Richmond Promise Inc.

“The complete copy of form 990 is reviewed by the executive director and the treasurer. Then the organization provides a complete copy of the form 990 to the entire board for review before it is filed with the internal revenue service.”

“Duty to disclose in connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the directors and members of committees with powers delegated by the board of directors considering the proposed transaction or arrangement. Determining whether a conflict of interest exists after disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the board of directors or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists. Procedures for addressing the conflict of interest an interested person may make a presentation at the board of directors or committee meeting, but after the presentation, he/she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. The chairperson of the board of directors or committee shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. After exercising due diligence, the board of directors or committee shall determine whether the organization can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. If a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the board of directors or committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the organization's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination, the organization shall make its decision as to whether to enter into the transaction or arrangement. Violations of the conflicts of interest policy if the board of directors or committee has reasonable cause to believe a member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose. If, after hearing the member's response and after making further investigation as warranted by the circumstances, the board of directors or committee determines the member has failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action. Annual statements each director, principal officer and member of a committee with powers delegated by the board of directors shall annually sign a statement that affirms such person: has received a copy of the conflicts of interest policy, has read and understands the policy, has agreed to comply with the policy, and understand the organization is charitable, and in order to maintain its federal tax exemption, it must engage primarily in activities that accomplish one or more of its tax-exempt purposes.”

“Compensation of the organization's top management official including executive director is determined through annual review process that involves reciprocal reflection on goals and metrics aligned to job description and strategic plan. The executive director fills it out, and the board fills it out. The board deliberates and then determines salary based on salary industry standards. Compensation of the organization's officers or key employees is determined through annual review process that involves reciprocal reflection on goals and metrics aligned to job description and strategic plan. The executive director fills it out, and the employee fills it out. The executive director sends review to the board with a recommendation based on salary industry standards. The board deliberates and then determines salary”

“The organization makes its form 1023 and form 990 available for publilc inspection available upon request.”

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

“The organizaion is still new and working on establishing its procedures and policies. Currently, the richmond promise board of directors oversees the audit, review, or compilation of its financial statements and selection of independent auditor. The organization is planning to form an audit committee in fiscal year 2020.”