African Collaborative Inc.

“Minutes are kept at board meetings, but not at committee meetings.”

“Once the 990 is drafted and ready, it is reviewed by the executive committee. After the executive committee review, the final 990 is shared with and reviewed by all board members.”

“Each officer or director must complete a conflict of interest form on an annual basis. In addition, it is each officer or director's responsibility to make a full and prompt disclosure of all material facts regarding any activity that could create a potential conflict of interest. An interested person, including the person making the disclosure of a potential conflict of interest, may make a presentation at the board of directors or committee meeting but after the presentation they shall leave the meeting during the discussion of and vote on the possible conflict of interest. The co-ceos perform periodic reviews of possible conflicts of interest, as per african collaborative's conflict of interest policy.”

“The board of directors determines compensation for both co-ceos. The decision-making process is led by the executive committee. The board reviews both co-ceos compensation annually and sets any raises or bonuses aligned with existing compiled comparability data. This comparability data is reviewed and updated to align with the current market as needed.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available upon request. After we complete our first audit, we will make our audited financial statements available on our website.”

“Until the end of 2023, african collaborative was fiscally sponsored by myriad usa (formerly known as king baudouin foundation united states). Almost all programmatic revenue and expenses were recorded and reported by their fiscal sponsor. From january 2024, all programmatic revenue and expenses were transitioned to african collaborative's own bank account. This 990 now lists all of african collaborative's program service accomplishments. While none of these are new programs, this is the first year they are listed on african collaborative's 990.”

“Until the end of 2023, african collaborative was fiscally sponsored by myriad usa (formerly known as king baudouin foundation united states). Almost all programmatic revenue and expenses were recorded and reported by their fiscal sponsor. From january 2024, all programmatic revenue and expenses were transitioned to african collaborative's own bank account. This 990 now lists all of african collaborative's program service accomplishments. While none of these are new programs, this is the first year they are listed on african collaborative's 990.”

“The organization ended the fiscal year with a negative change in net assets. This outcome reflects required accounting treatment of grant commitments rather than a decline in financial health. Our grantmaking includes multi-year commitments ranging from one to three years, often with periodic installments. Because these grants do not contain contingencies, accounting rules require us to record the full amount of the commitment as an expense in the year it is awarded, even though the payments are disbursed over several future periods. This timing difference made the current year appear to show a loss when, in reality, the organization has the resources it needs to meet these commitments and continue supporting our mission. Our financial position remains strong, and we are confident in our ability to fulfill all grant obligations.”

“The organization has a committee that assumes responsibility for the oversight of the audit and selection of an independent accountant.”