Virani Family Foundation

“Farid virani, president/director, and faraz virani, treasurer/director, are father and son - family relationship.”

“The organization has a sole member, the greater houston community foundation. The following matters are reserved to the member and require affirmative action of the member to be effective. A. Merger, acquisition, or consolidation of the organization. B. Borrowing or lending of money or the creation of indebtedness through the guaranty of another's debt or similar action. C. Removal of one or more members of the board of directors. D. Imposing any restrictions on the organization to prevent it from losing its status as a nonprofit organization under the u.s. Tax code.”

“The member and their rights are described in the note to part vi, line 6.”

“The organization does not have any committees with authority to act on behalf of the governing body.”

“The final document was distributed via e-mail to the board members for review prior to filing. The controller and tax manager of the greater houston community foundation initially review the 990. Upon the resolution of any questions raised by these individuals and any changes that result from this review, the completed document is then distributed to the principal officer for review. Once reviewed by this individual, and updated with any changes, a finalized copy is provided to this individual for final review and approval, prior to distribution to the board.”

“The conflict of interest policy is distributed to all directors, non-director committee members, and employees annually. They are asked to acknowledge receipt by returning a signed acknowledgment. When discussion occurs and/or votes are taken in committee and/or board meetings and a member indicates a conflict of interest, such conflicts are noted in the minutes of the meeting and abstains from any vote taken.”

“Copies of the certificate of formation, bylaws, and conflict of interest policy may be obtained by calling the office. The organization's financials are not separately audited. A copy of the consolidated audited financials for the related organization, the greater houston community foundation, may be requested by calling the office.”

“Reversal of management fees 10,000.”

“There were no changes to the oversight process or the selection process from prior years.”