeness and accuracy, a copy of the 990 was provided to the full board before it was filed with the irs.”

“The organization requires written update of disclosures from its officers and directors on an annual basis. In accordance with bancroft procurement policy, interested parties are obligated to offer recusal from relevant management decisions, which the unaffected bancroft management parties can accept or reject prior to making final decisions. The following procedures are be used to address organizational conflict of interests: 1. The organizational relationship giving rise to the potential conflict is disclosed to the board of directors or to those individuals with board-delegated powers considering the proposed transaction or arrangement. 2. Any individual with a potential conflict must recuse him/herself from decision-making with respect to the proposed transaction or arrangement. 3. After exercising due diligence, the board of directors or those individuals with board-delegated powers determines whether bancroft can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. Exercising due diligence includes considering competitive bids, quotes, or other bases of valuation. 4. If a more advantageous transaction or arrangement is not reasonably available under circumstances not producing a conflict of interest, a majority vote of the disinterested members of the board of directors determines if the procurement action is in bancroft's best interest and is fair and reasonable. Based on these determinations, the board makes its decision on whether to enter into the transaction or arrangement.”

“Officer compensation is reviewed by the board to ensure that compensation is set at fair market value. The 990s of other organizations are used to help establish officer compensation. Each board member recuses themselves from any decision that affects their compensation. Board members do not receive compensation for their service as an officer or director. The compensation process is discussed and documented in board minutes. The last compensation review took place in september 2021.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Other professional fees: program service expenses 852,677. Management and general expenses 85,239. Fundraising expenses 0. Total expenses 937,916. Contractors and local workers: program service expenses 10,409,676. Management and general expenses 0. Fundraising expenses 0. Total expenses 10,409,676.”