Literacy Trust Inc.

“The organization uses justworks, a professional employer organization ("peo"). As a peo, justworks provides professional employer services to literacy trust. In the peo relationship justworks and literacy trust share certain responsibilities and allocate other employer responsibilities between each other. Literacy trust remains an employer of the worksite employees and justworks is a co-employer of literacy trust's employees. Justworks reserves the right of direction and control over employees as is necessary to fulfill its obligations and provide its services under an agreement between literacy trust and justworks. Justworks and literacy trust have a right to hire, discipline, and terminate employees as to each one's employment relationship with employees. The fee paid to justworks during fy2020 was $18,902.”

“The organization has its form 990 prepared by an outside accounting firm and is then reviewed by the board treasurer and executive director prior to distribution to all board members for their review. The form 990 is approved by the audit and finance committee and then filed with the irs.”

“Literacy trust has a written conflict of interest policy, which is monitored and enforced annually. All directors and officers are required to disclose any conflict of interest that may exist with the organization on an annual basis and as they arise. Any disclosures made are reviewed by the board. The board reviews each circumstance and decides as to whether a potential conflict exists, whether actual conflicts can be fully and satisfactorily addressed, or whether other action is required. If a board member has a conflict of interest, they are excused from participating in the vote of that conflict. Any discussion regarding the conflict of interest transaction is documented in the minutes of the board meetings. The minutes of the board meeting reflect the conflict of interest that was disclosed, the name of the interested person, and final discussion on the conflict of interest transaction.”

“The board of directors annually reviews and approves the compensation of the executive director using compensation data from comparable institutions under comparable circumstances for comparable services, to ensure that the compensation is competitive without being excessive. The process last occurred in fiscal year 2020, and the records of the decision are maintained in the organization's personnel files.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is posted on guidestar.org, as well as other similar types of websites. In addition, the financial statements, conflict of interest policy, form 990, form 1023, and by-laws are also available upon written request to 141 west 28th st, 6th floor, new york, ny 10001.”

“Loss on uncollectible pledge -49,939.”

“The process for the oversight of the audit of the organization's financial statements and selection of an independent accountant has not changed from the prior year.”