In addition to required financial reporting requirements of nonprofit organizations, the building blocks of governance of Leadership Greater Hartford is defined by its Bylaws, policies and other “official” documents. With the desire to create an environment of full disclosure and transparency, Leadership Greater Hartford has elected to publicly provide the documents as listed below.
The IRS Form 990 is titled “Return of Organization Exempt from Income Tax.” It is submitted by tax-exempt organizations and nonprofit organizations to provide the Internal Revenue Service with annual financial information. The Form 990 provides the public with financial information about an organization, and is often the only source of such information. Public Inspection IRC 6104(d) regulations state that an organization must provide copies of its three most recent Form 990s to anyone who requests them, whether in person, by mail, fax or email.
An audit provides the public with additional assurance — beyond managements’ own assertions — that the organization’s financial statements can be relied upon.
Bylaws define the internal structure of an organization for all to see. Instead of relying on the memories of founders or long-time members, governance and other policy decisions can be made based on a concrete document. Bylaws are periodically amended by the Board of Directors.
Nonprofit organizations are frequently subject to intense public scrutiny, especially where they appear to have inappropriately benefited their officers, directors or other stakeholders. An important way to deal with this is establishing strategies that will help avoid the appearance or actuality of private benefit to individuals who are in a position of substantial authority. A conflict of interest policy is a strategy to establish procedures that will offer protection against charges of impropriety involving stakeholders. Leadership Greater Hartford Conflict of Interest Statement