Charity on Top Foundation Inc

“A copy of the form 990 is made available to all board members for their review and comment before filing. Any issues or concerns are discussed prior to submission.”

“The board is required to review and sign the conflict of interest policy annually. They are asked to disclose any known conflicts at that time or as they may arise throuighout the year. To date, there have been no conflicts of interests.”

“Governing documents are maintained by marchelle sellers, a co-founder of the organization. Anyone may see a copy of the documents including the form 990 upon request.”

“Note regarding revenue reporting changesbeginning in 2022, charity on top foundation adopted a new accounting practice whereby charitable gift card sales and donor-advised fund contributions are recognized as future liabilities rather than revenue. As a result of this change, the foundations reported gross revenue decreased significantly, now reflecting only earned income from consulting services, card transaction fees, associated card services and interest earned.”

“Note regarding charity payment processingin august 2023, charity on top implemented a new payment portal system to address the high volume of uncashed checks from our charity partners. This portal allows charities to securely access and retrieve their payments 24/7. As part of the process, charities are contacted and required to complete a verification procedure to confirm their identity and authorization to receive funds. .while the initial outreach and vetting process has proven slower than anticipatedlargely due to delayed responses from some charitiesonce verified, charities can easily request payments through the portal, with ach disbursements processed within hours. The transition has resulted in a temporary backlog in outreach and vetting efforts, contributing to an increase in funds classified as charity payments outstanding. To address this, five charity on top team members have been dedicated to outreach and verification efforts. We continue to enhance the system, and an increasing number of charities are now successfully claiming their funds more efficiently.”