Mojaloop Foundation Inc

“Mojaloop foundation, inc. Uses a management company, virtual inc., to perform management duties customarily performed by or under supervision of officers, directors, or key employees. Virtual inc. Was compensated $728,784 for management and other services provided to the organziation in 2024.”

“The foundation has two classes of membership, representing members that publicly (but nonexclusively) support the foundation's charitable and educational purposes: (a) sponsor members and (b) promoter members.”

“Sponsor members have the right to appoint a director to the board of directors. Sponsor members also have the right to appoint a delegate to the technical governing board. Promoter members have the right to nominate and vote to elect delegates to the technical governing board.”

“A draft copy of the form 990 was provided to the entire board of directors before it was filed.”

“Annual distribution of this policy and disclosures. A copy of this policy must be furnished annually to all incumbent and incoming directors and officers of the foundation. Each director and officer shall annually sign a statement or affirm at a meeting of the board of directors that he or she has received a copy of this policy; has read and understands the policy; and has agreed to comply with this policy. Each year each director and officer shall file a statement with the board of directors that lists: (a) any outside employment or consulting work that could constitute a conflict; and (b) any board membership or affiliation with other organizations that could constitute a conflict. Each director and officer must also list his or her investments in any foundation, partnership, trust, or fund in which he or she, together with members of his or her family, has directly or indirectly a greater than 35% ownership interest, regardless of whether such investments could constitute a conflict.”

“The organization's executive director is leased from the management company, virtual inc. The executive director's compensation is determined by mojaloop's compensation committee. The mojaloop compensation committee is composed of 2-3 independent individuals including the treasurer and 1-2 board members. The recorded meetings of these individuals include review of individual performance against goals and targets, current compensation for comparable roles at comparable organizations, irs guidelines for reasonable total compensation, and outside independent compensation consultants if needed. The findings and recommendations from these reviews are presented to the full mojaloop foundation board for consideration and approval.”

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

“Other contracted services: program service expenses 1,854,057. Management and general expenses 347,636. Fundraising expenses 115,879. Total expenses 2,317,572.”