What If-Foundation

“During calendar year 2023, What If? Foundation ("Foundation") discovered that an individual formerly associated with the organization had utilized Foundation financial resources without knowledge nor authorization from the Board of Directors. The unauthorized use of these assets appears unrelated to the Foundation's mission and tax-exempt purposes. Despite requests for explanation and relevant documentation, the individual has not complied. As a result, the Foundation has severed ties with the individual and engaged legal counsel. As of December 31, 2023, the potentially misappropriated funds, totaling $243,727, have been reported as an "other asset" on the Foundation's balance sheet. It is currently unknown what amount, if any, will be recoverable. The Foundation is working with legal counsel to determine the appropriate course of action and has implemented additional internal controls to prevent, detect, and limit the risk of future asset diversion.”

“A draft version of the Form 990 is provided by the tax preparer to the board prior to filing. Any adjustments are communicated with the tax preparer and implemented by the time the return is filed.”

“As part of their on-boarding, board members fill out a conflict of interest form when they join the board. As part of the conflict of interest policy, board members are expected to contact an officer of the organization so that safeguards can be established. These forms would be reviewed by the rest of the board and action would be taken on a case by case basis.”

“Compensation process for top official: a board-appointed committee will obtain research and information to make a recommendation to the full board for the compensation (salary and benefits) of the executive director (and other highly compensated employees or consultants) based on a review of comparability data. For example, the committee will secure data that documents compensation levels and benefits for similarly qualified individuals in comparable positions at similar organizations. This data may include the following: 1. Salary and benefit compensation studies by independent sources; 2. Written job offers for positions at similar organizations; 3. Documented telephone calls about similar positions at both nonprofit and for-profit organizations; 4. Information obtained from the IRS form 990 filings of similar organizations.”

“See process described on Part VI, Line 15a”

“Documents are available on guidestar.org and upon request.”

“In November 2023, the What If Foundation welcomed Kay Lasante as a new program partner and became the fiscal sponsor for this programs founders and fundraisers, the House of Grace Catholic Worker in Philadelphia, PA. Kay Lasante, House of Health is a Haitian-operated health clinic that provides free health care to children and adults living in the Ti Plas Kazo community, the same community as the Lamanjay food program and Father Jeri School. See Part III, Line 4c for further information.”