Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.
| Return Reference | Explanation |
|---|---|
| FORM 990, PART III, LINE 3 | DURING 2020, THE GREATER WASHINGTON SMART REGION MOVEMENT SPUN OFF AND BECAME ITS OWN ENTITY. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE 990 WAS PREPARED BY THE OUTSIDE ACCOUNTANTS AND REVIEWED BY THE ORGANIZATION'S CPA, THE CEO, THE TREASURER AND THE BOARD FINANCE COMMITTEE BEFORE FILING WITH THE IRS. |
| FORM 990, PART VI, SECTION B, LINE 12C | EACH DIRECTOR, OFFICER, AND MEMBER OF A COMMITTEE WITH BOARD OF DIRECTORS DELEGATED POWERS ANNUALLY SIGNS A COI STATEMENT. IF THE CONFLICT OF INTEREST INVOLVES A FINANCIAL INTEREST TO THE INTERESTED PERSON, AND IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, THE EXECUTIVE COMMITTEE DETERMINES BY A MAJORITY VOTE OF THE DISINTERESTED MEMBERS OF THE EXECUTIVE COMMITTEE WHETHER THE TRANSACTION OR ARRANGEMENT IS IN THE CORPORATION'S BEST INTEREST, FOR ITS OWN BENEFIT, AND WHETHER IT IS FAIR AND REASONABLE. IN CONFORMITY WITH THE ABOVE DETERMINATION, IT MAKES ITS DECISION AS TO WHETHER TO ENTER INTO THE TRANSACTION OR ARRANGEMENT. IF AFTER HEARING THE INTERESTED PERSONS RESPONSE AND AFTER MAKING FURTHER INVESTIGATION AS WARRANTED BY THE CIRCUMSTANCES, THE EXECUTIVE COMMITTEE DETERMINES THE INTERESTED PERSON HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT TAKES APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. |
| FORM 990, PART VI, SECTION B, LINE 15 | COMPENSATION OF THE ORGANIZATION'S CEO IS DETERMINED BY THE GOVERNANCE COMMITTEE, WHICH MEETS ONCE PER YEAR, BY USING COMPARABLE DATA AND IS DOCUMENTED IN THE BOARD MINUTES. THE GOVERANCE COMMITTEE REVIEWS CEO PERFORMANCE AND DETERMINES BONUS COMPENSATION. THE CEO'S LATEST COMPENSATION REVIEW TOOK PLACE ON DECEMBER 2020. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. |
| FORM 990, PART IX, LINE 11G | STRATEGIC PLAN CONSULTANT 398,000. OTHER PROF. FEES 159. |
| FORM 990, PART X, LINE 24: | ON AUGUST 2, 2020, THE BOARD OF TRADE RECEIVED LOAN PROCEEDS IN THE AMOUNT OF $150,000, UNDER THE ECONOMIC INJURY DISASTER LOAN (EIDL) PROGRAM ADMINISTERED BY THE SMALL BUSINESS ADMINISTRATION (SBA). THE PROMISSORY NOTE CALLS FOR MONTHLY PAYMENTS OF $641, COMPRISING BOTH PRINCIPAL AND INTEREST PAYMENTS, OVER THE 30-YEAR TERM OF THE PROMISSORY NOTE, WITH A DEFERRAL OF PAYMENTS FOR THE FIRST TWELVE MONTHS. THE LOAN INTEREST RATE IS 2.75% PER ANNUM. |
| FORM 990, COVID EFFECTS: | THE PANDEMIC, ALONG WITH THE EFFECTS IN THE WAKE OF COVID, THAT HAVE AFFECTED MANY NONPROFITS HAS AFFECTED THE GWBOT AS WELL. GWBOT DEPENDS ON SPONSORSHIPS FOR IN PERSON EVENTS. SINCE THOSE WERE CANCELLED IN 2020 AND FOR THE FIRST NINE MONTHS OF 2021, REVENUE TARGETS WERE MISSED. EVENTS HAD TO BE CONDUCTED VIA ZOOM AND ALTHOUGH PARTICIPATION LEVEL WAS OVER 90%, THOSE EVENTS COULD NOT BE MONETIZED TO THE EXTENT THAT LIVE, IN-PERSON EVENTS CAPTURE. |
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