Building Futures

“The organization has its form 990 prepared by an outside accounting firm and is then reviewed by the board treasurer prior to distribution to all board members for their review. Once the form 990 is approved by the board, the return is then filed with the irs.”

“The organization has a written conflict of interest policy which covers officers, directors, and employees who are required to annually sign a statement and disclose interests that could give rise to conflicts. These persons must also disclose in advance any potential direct or indirect financial interest that may affect his or her conduct. Conflicts are determined by the governing board, and the interested person must recuse himself or herself from any debate, decision, or other action regarding the matter. Minutes from the board meetings will contain a) the names of the persons who disclosed or were otherwise found to have an actual or possible conflict of interest, the nature of the conflict, any action taken to confirm the existence of the conflict, and the governing board or committee's decision re: the existence of the conflict, and b) the names of the participants in the discussions and votes re: the transaction or arrangement that is the subject of the conflict investigation, any discussion and decisions as to alternatives to said transaction or arrangement, and a record of any votes taken in connection with the proceedings.”

“The compensation of the executive director is determined by the board of directors. They utilize market comparability data within rhode island and new england region, as well as individual job performance in making their determination. The compensation is approved by the board and their decision is documented in the organization's personnel files. The process was last undertaken in 2021. The compensation of the finance & operations director is determined by the executive director who uses comparability data of similar nonprofits in rhode island and new england regions. The compensation determination is documented in the organization's personnel files.”

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

“The organization has a finance/audit committee of the board of directors that is responsible for the oversight of the audit of the organization's financial statements and the selection of an independent accountant. The process has not changed from the prior year.”