Grameen Foundation USA

“The form 990 and other non-profit tax returns are prepared by the tax department of the audit firm performing the annual audit of the organization's financial statements. Drafts of the returns are presented to the audit committee and president/ceo for their review and comments. Once all necessary changes are made, the final returns are provided electronically to all board members for their review and comments before the returns are filed. In the current year, the organization did not have time to present the full return to all board members for their review prior to filing the return. The organization still will have a meeting to go over the 990 with the board,and address all questions. It is the intention of the organization to resume the practice of having the board review the return prior to filing the return with the irs.”

“Grameen foundation usa maintains a conflict of interest policy for board members, officers, employees, and volunteers. Board members, officers, and staff with signature authority are required to complete and sign a conflict of interest questionnaire annually, highlighting any potential conflicts. Additionally, all board and staff are expected to make potential conflicts known to the executive leadership team or board of directors. Until grameen foundation usa approves actions to mitigate or otherwise resolve the conflict, the grameen foundation usa staff or board member must abstain from participating in any discussions, deliberations, decisions or voting related to the conflict of interest. Disregarding or failing to comply with the conflict of interest policy could lead to disciplinary action, up to and including termination of employment.”

“The grameen foundation usa board of directors approves the salary of the ceo annually and of each officer upon hiring or promotion. Management provides the board with salary survey information related to comparable positions to determine whether salaries are reasonable. Discussions and decisions are recorded in the corporate minutes. In subsequent years after initial board approval, compensation adjustments for other officers are determined by the ceo. The last salary review was conducted in june 2018.”

“Grameen foundation usa makes its audited financials, governing documents and conflict of interest policy available to the public upon request.”

“Contract service: program service expenses 440,790. Management and general expenses 15. Fundraising expenses 0. Total expenses 440,805. Consultants: program service expenses 1,297,986. Management and general expenses 572,524. Fundraising expenses 14,788. Total expenses 1,885,298. Research services: program service expenses 59,945. Management and general expenses 0. Fundraising expenses 0. Total expenses 59,945. Contractors' expenses: program service expenses 29,410. Management and general expenses 1,050. Fundraising expenses 1. Total expenses 30,461.”

“Current year income of grameen foundation india private 58,727. Limited, included in consolidated financial statements refund of prior year grant -37,844.”

“Prior period adjustment due to adoption of asu 2018-08: -2,250,522”