Innovation for Equity Inc

“Innovation for equity's (ife) form 990 is prepared with the assistance of an outside accounting firm. Following ife's internal management's review, a draft version of the return is distributed to each voting member of the governing body for review and comments. The outside accounting firm will make edits as necessary and finalize the form 990. Copies of completed form 990 will be distributed to members of the governing body prior to filing with the irs.”

“Conflict of interest policy in connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the directors and members of committees with governing board-delegated powers considering the proposed transaction or arrangement. Each director, principal officer, and member of a committee with governing board-delegated powers shall annually sign a statement that affirms such person a)has received a copy of the conflict-of-interest policy, b)has read and understood the policy, c)has agreed to comply with the policy, and d)understands the organization is charitable and in order to maintain its federal tax exemption it must engage primarily in activities that accomplish one or more of its tax-exempt purposes.”

“Compensation for the executive director was determined by the organization's selection committee by using comparable, relevant market data for the organization's position obtained from published surveys, and other available sources such as peer organizations' 990 forms. Other surveys of specialized skill sets or employee attributes critical to the success of the organization will also be incorporated as needed. Moreover, the committee may rely on outside advisors, consultants, and counsel to provide market data reports, analysis, and opinions with respect to compensation-related matters. All compensation decisions made are documented in the minutes.”

“The organization makes its form 990 and form 1023 available for public inspection as required under section 6104 of the internal revenue code upon request. The form 990 is also available on guidestar.org, mass. Attorney general website (http://www.charities.ago.state.ma.us/charities/) and other similar types of websites.”

“The organization's governing documents, conflict of interest policy and financial statements are available for inspection upon request and also on the website of the massachusetts division of public charities.”

“Payroll fees: program service expenses 1,393. Management and general expenses 360. Fundraising expenses 648. Total expenses 2,401. Other contract services: program service expenses 0. Management and general expenses 0. Fundraising expenses 40. Total expenses 40. Communications and membership: program service expenses 135,405. Management and general expenses 55,775. Fundraising expenses 17,004. Total expenses 208,184.”

“The organization did not change either its oversight process or selection process during the tax year.”