The Possibility Fund

“The 990 is prepared by an outside accountant and is reviewed by executive director. Upon receipt of the final draft 990, the executive director will distribute secure copies to each board member for review and approval. The executive director will be responsible for ensuring each board member understands and approves the 990 prior to submission to the irs.”

“All board members are given the conflict of interest policy to review upon joining the board. It is each board members' duty to notify the organization, at any time during the year, in connection with any actual or possible conflicts that arise and disclose the existence of the financial interest. The board member is to be given the opportunity to disclose all material facts to those with governing board delgated powers considering the proposed transaction or arrangement. The interested party will refrain from voting and the remaining board or committee members shall decide if a conflict of interest exists. In addition to the initial receipt of the policy upon joining the board, each member shall also annually sign a statement which affirms that they have read the policy, understand the policy, agree to comply with the policy and that they understand that the corporation is charitable and in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax-exempt purposes.”

“The executive director is not compensated by the organization. The executive director's, controller's and a program manager's time is donated to the organization.”

“The fund's form 990, financial information, conflict of interest policy, and governing documents are available upon request through the possibility fund.”

“Performance diagnostic, team meetings, executive and one-on-one consulting: program service expenses 1,000,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,000,000.”