Readyone Industries Inc.

“The agency sent the completed form 990 to each of its board members as well as executive management for their review. The parties provided comments to the cfo who then discussed them with the chair of the audit committee and agency management. The agency made appropriate changes to the return, and reported back to the board of directors, who then approved the return.”

“The conflict of interest policy states that each director, officer, key employee and committee member must inform the board of any position held or any activity that may result in a possible conflict of interest or bias at the time the transaction is under consideration by the board. The board, during its meetings, regularly reminds its member of disclosing conflicts of interest during its discussions. The board strengthened its policy by requiring each covered person to annually affirm compliance with the policy.”

“The agency has a compensation policy that governs the process by which the board of directors establishes compensation paid to its officers, directors, and key employees. A critical component of the policy is to prevent readyone from entering into an excess benefit transaction and to afford the protections of the rebuttable presumption of reasonableness with respect to key compensation arrangements. The policy requires that an annual review be conducted of officers, directors and key employees, and that each director sign a statement affirming the policy each year. The board is also required to determine that each director voting on the compensation arrangements does not have a conflict of interest. As part of the annual review, each year the board engages an independent, qualified consulting or accounting firm with expertise in establishing reasonable compensation. Officer and key employee compensation is analyzed one year and the board of director's compensation is analyzed alternately the following year, resulting in a study performed every two years for each category of compensation. In addition to the study, the board and management review the proposed compensation for reasonableness by studying compensation levels by similar type organizations, both taxable and tax exempt, the availability of similar services in the agency's geographic area, current compensation surveys by independent firms, and actual written offers from similar institutions.”

“The agency makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”