Rebel Ventures

“The board does not have any committees therefore this is not applicable.”

“Form 990 is reviewed and approved by board of directors before filing.”

“All board members deliver an annual statement disclosing any conflict of interest. All board members provide ongoing disclosures of any financial interest in transactions. All financial and conflicting interests are documented in board recordkeeping procedures. If a conflict is disclosed, the individual abstains from matters involving the conflict.”

“To determine the original range for rebel ventures' executive director salary, the board of directors analyzed industry standard ranges for similar positions. This analysis was used to determine compensation for subsequent executive directors. The board of directors determine job value, individual value, and integral equity to determine compensation. Salary levels are also reviewed and approved informally during budgeting and forecasting discussions at board meetings which takes places at least once a year.”

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

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

“The organization engaged a professional accounting firm for all years up to and including 2020 and prior. Rebel ventures' mission and program is centered around philadelphia public school students. When covid-19 caused philadelphia public schools to close in march 2020 through august 2021, students were no longer able to meet in person and engage in the process of making crumbles (the product produced by the organization in accordance with its mission), and the demand for and production of crumbles collapsed as did rebel ventures' revenue. With the loss of its revenue, gathering space, and prodcution facility, rebel ventures' employees left, and some board members were forced to relocate to other parts of the country. During 2021 and 2022, the organization erroneously believed that its previous accounting firm had filed its tax returns as it had done in all previous years of the organization's existence. In 2024, with the assistance of a free law school clinic, the organization discovered that its 2021 and 2022 tax returns had not been filed. The organization immediately took action to remedy the situation and contacted the previous accounting firm. The organization learned that the accounting firm had undergone personnel changes and the transition admist the pandemic caused the failture to file the orgnaization's returns for 2021 and 2022. The organization has since put into place several controls to prevent future filing failures: a. The board is in the process of creating a finance and audit committee that will work with an accountant to timely file the 990s. The committee also plans to schedule an annual meeting with the board to discuss any questions regarding the 990 filing. B. The organization has engaged a new professional accounting firm who will work closely with the organization to file the 2021, 2022 and 2023 returns, and ensure all future years' 990s are filed timely. C. The organization will continue to work with the university of pennsylvania carey law school, entrepreneurship legal clinic to help enact a mechanism to timely comply with its federal requirements.”