Grameen Foundation USA

“The draft 990 was prepared by the outside accountants and was discussed with and reviewed by the executive leadership team. 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. 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 fill out 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 approves actions to mitigate or otherwise resolve the conflict, the grameen 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 november 2015.”

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

“Translation fees: program service expenses 2,233. Management and general expenses 117. Fundraising expenses 0. Total expenses 2,350. Contactor expenses: program service expenses 106,067. Management and general expenses 5,579. Fundraising expenses 11. Total expenses 111,657. Subcontracts: program service expenses 1,173,144. Management and general expenses 61,702. Fundraising expenses 124. Total expenses 1,234,970. Other consulting fees: program service expenses 1,939,119. Management and general expenses 101,989. Fundraising expenses 206. Total expenses 2,041,314.”

“Current year loss of grameen foundation india, included in -350,437. Consolidated financial statements and excluded from grameen foundation usa form 990 reporting. Refund of unspent grant funds -195,592.”

“On part i, line 19 of our 990, grameen foundation (gf) reports a loss of approximately $3.9m in fy16 and $420k in fy15. These "losses" reflect a reduction of total net assets in each year. It is important to note that these losses include non-operating items (such as mark-to-market of our program investments) and changes in our restricted net asset balance (which may fluctuate widely depending on the timing of donor payments). While the form 990 is rigid and only shows the total presentation, our audited financial statements more comprehensively show both the total presentation and the unrestricted presentation, with a clear break out of our non-operating items. For additional insight into our financial performance, we encourage all stakeholders to view our audited financial statements, which are available for download on our website.”