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). (see schedule r)”

“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 of 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 any committee of the board of directors, the exectuion of any contract for goods, services or facilites, 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, dispostion, or encumbrance of the properties or assets of the organizaion other than in the ordinary course of the organizaiton's business.”

“The form 990 is prepared by the independent certified public accounting firm who conducted the financial statement audit and is then presented to the cfo and the ceo of a new leaf for their review and discussion. Once approved by them, the form 990 is distributed to the board of directors prior to filing with the irs.”

“Board members must disclose the existence of any actual or possible conflicts of interest. After disclosure and discusion 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 committe 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 committte 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 wheter 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. A new leaf, inc reports the following processes for determining the compensation of their ceo and other officers and key employees: the ceo's salary is determined annually by the executive committee of the board of directors in conjunction with an annual performance review. The executive committee considers comparative market data for similar positions in comparable organization's in setting the annual salary for the ceo. The ceo follows a similar process in setting the salaries of key employee and officers of the organization with annual performance reviews and analyses of market data for similar positons in comparable organization. The board of directors approves the salaries of key employees and other officers in the budget approval process for the organization”

“A public copy of the form 990 and the form 1023 are available on a new leaf inc.'s website (a related organization, see schedule r) at www.turnanewleaf.org.”

“A public copy of the form 990, form 1023, the conflict of interest policy and other governing documents are available upon request at the organization's administration office during regular business hours.”

“Contract personnel services: program service expenses 29,784. Management and general expenses 0. Fundraising expenses 0. Total expenses 29,784.”

“Recovery of bad debt taken in prior years 31,469.”

“There has been no change in either the oversight process or the selection process during the tax year.”