Galapagos Life Fund

“The members of the corporation are (1) oceans finance company b.v. And (2) ledunfly philanthropy (each a "member").”

“Each member shall have the right to appoint a director to the board. In addition, each member shall have the right (i) to designate a direct or indirect subsidiary or controlled entity to serve in its place as a member and (ii) to select and appoint its respective successor to replace such member (a "successor member"); provided, however, that as long as the foreign enterprise support agreement ("fesa") is in force, no member or designee or successor of a member shall be appointed or replaced without the prior written consent of the united states international development finance corporation (the "dfc consent"). Lastly, each member shall have the right to appoint one or more observers to attend meetings of the board; provided, that such observers shall not enjoy any of the rights or obligations of a director, shall not be counted for purposes of establishing a quorum and shall have no voting rights.”

“The form 990 is prepared by an independent third-party public accounting firm, in conjunction with management. Management reviews the form 990 before the complete copy is made available to the board prior to filing with the irs.”

“The corporation has adopted a conflict of interest policy for all board members, officers, and key employees. The corporation regularly and consistently monitors and enforces compliance with the conflict of interest policy. All board members, officers, and key employees are required to complete an annual disclosure and provide information regarding any interests that may be potential conflicts pursuant to the conflict of interest policy. They are required to provide any changes or new disclosures should they occur. All disclosures and subsequent updates to disclosures are reviewed by the co-chairs of the board and are made available to any board member, officer or key employee upon request. Board-level and key personnel conflicts are reviewed and approved, if appropriate, by the co-chairs of the board. If a conflict exists with a director, certain restrictions may be imposed, such as excusing the director from the room during discussion and/or voting with regard to a proposed transaction. To ensure the corporation's compliance with this policy, periodic reviews are conducted. When conducting periodic reviews, the corporation may use outside advisors. If outside advisors are used, their use shall not relieve the board of its responsibility for ensuring that periodic reviews are conducted.”

“The executive director and all other employees' compensation is approved by the board of directors. Compensation is also approved by the finance committee of the board (the "committee"). The committee and full board of directors have reviewed appropriate market compensation and benefits information, appropriate market practices for comparable organizations' positions and best practices.”

“The governing documents are available on the website and upon request.”

“Professional fees: program service expenses 0. Management and general expenses 395,444. Fundraising expenses 0. Total expenses 395,444. Representation fees: program service expenses 0. Management and general expenses 104,000. Fundraising expenses 0. Total expenses 104,000. Translation fees: program service expenses 0. Management and general expenses 21,610. Fundraising expenses 0. Total expenses 21,610. Contracted services: program service expenses 0. Management and general expenses 3,562. Fundraising expenses 0. Total expenses 3,562.”

“Expenses in 2024 were related to administrative costs and fees. The organization plans to begin program services in the following year.”

“The organization's financial statements have been prepared using the historical cost method in accordance with international financial reporting standards for small and medium-sized enterprises issued by the iasb (international accounting standard board) as of december 31, 2024, due to its operations in ecuador.”