Us Faster Payments Council

“The organization contracted with a third-party provider - virtual, inc. - to manage its operations for 2019 and through march 31, 2020. Per the agreement, virtual, inc.provided management, marketing, communication, finance/accounting and other services to the organization. In addition, virtual, inc. Provided the employee roles of executive director, director of operations, and director of marketing & communications. Effective in april 2020, the organization utilized the services of a professional employer organization (peo), paychex.”

“The form 990 is presented by the executive committee to the board for their review and approval prior to filing.”

“The fpc's conflict of interest policy requires that board members disclose all material actual or potential conflicts of interest prior to the commencing of a board meeting or during a board meeting, whichever is the earliest. When there is a doubt as to whether a conflict exists, the matter is resolved by a vote of the fpc board, excluding the person(s) concerning whose situation the doubt has arisen. The board shall ascertain that all material facts regarding the matter have been disclosed to the board. After exercising due diligence, which may include investigating alternatives that present no conflict, the board shall determine whether the matter is in the fpc's best interest, for its own benefit, and whether it is just and reasonable to the fpc. The official minutes of the board shall reflect that the conflict of interest was disclosed and the interested person(s) did not participate in the final discussion or vote and did not vote on the matter. Failure to disclose any actual or potential conflict of interests may be referred to the board of directors for appropriate disciplinary and/or corrective action.”

“The organization's governing documents and financial statements are made available to the public upon request.”

“The faster payments council (fpc) is an industry-led membership organization whose mission is to facilitate a world-class payment system where every person or organization can safely and securely pay anyone, anywhere, at any time and with near-immediate funds availability.”

“To agree to audited fianncial statements 4”