2026-04-03T15:27:56-05:00 2025-06-30 331374517 PKF O'CONNOR DAVIES ADVISORY LLC 245 PARK AVENUE 12TH FLOOR NEW YORK NY 10167 990 2024-07-01 133912768 PUBLICOLOR INC PUBL 2122136121 20 WEST 36TH STREET 9TH FLOOR NEW YORK NY 10018 RUTH LANDE SHUMAN FOUNDER & PRESIDENT 2122136121 2026-04-03 1 1 EVA MRUK P00543254 2122862600 2026-04-03 2024 2025-03-06 01:10:19Z RUTH LANDE SHUMAN 20 WEST 36TH STREET 9TH FLOOR NEW YORK NY 10018 4083822 0 X WWW.PUBLICOLOR.ORG X 1996 NY TO EMPOWER DISAFFECTED, LOW-INCOME STUDENTS THROUGH MULTI-YEAR PROJECT-BASED LEARNING PROGRAMS. 18 17 43 699 0 0 3339959 3738191 6500 109500 115219 87003 -59100 -71438 3402578 3863256 86714 80483 0 0 2637902 2601726 0 0 743616 1312688 1330258 4037304 4012467 -634726 -149211 4920125 5588598 720927 1457183 4199198 4131415 X PUBLICOLOR IS AN INNOVATIVE EDUCATIONAL YOUTH DEVELOPMENT ORGANIZATION THAT EMPOWERS STUDENTS FACING IMMENSE LIFE CHALLENGES FOR ACADEMIC AND CAREER SUCCESS THROUGH A MULTI-YEAR PROJECT-BASED CONTINUUM OF PROGRAMS. THE ORGANIZATION'S VISION IS TO PROVIDE LOW-INCOME STUDENTS WITH EDUCATIONAL EQUITY AND ECONOMIC EQUALITY BY CREATIVELY ADDRESSING UNDEREDUCATION AND COMBATING LEARNING LOSS. 0 0 2845166 80483 109792 IN THE 29 YEARS SINCE ITS FOUNDING IN 1996, PUBLICOLOR HAS ACHIEVED SIGNIFICANT RESULTS:- AN ESTIMATED 30,200 STUDENTS FROM LOW-INCOME COMMUNITIES HAVE PARTICIPATED IN PUBLICOLOR PROGRAMS.- OVER 29,500 CORPORATE, COMMUNITY, AND COLLEGE VOLUNTEERS HAVE ENGAGED IN PAINTING PUBLIC SCHOOLS, TUTORING, AND MENTORING.- PUBLICOLOR HAS TRANSFORMED A TOTAL OF 371 NYC SCHOOLS, REPRESENTING APPROXIMATELY 25% OF ALL NYC DEPARTMENT OF EDUCATION CAMPUSES, AND 260 UNDER-RESOURCED COMMUNITY FACILITIES, INCLUDING HOMELESS SHELTERS, PLAYGROUNDS, EARLY CHILDHOOD CENTERS, HEALTH CLINICS, PEDESTRIAN WALKWAYS, AND MANY OTHER VITAL COMMUNITY RESOURCES. IN FY25, PUBLICOLOR ENGAGED 1,684 STUDENTS IN GRADES 6 THROUGH COLLEGE, HELPING THEM ACHIEVE NOTEWORTHY OUTCOMES:- STUDENTS IN THE 2024 SUMMER DESIGN STUDIO PROGRAM INCREASED THEIR SCORES ON POST-DIAGNOSTIC TESTS BY AN AVERAGE OF 5.1% IN ENGLISH LANGUAGE ARTS AND 5.5% IN MATH. THIS IS ESPECIALLY SIGNIFICANT BECAUSE SUMMER LEARNING LOSS IS CONSIDERED BY MANY TO BE A SIGNIFICANT FACTOR IN THE ACHIEVEMENT GAP BETWEEN LOW- AND HIGH-INCOME STUDENTS.- 100% OF CONTINUUM STUDENTS WERE PROMOTED ON TIME TO THE NEXT GRADE.- 100% OF PUBLICOLOR'S 31 HIGH SCHOOL SENIORS GRADUATED ON TIME IN JUNE 2025. 100% WERE ADMITTED INTO COLLEGE (90%) OR A POST-SECONDARY ACCREDITATION PROGRAM (10%) AND ENROLLED IN FALL 2025.- 96% OF PUBLICOLOR'S INCOMING COLLEGE FRESHMEN IN FALL 2025 WERE COLLEGE-READY, NOT REQUIRED TO TAKE REMEDIAL CLASSES. 2845166 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 X 135 0 43 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 18 17 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA GA FL IL MA MD MI NJ NY PA WI X X X CANDI GORDON - SR ACCOUNTANT 2122136121 20 WEST 36TH STREET 9TH FLOOR NEW YORK NY 10018 RUTH LANDE SHUMAN FOUNDER & PRESIDENT 40.00 X X 191906 0 31554 ROSA PIETANZA INTERIM CHAIR 5.00 X X 0 0 0 MICHAEL SHUMAN VICE CHAIR 5.00 X X 0 0 0 ELIZABETH REISNER TREASURER 5.00 X X 0 0 0 DANA BRONFMAN SECRETARY 5.00 X X 0 0 0 GORDON CAPLAN DIRECTOR 1.00 X 0 0 0 ANITA CONTINI DIRECTOR 1.00 X 0 0 0 MORGAN ELWYN DIRECTOR 1.00 X 0 0 0 ABIGAIL FRENCH DIRECTOR 1.00 X 0 0 0 STEPHEN P HANSON DIRECTOR 1.00 X 0 0 0 BECKA VARGUS KATZ DIRECTOR 1.00 X 0 0 0 TOM KRIZMANIC DIRECTOR (THRU OCT 2024) 1.00 X 0 0 0 STAN KOGELMAN DIRECTOR (THRU NOV 2024) 1.00 X 0 0 0 ELLIE LEVITT DIRECTOR 1.00 X 0 0 0 NICOLE MILLER DIRECTOR 1.00 X 0 0 0 ELIZABETH MURRAY DIRECTOR 1.00 X 0 0 0 ANDREW OSHRIN DIRECTOR 1.00 X 0 0 0 KELSEY RUDIN DIRECTOR 1.00 X 0 0 0 JAMES WHITE DIRECTOR 1.00 X 0 0 0 NICHOLAS FOX WEBER DIRECTOR 1.00 X 0 0 0 ELIZABETH ROSE CHIEF FINANCIAL OFFICER 24.00 X 105675 0 69 THOMAS SUSSMAN CHIEF FIN- ANCIAL OFFICER (AS OF DEC 2024) 40.00 X 14583 0 0 ALAN KORNBLUM DIRECTOR, INST. GIVING & HR 40.00 X 152432 0 16886 BREE FALATO DIRECTOR, INDIVIDUAL & CORP. GIVING 40.00 X 135693 0 18971 JOSE FIGUEROA DIRECTOR, YOUTH DEV. PROGRAMS 40.00 X 133867 0 178 IRMA NEPOMUCENO DIRECTOR, SCHOOL & COMM. RELATIONS 40.00 X 118214 0 10280 COURTNEY MAGGART DIRECTOR, EVENTS & CORP. PARTNERSHIPS 40.00 X 100679 0 10708 953049 0 88646 7 0 1 0 METROPOLITAN PAVILLION 125 WEST 18TH STREET NEW YORK NY 10011 EVENT SERVICES 132225 1 1160441 679817 1897933 131886 3738191 CORP EVENTS - PAINTING 611710 59500 59500 PAINT TRANSFORMATION 611710 50000 50000 109500 86246 86246 27071 26314 757 757 757 112526 1160441 193646 -81120 -81120 898 606 292 292 MISC. INCOME 900099 4974 4974 CASHBACK REWARDS 900099 4416 4416 9390 3863256 109792 0 15273 80483 80483 553102 302219 69972 180911 1685796 1200746 136350 348700 160828 111475 14870 34483 202000 135898 18619 47483 29250 29250 298866 220870 40059 37937 41198 21669 11770 7759 65798 18482 47316 310644 260940 24852 24852 59751 59497 254 65832 56304 4764 4764 39555 34205 2675 2675 PAINT/PROJECT SUPPLIES 129151 118664 20 10467 FOOD-OTHER ONSITE COST 121957 119285 1605 1067 COLLEGES TOURS/WORKSHOP 33953 33953 134303 70476 21563 42264 4012467 2845166 423685 743616 649518 1251604 2116327 1675727 1039170 649876 16049 13068 118 0 77069 135000 51125 84140 695761 634099 117994 61662 212436 215554 640319 1501967 4920125 5588598 98098 26859 622829 1430324 720927 1457183 X 2971802 3037073 1227396 1094342 4199198 4131415 4920125 5588598 X -149211 26635 54793 X X 0 1 X 1 0 X 4112037 4484025 4630385 3339959 3738191 20304597 4112037 4484025 4630385 3339959 3738191 20304597 1476825 18827772 9957 12790 83379 4857 86246 197229 99802 12682 12525 9390 134399 20636225 213916 0.91240 0.91640 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: CASHBACK REWARDS - 2022 AMOUNT: $ 8,132. 2023 AMOUNT: $ 5,373. 2024 AMOUNT: $ 4,416. INSURANCE PROCEEDS - 2021 AMOUNT: $ 99,802. MISC INCOME - 2022 AMOUNT: $ 4,550. 2023 AMOUNT: $ 7,152. 2024 AMOUNT: $ 4,974. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 519696 502371 17325 125691 111825 13866 50374 19903 30471 61662 SECURITY DEPOSIT 113011 RIGHT OF USE ASSET 1388867 REFUNDS DUE 89 1501967 LEASE LIABILITY 1430324 1430324 X 4320323 26635 368875 60951 606 457067 3863256 0 3863256 4388106 368875 6764 375639 4012467 0 4012467 PART X, LINE 2: THE ORGANIZATION RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED. MANAGEMENT HAS DETERMINED THAT THE ORGANIZATION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. THE ORGANIZATION IS NO LONGER SUBJECT TO EXAMINATIONS BY THE APPLICABLE TAX JURISDICTIONS FOR PERIODS PRIOR TO FISCAL 2022. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD RECLASS TO PART VIII 606. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON ASSET DISPOSAL 6,158. COST OF GOODS SOLD RECLASS TO PART VIII 606. STIR SPLTR + ROLL 1216993 1112046 104947 23450 103221 60293 MARATHON 25108 17975 7133 3322 3 30866 30420 446 2400 690 270 1272967 1160441 112526 25850 103911 63885 193646 -81120 1 SCHOLARSHIPS 63 69716 10767 COST TRANSPORTATION ASSISTANCE AND SUPPLIES PART I, LINE 2: THE ORGANIZATION MONITORS THE USE OF ITS SCHOLARSHIPS BY PAYING THE TUITION BILLS DIRECTLY TO COLLEGES ON BEHALF OF THE RECIPIENTS IN MOST CASES. IF THE SCHOLARSHIPS ARE PAID DIRECTLY TO THE RECIPIENT, THE ORGANIZATION REQUIRES THE RECIPIENT TO FORWARD A COPY OF THE RECEIPT. THE ORGANIZATION REQUIRES AN APPLICATION AND HAS A RIGOROUS MONITORING AND RENEWAL PROCESS FOR SCHOLARSHIP RECIPIENTS. SCHOLARSHIP RECIPIENTS MUST PROVIDE PROOF OF ACHIEVEMENT OF AT LEAST 2.5 GPA AND SATISFACTORY PROGRESS TOWARDS A DEGREE TO MAINTAIN ELIGIBILITY. X X X X 0 0 0 0 0 0 0 0 0 RUTH LANDE SHUMAN FOUNDER & PRESIDENT 191906 0 0 0 0 0 0 0 31554 0 223460 0 0 0 ALAN KORNBLUM DIRECTOR, INST. GIVING & HR 152432 0 0 0 0 0 0 0 16886 0 169318 0 0 0 BREE FALATO DIRECTOR, INDIVIDUAL & CORP. GIVING 135693 0 0 0 0 0 0 0 18971 0 154664 0 0 0 X 16 46808 OPINIONS OF EXPERTS X 52602 COST X MERCHANDISE 15 12374 COST X TICKETS/ENTMT 13 7290 COST X GIFT CARDS 11 5184 COST X METROCARDS 1 2900 COST X JEWELRY 10 2728 COST X SUPPLIES 1 2000 COST 0 0 0 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTORS IN COLUMN (B). FORM 990, PART I, LINE 1: PUBLICOLOR IS AN EXTENDED-DAY YOUTH DEVELOPMENT PROGRAM THAT ENGAGES DISAFFECTED STUDENTS IN THEIR EDUCATION 3 DAYS A WEEK FOR 4-6 YEARS THROUGH A CONTINUUM OF DESIGN-BASED PROGRAMS THAT MENTOR THEM FOR SUCCESS IN SCHOOL, COLLEGE, CAREER, AND LIFE. THE POWER OF COLOR AND PROJECT-BASED LEARNING ARE FUNDAMENTAL TO PUBLICOLOR'S APPROACH. UNIQUE TO PUBLICOLOR, AND CENTRAL TO ITS MISSION, IS THE REVITALIZATION OF PUBLIC AND CIVIC SPACES THROUGH THE POWER OF COLOR AND DESIGN, THE AFFORDABLE MEDIUM OF PAINT, AND COMMUNITY COLLABORATIONS THAT ENGAGE STUDENTS AND THE COMMUNITY AS A WHOLE. IN FISCAL YEAR 2024-2025 (FY25), THESE LOCATIONS INCLUDED ALLERTON, BELMONT, FORDHAM, PARKCHESTER, AND MORRIS HEIGHTS IN THE BRONX; BEDFORD STUYVESANT AND CROWN HEIGHTS IN BROOKLYN; KIPS BAY IN MANHATTAN; AND CORONA, EAST ELMHURST, JACKSON HEIGHTS, AND WOODSIDE IN QUEENS. PUBLICOLOR SERVED 1,684 STUDENTS AND COMPLETED 14 SCHOOL TRANSFORMATIONS. THE UNPRECEDENTED CHALLENGES CREATED BY COVID-19 CONTINUED TO HAVE A DISPROPORTIONATE IMPACT ON UNDERSERVED STUDENTS LIVING IN LOW-INCOME COMMUNITIES. IN FY25, PUBLICOLOR PROVIDED ACADEMIC, CAREER READINESS, AND SOCIAL-EMOTIONAL LEARNING OPPORTUNITIES TO STUDENTS THROUGH ITS INNOVATIVE PROJECT-BASED MODELS, AND FURTHER STRENGTHENED STUDENT OUTCOMES WITH ENHANCED SUPPORTS. PAINT CLUB, PUBLICOLOR'S FLAGSHIP PROGRAM, ENGAGES STUDENTS IN PAINTING A COLOR-FILLED TRANSFORMATION OF THEIR SCHOOL INTO A SAFE AND WELCOMING LEARNING ENVIRONMENT. THIS EXTENDED-DAY PROGRAM MEETS TUESDAY THROUGH FRIDAY AND ALL DAY SATURDAY. FOR UP TO 10 WEEKS, STUDENTS PRACTICE CREATIVE PROBLEM-SOLVING, DEVELOP LEADERSHIP, TEAMWORK, AND COMMERCIAL PAINTING SKILLS, AND LEARN HOW TO BREAK DOWN A LARGE TASK INTO SMALL DO-ABLE STEPS. THE OVERALL RESULT IS A TRANSFORMATIVE EXPERIENCE THAT MAKES LASTING CHANGE IN THEIR SCHOOL AND COMMUNITY. IN FY25, PAINT CLUBS INCREASED ANNUAL ENROLLMENT TO 730 STUDENTS. ALONGSIDE HUNDREDS OF COMMUNITY AND CORPORATE VOLUNTEERS, STUDENTS REVITALIZED HALLWAYS, STAIRWELLS, PLAYGROUNDS, CLASSROOMS, AND CAFETERIAS. DESIGN STUDIO IS AN INNOVATIVE S.T.E.A.M.-BASED PROGRAM THAT BRINGS PROJECT-BASED LEARNING AND DESIGN THINKING INTO THE CLASSROOM. STUDENTS LEARN ADVANCED SKILLS IN DESIGN SOFTWARE, THE BASIC TENETS OF ARCHITECTURE, AND THE PROCESS OF DESIGN THINKING TO WORK ON A VARIETY OF DESIGN PROJECTS. IN MANY CASES, STUDENTS DEVELOP PUBLIC SERVICE ANNOUNCEMENTS ADDRESSING SERIOUS SOCIAL ISSUES LIKE CLIMATE CHANGE, SUSTAINABILITY, AND THE DEMOCRATIC PROCESS. THESE PSA'S ARE DISPLAYED IN THEIR SCHOOLS AND IN CITY COUNCILMEMBERS' OFFICES. DEMAND FROM TEACHERS AND PRINCIPALS FOR DESIGN STUDIO CONTINUES TO GROW, AND PUBLICOLOR ENGAGED 618 STUDENTS IN FY25. OVER 4 TO 6 YEARS AND THEN THROUGH COLLEGE, PUBLICOLOR'S MULTI-LAYERED CONTINUUM PROGRAMS COLOR CLUB, NEXT STEPS, AND SUMMER DESIGN STUDIO OFFER GUIDANCE IN LIFE SKILLS, ACADEMIC CONCEPTS, DESIGN THINKING, AND PLANNING FOR COLLEGE AND CAREER. ACTIVE PARTICIPANTS IN THE GATEWAY PROGRAMS (PAINT CLUB + DESIGN STUDIO) ARE INVITED TO JOIN THE CONTINUUM IF THEY EVIDENCE ONE OR MORE RISK FACTORS FOR DROPPING OUT OF SCHOOL, SUCH AS CHRONIC ABSENTEEISM/SUSPENSION, REPEATING A GRADE, EXPERIENCING HOMELESSNESS, OR FAILING A CORE SUBJECT. IN 2024-2025, 196 STUDENTS PARTICIPATED IN PUBLICOLOR'S COLOR CLUB (GRADES 7-9) AND NEXT STEPS (GRADES 10-12) PROGRAMS. STUDENTS PARTICIPATE IN PERSON AT LIFE SKILLS AND CAREER READINESS WORKSHOPS ONCE A WEEK, ONLINE ACADEMIC TUTORING SESSIONS ONCE A WEEK, AND PAINTING TRANSFORMATION DAYS DURING THE WEEKEND. PUBLICOLOR ALSO ENGAGED 127 STUDENTS IN 2024 IN OUR 7-WEEK SUMMER DESIGN STUDIO PROGRAM ON PRATT INSTITUTE'S CAMPUS. IN ADDITION TO OUR INNOVATIVE PROGRAMS, WE PROVIDE ADDITIONAL SUPPORTS TO MEET NEEDS RELATED TO FOOD INSECURITY AND MENTAL HEALTH. WE PROVIDE WEEKLY HEALTHY FOOD PACKAGES FOR THE 85% OF STUDENTS WHO REPORT FOOD INSECURITY, AND INDIVIDUALIZED MENTAL HEALTH COUNSELING WITH A PART-TIME MENTAL HEALTH PROFESSIONAL. FRESH COAT, A SEMI-PROFESSIONAL TEAM OF 12 ADVANCED STUDENT PAINTERS, OFFERED A PATH TO LEADERSHIP POSITIONS WITHIN THE ORGANIZATION AND REVITALIZED COMMUNITY SITES. THE COMBINED CONTINUUM ENROLLMENT IN FY25 IDENTIFIED AS 38% MALE, 61% FEMALE, AND 3% NON-BINARY OR OTHER; AS WELL AS 34% AT LEAST PARTIALLY BLACK, 51% AT LEAST PARTIALLY LATINO, 8% AT LEAST PARTIALLY ASIAN, AND 6% MULTI-RACIAL AND 1% WHITE. 81% REPORTED SPEAKING A LANGUAGE AT HOME OTHER THAN ENGLISH. IN ADDITION TO SPANISH, THESE INCLUDE ARABIC, BAMBRA, BENGALI, CHINESE, FILAI, HAITIAN CREOLE, MANDINGO, RUSSIAN, SONIKE, TWI, URDU, AND YORUBA. BASED ON SELF-REPORTED PUBLIC ASSISTANCE AND DATA FROM EACH STUDENT'S SCHOOL, PUBLICOLOR ESTIMATES THAT 90% OF CONTINUUM STUDENTS LIVE BELOW THE POVERTY LEVEL. PUBLICOLOR SCHOLARSHIPS WERE OFFERED TO ALL 100 PUBLICOLOR HIGH SCHOOL GRADUATES ENROLLED IN COLLEGE (99 STUDENTS) AND POST-SECONDARY ACCREDITATION PROGRAMS (1 STUDENT). THESE SCHOLARSHIPS ARE AN ESSENTIAL SUPPORT FOR FIRST-GENERATION, LOW-INCOME STUDENTS TO PERSIST TO DEGREE COMPLETION. FORM 990, PART I, QUESTION 5, AND PART V, QUESTION 2A: THE ORGANIZATION CONTRACTED WITH A PROFESSIONAL EMPLOYER ORGANIZATION (PEO) FOR SERVICES, INCLUDING BUT NOT LIMITED TO, PAYROLL, TIMEKEEPING, EMPLOYEE BENEFITS, HR ADMINISTRATION AND WORKFORCE REGULATORY COMPLIANCE NEEDS. AS THE EMPLOYER OF RECORD FOR TAX PURPOSES, FORMS W-2 AND W-3 ARE ISSUED BY THE PEO AND FILED UNDER THE PEO'S FEDERAL EIN. IN THIS CO-EMPLOYMENT ARRANGEMENT, THE ORGANIZATION IS THE COMMON LAW EMPLOYER AND, ACCORDINGLY, COMPENSATION IS REPORTED ON FORM 990, PART VII, SECTION A AND PART IX, LINES 5-10. FORM 990, PART VI, SECTION A, LINE 2 THE FOUNDER/PRESIDENT, RUTH LANDE SHUMAN, VICE CHAIR, MICHAEL SHUMAN, AND SECRETARY DANA BRONFMAN HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION HAS ITS FORM 990 PREPARED BY AN INDEPENDENT ACCOUNTING FIRM. THE BOARD APPROVED THE RECOMMENDATION OF THE FINANCE COMMITTEE TO AUTHORIZE THE CHIEF FINANCIAL OFFICER TO REVIEW AND APPROVE THE FORM 990. ONCE REVIEWED AND APPROVED BY THE CFO, THE FORM 990 IS DISTRIBUTED TO ALL BOARD MEMBERS BEFORE THE RETURN IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY INCLUDES ALL PERSONS HAVING A FINANCIAL INTEREST IN PUBLICOLOR, INC., DIRECTLY OR INDIRECTLY, THROUGH BUSINESS, INVESTMENT OR FAMILY RELATIONSHIPS. IN CONNECTION WITH AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE FINANCIAL INTEREST, AND IS THEN GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE BOARD OF DIRECTORS REGARDING THE PROPOSED TRANSACTION OR ARRANGEMENT. AN INTERESTED PERSON IS ANY DIRECTOR, PRINCIPAL OFFICER, OR COMMITTEE MEMBER WITH BOARD OF DIRECTOR DELEGATED POWERS, WHO HAS A DIRECT OR INDIRECT FINANCIAL INTEREST. THE INTERESTED PARTY OR PARTIES WILL BE EXCUSED FROM THE ROOM AS THE BOARD OF DIRECTORS DISCUSS THE DISCLOSURE AND DETERMINE IF A CONFLICT OF INTEREST EXISTS. THE BOARD CHAIR MAY APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED ACTION OR TRANSACTION. AFTER EXERCISING DUE DILIGENCE, THE BOARD WILL DETERMINE IF THE ORGANIZATION CAN OBTAIN A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. IF A MORE ADVANTAGEOUS TRANSACTION IS NOT POSSIBLE, THE BOARD WILL DETERMINE BY A MAJORITY VOTE OF THE DISINTERESTED DIRECTORS IF THE TRANSACTION OR ARRANGEMENT IS IN THE ORGANIZATION'S BEST INTEREST, IS FAIR AND REASONABLE. IN CONFORMITY WITH THE ABOVE DETERMINATION, THE BOARD WILL DECIDE BY MAJORITY VOTE. IF IT IS DISCOVERED THAT A BOARD MEMBER HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, THE BOARD MEMBER WILL BE PROVIDED WITH THE OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF THE BOARD DETERMINES THE MEMBER HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, THE BOARD WILL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. MINUTES FROM THE BOARD MEETINGS WILL CONTAIN THE NAMES OF THE PERSON(S) WHO DISCLOSED OR OTHERWISE WERE FOUND TO HAVE A FINANCIAL INTEREST, THE NATURE OF THE INTEREST, ACTIONS TAKEN TO DETERMINE IF A CONFLICT EXISTS INCLUDING THE CONTENT OF DISCUSSIONS HELD AND ALTERNATIVES PROPOSED, THE NAMES OF PERSONS PRESENT FOR THE DISCUSSIONS, AND A RECORD OF ANY VOTES TAKEN IN CONNECTION WITH THE PROCEEDINGS. AT THE ORGANIZATION'S ANNUAL BUSINESS MEETING, EACH DIRECTOR AND PRINCIPAL OFFICER ANNUALLY SIGNS A STATEMENT TO AFFIRM THE BOARD MEMBER HAS RECEIVED A COPY OF THE CONFLICTS OF INTEREST POLICY, HAS READ AND UNDERSTANDS THE POLICY, AND AGREES TO COMPLY WITH THE POLICY. A COPY OF THE ANNUAL STATEMENT IS RETAINED WITH THE ORGANIZATION'S BOOKS AND RECORDS. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE CONSISTING OF THE CHAIRMAN OF THE BOARD AND TWO MEMBERS OF THE EXECUTIVE COMMITTEE (FINANCE CHAIR AND DEVELOPMENT CHAIR) DETERMINE THE COMPENSATION OF THE PRESIDENT/FOUNDER. THE COMPENSATION COMMITTEE USES OTHER NON-PROFIT ORGANIZATION SALARIES THROUGH THEIR 990'S, WITH GUIDESTAR NON-PROFIT COMPENSATION REPORT, AND OTHER SALARY SURVEYS TO DETERMINE THE PRESIDENT/FOUNDER'S COMPENSATION. THE COMPENSATION PROCESS IS DOCUMENTED IN THE COMPENSATION COMMITTEE MINUTES AND THIS PROCESS WAS LAST UNDERTAKEN IN FY25. THE PRESIDENT/FOUNDER RECOMMENDS THE COMPENSATION OF THE CFO BASED ON THE BOARD APPROVED BUDGET AND USING OTHER NON-PROFIT ORGANIZATION SALARIES THROUGH THEIR 990'S, WITH GUIDESTAR'S NON-PROFIT COMPENSATION REPORT, AND OTHER SALARY SURVEYS. THE COMPENSATION COMMITTEE THEN APPROVES THE CFO'S COMPENSATION BASED ON THE PRESIDENT/FOUNDER'S RECOMMENDATION. THE APPROVAL IS DOCUMENTED IN THE HUMAN RESOURCES DEPARTMENT RECORD AND WAS LAST UNDERTAKEN IN FY22. FORM 990, PART VI, SECTION C, LINE 19 THE FORM 990 IS AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE SERVICE CODE AS IT IS POSTED ON THE ORGANIZATION'S WEBSITE. IN ADDITION, THE ORGANIZATION'S FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY, ARTICLES OF INCORPORATION AND BYLAWS ARE AVAILABLE UPON WRITTEN REQUEST. FORM 990, PART XI, LINE 9: BAD DEBT RECOVERY 60,951. LOSS ON ASSET DISPOSAL -6,158. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS A COMMITTEE RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.