Attach to Form 990 or 990-EZ.
Information about Schedule O (Form 990 or 990-EZ) and its instructions is at| Return Reference | Explanation |
|---|---|
| FORM 990, PART VI, LINE 6 | Members of The Executive Leadership Council consist of African-American senior-level executives. Criteria for individual membership includes, but not limited to, recommendations of existing members in good standing and employment at a Fortune 500 company (or equivalent). |
| FORM 990, PART VI, LINE 7A & 7B | VOTING MEMBERS OF THE EXECUTIVE LEADERSHIP COUNCIL HAVE THE AUTHORITY TO ELECT FIFTEEN BOARD DIRECTORS OUT OF THE EIGHTEEN TOTAL. VOTING MEMBERS OF THE EXECUTIVE LEADERSHIP COUNCIL HAVE THE AUTHORITY TO APPOVE AMENDMENTS TO THE ARTICLES OF INCORPORATION AND BYLAWS; APPROVE ANY "FUNDAMENTAL TRANSACTION" AS DEFINED IN THE NONPROFIT CORPORATION ACT OF THE DISTRICT OF COLUMBIA, INCLUDING BUT NOT LIMITED TO MERGER, SALE OF ALL OR SUBSTANTIALLY ALL OF THE ASSETS OF THE COUNCIL, CONVERSION OR DISSOLUTION OF THE COUNCIL; AND APPROVE ANY MATTER THAT MAY BE SUBMITTED TO THE VOTING MEMBERS BY THE BOARD OF DRECTORS, IN THE DISCRETION OF THE BOARD. |
| FORM 990, PART VI, LINE 11B | UPON COMPLETION OF THE RETURN BY OUTSIDE TAX PREPARERS, THE FORM 990 IS FIRST REVIEWED BY MANAGEMENT AND IS THEN SUBMITTED TO THE AUDIT COMMITTEE WHO HAS THE DELEGATED RESPONSIBILITY OF REVIEWING THE RETURN PRIOR TO FILING BY THE BOARD OF DIRECTORS. AFTER THE AUDIT COMMITTEE REVIEWS AND IS IN AGREEMENT, THE RETURN IS FINALIZED AND SIGNED OFF BY THE OUTSIDE TAX PREPARERS AS WELL AS THE PRESIDENT & CEO OF THE COUNCIL. PRIOR TO FILING, THE FULL AND COMPLETE FORM 990 IS DISTRIBUTED TO THE ENTIRE BOARD OF DIRECTORS. |
| FORM 990, PART VI, LINE 12C | ELC monitors its Conflict of Interest Policy by requiring all new Board Members to identify any conflict that may arise from them serving on the Board of Directors of ELC/ELF and to sign a Conflict of Interest Form. This process is repeated annually with new and continuing members. |
| FORM 990, PART VI, LINES 15A & 15B | COMPENSATION FOR THE PRESIDENT AND CEO IS DETERMINED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS, WHICH CONSISTS OF PROFESSIONALS IN HUMAN RESOURCES AND VARIOUS OTHER MANAGEMENT SKILLS. THEY UTILIZE PROFESSIONAL SEARCH FIRMS FOR ADVICE AND RESEARCH ON COMPENSATION FOR EXECUTIVES IN SIMILAR INDUSTRIES, GEOGRAPHIC LOCATIONS, SIZE AND RESOURCES. THE PRESIDENT AND CEO REVIEWS THE COMPENSATION FOR THE OTHER OFFICERS AND KEY EMPLOYEES AND, BASED ON COMPARATIVE OUTSIDE DATA, MAKES RECOMMENDATIONS TO THE CHAIR OF THE COUNCIL FOR APPROVAL. |
| FORM 990, PART VI, LINE 19 | Governing Documents, conflict of interest policy, and financial statements are available to the public upon request. |
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