Open Finance Consortium Inc

“The organization outsources its management duties, specifically the position of executive director, to the hodierne ventures ug. Hodierne ventures ug was paid $39,618 for its services during 2024.”

“Open finance consortium, inc. Has two classes of membership: 1. Community members: organizations admitted to membership on the basis of their direct utilization of transparent financial ledgers with a demonstrated commitment to transparent financial ledgers and a common interest in advancing related technologies and practices consistent with the corporation's objectives. 2. Supporting members: organizations that do not directly utilize the transparent financial ledgers and thus will not go through the same certification procedures as community members, but who have a demonstrated interest in supporting transparent financial ledgers, related technologies, and practices consistent with the corporation's objectives.”

“The organization's members have the power to elect or remove members of the governing body.”

“The organization's members have the exclusive right to: - amend the governing documents - elect or remove directors - elect new members - approve standards and processes for the corporations financial transparency certification process - to participate in and attend general assembly meetings - to vote on any merger or dissolution, or any sale, lease, transfer, or other disposition of all or substantially all of the assets or properties of, this corporation as provided under the delaware general corporation law. No member may transfer for value or otherwise their membership or any right arising therefrom.”

“The organization has no committees who can act on behalf of the governing body.”

“The organization has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, it is electronically sent to the board members of the organization for any comments. Any comments are then grouped, summarized and provided to the outside accountants. Each issue is documented and addressed until the return is finalized and approved for filing.”

“The conflict of interest policy applies to directors, officers, key employees, and any individuals with substantial influence over the organization ("covered persons"). It also extends to their immediate family members and any organizations in which they hold a substantial ownership interest (35% or more). This group explicitly includes the executive director. The policy is monitored through: - annual disclosure statements signed by each covered person (directors, officers, key employees) to identify and update any potential conflicts. - ongoing duty to disclose new or potential conflicts as they arise. - oversight by the board of directors or a disinterested board committee, which evaluates disclosures, determines whether conflicts exist, and ensures compliance. - an annual review of the policy's administration by the board to assess compliance and determine if updates are necessary. All directors, corporate officers, the top management official (executive director), top financial official, and key employees must complete and sign an annual disclosure statement. The last annual disclosure was completed on september 30, 2024. If a conflict were to arise, the procedure is defined in section 5 of the conflict of interest policy: 1. The covered person must disclose the potential conflict to the board of directors or the appropriate board committee. 2. The board or committee determines whether a conflict exists and, if so, evaluates whether the organization should proceed with the transaction. The interested individual must recuse themselves and may not be present during discussion or voting, except to provide relevant information if requested. 3. The board or committee considers alternatives and uses comparability data where applicable. 4. If the transaction is deemed fair, reasonable, and in the best interests of the organization, it may be approved by a majority vote of disinterested directors. 5. All decisions, disclosures, discussions, and votes are documented in the board or committee minutes. 6. If a failure to disclose is discovered, the board or committee investigates and takes appropriate disciplinary or corrective action.”

“The organization makes it form 990 available form public inspection as required under section 6104 of the internal revenue code. The return is posted on guidestar.org and other similar types of websites. In addition, the financial statements, conflict of interest policy, governing documents, and form 1024 are also available upon written request or by calling the organization directly.”

“The organization employs individuals overseas. These individuals do not receive a form w-2 from the organization as they are not required to be issued one as their payroll is not u.s. Sourced. Therefore, they are not being included in the number of employees reported on part i, line 5 and part v, line 2a.”

“Payroll fees 1,616. Design services 7,859. Software/engineering services 71,235. Product management services 31,751. Contractors 991. Immigration services 6,500.”