Literacy Academy Collective Inc

“The form 990 is reviewed internally before submitting to the board of directors for approval.”

“In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the directors and members of committees with governing board delegated powers considering the proposed transaction or arrangement. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the governing board or committee meeting 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. Procedures for addressing the conflict of interest (1) an interested person may make a presentation at the governing board or committee meeting, but after the presentation, he/she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. (2) the chairperson of the governing board or committee shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. (3) after exercising due diligence, the governing board or committee shall determine whether the organization can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. (4) if a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the governing board or committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the organization's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination it shall make its decision as to whether to enter into the transaction or arrangement.”

“Lac uses comps from other non-profits when setting compensation for staff, including looking at the nonprofit ny compensation report, and scion 2024 nonprofit salary guide. The ed works with a consultant to suggest salaries, and then gets approval from the board chair and treasurer before making any changes.”

“Documents are available upon request.”

“Payroll processing fees: program service expenses 0. Management and general expenses 4,851. Fundraising expenses 0. Total expenses 4,851. Interns: program service expenses 150. Management and general expenses 200. Fundraising expenses 3,200. Total expenses 3,550. Policy consultant: program service expenses 186,623. Management and general expenses 0. Fundraising expenses 0. Total expenses 186,623. Instruction consultants - curriculum adaptation: program service expenses 28,022. Management and general expenses 0. Fundraising expenses 3,301. Total expenses 31,323. Organizational support consultants: program service expenses 28,800. Management and general expenses 12,170. Fundraising expenses 0. Total expenses 40,970. Instruction consultants - training & coaching: program service expenses 48,075. Management and general expenses 0. Fundraising expenses 0. Total expenses 48,075. Other professional fees: program service expenses 32,809. Management and general expenses 19,974. Fundraising expenses 0. Total expenses 52,783.”