Neighborhood Economic Development Corporation

“The day-to-day operations are managed by a new leaf, inc., an arizona non-profit corporation, exempt from tax under internal revenue code section 501(c)(3).”

“The articles of incorporation and the bylaws were amended to establish a new leaf, inc., an arizona nonprofit corporation, as the organization's sole member including addressing the governance decisions subject to the member's approval. The bylaws were also amended to change the number of boardmembers from not fewer than three and no more than nineteen to not fewer than seven and no more than fifteen. The amendment removed the requirement of an executive committee.”

“A new leaf, inc., an arizona nonprofit corporation, is the organization's sole member.”

“The member approves the board members elected by the board of directors.”

“The member has the right to approve the appointment or removal of a director or the filing of vacancies on the board of directors. The member must also approve any amendment or repeal of the organization's articles of incorporation or bylaws or the adoption of new articles of incorporation or bylaws, the appointment or removal of any officer of the organization, the fixing of compensation of the directors for serving on the board of directors or on any committee of the board of directors, the execution of any contract for goods, services or facilities, the borrowing or lending of money, the adoption of an annual budget and approval of an annual audit and tax return, and the liquidation or dissolution of the corporation, of the transfer, disposition, or encumbrance of the properties or assets of the organization other than in the ordinary course of the organization's business.”

“The form 990 is prepared by an outside accounting firm and reviewed by nedco's cfo. A copy of the return is distributed to board members prior to filing.”

“Board members must disclose the existence of any actual or possible conflicts of interest. After disclosure and discussion with the interested person, he/she shall leave while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists. After exercising due diligence, the board or committee shall determine whether nedco can obtain a more advantageous transaction or arrangement with reasonable efforts from a person or entity that would not give rise to a conflict of interest. If a more advantageous transaction or arrangement is not reasonably attainable under the circumstances that would not give rise to a conflict of interest, the board or committee shall determine, by a majority vote of the disinterested directors, whether the transaction or arrangement is in nedco's best interest and for its own benefit, and whether the transaction or arrangement is fair and reasonable to the organization and shall make its decision as to whether to enter into the transaction or arrangement in conformity with such determination.”

“Neighborhood economic development corporation (nedco) does not compensate the officers of the organization. Nedco is managed by a new leaf, inc. And nedco reimburses them for salaries. The board of directors of a new leaf, inc. Approves the salaries of key employees and other officers in the budget approval process for the organization.”

“The form 990 and form 1023 are available on a new leaf inc.'s website, a related charitable organization, www.turnanewleaf.org.”

“Governing documents are available to the public upon reasonable request.”

“Other professional fees: program service expenses 37,985. Management and general expenses 27,408. Fundraising expenses 0. Total expenses 65,393.”