Literacy Trust Inc.

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

“Literacy trust has a written conflict of interest policy, which is regularly and consistently monitored and enforced. 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.”

“On an annual basis, the board of directors reviews and approves the compensation of the executive director using compensation data from comparable organizations, to ensure that compensation is competitive without being excessive. The documentations and decision were contemporaneously documented. This process was last completed in fiscal year 2023.”

“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.”

“The organization contracted with a professional employer organization (peo) for services, including but not limited to, payroll, timekeeping, employee benefits, hr administration and workforce regulatory compliance needs. As the employer of record for tax purposes, forms w-2 and w-3 are issued by the peo and filed under the peo's federal ein. In this co-employment arrangement, the organization is the common law employer and, accordingly, compensation is reported on form 990, part vii, section a and part ix, lines 5-10.”

“The organization has a committee which assumes responsibility for the oversight of the audit of its financial statements and selection of an independent accountant. The process has not changed has not changed from the prior year.”