Material Innovation Institute

“The 990 form will be reviewed by management for accuracy and completeness. Once approved, the draft 990 form will be circulated to the board of directors for review before confirming the draft and finalizing.”

“Each year, the board of directors signs a conflict of interest certification after reading the conflict of interest policy again. On that certification form, they declare any conflicts which are then shared with the other directors to determine if it is an actual conflict. Any potential conflict is voted on by the board of directors as to next steps. Any person with a conflict is prohibited from voting on any decisions that are affected by the conflict.”

“The board of directors meet and approve the salary of the ceo and coo. Compensation is reviewed based on comparison to public information about compensation in positions at similar organizations, and the organization's compensation philosophy. This process last took place in february 2023.”

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

“Material innovation institute leases employees from a professional employment organization, justworks employment group llc. The employees are considered common law employees of material innovation institute, however, justworks employment group llc is the employer of record and employees get their w2s from justworks employment group llc.”

“Innovation contractor: program service expenses 85,752. Management and general expenses 0. Fundraising expenses 0. Total expenses 85,752. Scitech consultant: program service expenses 16,980. Management and general expenses 0. Fundraising expenses 0. Total expenses 16,980. Payroll processing: program service expenses 3,236. Management and general expenses 3,107. Fundraising expenses 646. Total expenses 6,989. Interns: program service expenses 5,200. Management and general expenses 0. Fundraising expenses 0. Total expenses 5,200. Consultants: program service expenses 42,588. Management and general expenses 28,284. Fundraising expenses 541. Total expenses 71,413.”

“Loss on foreign currency translation -1,434.”