Alpfa Foundation Inc.

“The chief executive officer and chairperson of the association's board of directors will serve as directors of the foundation. Starting 2023, the association's board of directors will serve as directors of the foundation.”

“The form 990 is reviewed by management and the audit commitee, then the form 990 is made available for review to all members of the governing body prior to submission.”

“The board of directors meets regularly to review and monitor the foundation's activities. All board members are covered by the conflict of interest policy. Board members shall submit a signed conflict of interest disclosure annually to the board. If a conflict arises, the member with a conflict of interest will recuse themselves from the decision making process and voting on transactions. There have been no incidences of any conflict in 2023.”

“In prior years, alpfa foundation, inc. (the "foundation") had no employees and all work was done by its related party alpfa, inc. (the "association"). Starting in 2023, the board of directors' strategic decision transfered all operations to the foundation, including compensation. Compensation and merit increase recommendations by management are reviewed by the hr committee, which performs market comps and that final approval of compensation is approved by the foundation's board as part of the annual budget approval. This process is documented and was last done in october 2023 for the ceo and cfo.”

“All governing documents are available for viewing on the association's website. Policies and financial statements are available upon request.”

“Alpfa foundation, inc. (the "foundation") has expanded and its related party alpfa, inc. (the "association") is transitioning its charitable activities to the foundation. This strategic decision to operate charitable activities primarily out of the foundation was approved by the board of directors in september 2022. Therefore, starting late 2022, programs and scholarships has increased in the foundation and will continue to increase in 2023 and beyond.”

“Contract/professional services: program service expenses 762,572. Management and general expenses 108,821. Fundraising expenses 0. Total expenses 871,393. Payroll services: program service expenses 7,762. Management and general expenses 11,643. Fundraising expenses 0. Total expenses 19,405.”