Education Reimagined

“The form 990 was prepared by an outside accounting firm. It was then distributed to the audit committee and management for their review. Changes were submitted to the 990 preparer and a final copy was produced. The final copy was sent to the audit committee to be recommended to the board for final approval and filing.”

“Employees annually sign employee handbooks which include a conflict of interest disclosure and board members annually sign a conflict of interest disclosure. The policy includes the duty to report any possible conflicts. Any duality of interest, conflict of interest or potential conflict of interest on the part of any director, officer or employee is disclosed and made a matter of record at the time and in a manner prescribed by the conflict of interest policy and in any subsequent action of the board. Any director having a duality of interest, conflict of interest, or potential conflict of interest on any matter cannot not vote or use his or her personal influence on the matter for any meeting of the board, or a committee thereof, at which an action related to such matter is proposed to be taken. The minutes of the meeting reflects the disclosure by the director, his or her abstention from voting and the presence or absence of a quorum. The director may, nevertheless, briefly state his or her position on the matter and may answer pertinent questions of other directors.”

“The president's salary was determined by the board, which consults salary data from similar organizations. The board's discussion and determination was recorded in the board meeting minutes. The last compensation review took place in december 2019, for the 2020 fiscal year.”

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

“Designers/advocates: program service expenses 113,002. Management and general expenses 36,764. Fundraising expenses 0. Total expenses 149,766. Outside services: program service expenses 132,579. Management and general expenses 43,134. Fundraising expenses 0. Total expenses 175,713. Public relations: program service expenses 314. Management and general expenses 102. Fundraising expenses 0. Total expenses 416.”

“On april 23, 2020, education reimagined received loan proceeds in the amount of $159,100 under the paycheck protection program. The promissory note calls for monthly principal and interest payments amortized over the term of the promissory note with a deferral of payments for the first six months. Under the coronavirus aid, relief, and economic security act (cares act), the promissory note may be forgiven by the small business administration in whole or in part. Education reimagined intends to use the proceeds for purposes consistent with the paycheck protection program and believes that its use of the loan proceeds will meet the conditions for forgiveness of the loan. Education reimagined intends to apply for forgiveness after completing the 24-week period. If forgiveness is granted, education reimagined will record revenue from debt extinguishment during the period that forgiveness was approved. On june 21, 2021 the first-draw ppp loan was forgiven.”