Grameen Foundation USA

“Grameen foundation usa amended its bylaws to include several changes made in conjunction with the integration of freedom from hunger. The number of directors was increased from 25 to 28, a provision was added for the cfo to be the assistant corporate secretary, established the president & ceo as an ex officio voting member of all committees and removed the president & ceo as an ex officio member of the board of directors. The annual meeting was changed to occur any time within the fiscal year. Finally, term limits were established at nine years and the methodology for re-election of directors was modified.”

“The draft 990 was prepared by the outside accountants and was discussed with and reviewed by the cfo and director, finance. Subsequently, a draft was provided electronically to all members of the board of directors and the audit committee prior to filing. Members had an opportunity to review and provide comment on the draft via a board meeting. In addition, grameen foundation usa provided the final version of the 990 to all board members and provided a forum at the next board meeting to discuss the document.”

“Grameen foundation usa maintains two conflict of interest policies: one for board members and officers; and one for all employees. Board members and officers are required to complete and sign a conflict of interest questionnaire annually, highlighting any potential conflicts. Additionally, all other staff are expected to make potential conflicts known to the executive leadership team. 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 january 2016.”

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

“Steve hollingworth, president and ceo of grameen foundation usa, also served as a voting board member for the period 4/01/2016 through 10/31/2016.”

“Translation fees: program service expenses 17,821. Management and general expenses 2,129. Fundraising expenses 61. Total expenses 20,011. Contractor expenses: program service expenses 25,719. Management and general expenses 3,073. Fundraising expenses 89. Total expenses 28,881. Subcontracts: program service expenses 491,904. Management and general expenses 58,768. Fundraising expenses 1,696. Total expenses 552,368. Other consulting fees: program service expenses 1,380,383. Management and general expenses 164,916. Fundraising expenses 4,759. Total expenses 1,550,058. Fees paid to grameen foundation india private limited: program service expenses 516,098. Management and general expenses 0. Fundraising expenses 0. Total expenses 516,098.”

“Current year loss of grameen foundation india private -111,326. Limited, included in consolidated financial statements and excluded from grameen foundation usa form 990 reporting. Refund of unspent grant funds -224,504.”