From the office of Paul J. Vandeventer - President & CEO of Community Partners
Tuesday, April 19, 2016
The El Monte Promise Foundation has been a project of Community Partners since August 8, 2012.
The Board of Directors of Community Partners approved El Monte Promise Foundation as a project of Community Partners, which is a duly registered public charity, exempt from Federal income taxation under Sections 501(c)(3) and 509(a)(1) of the Internal Revenue Code. Community Partners projects have goals that are consistent with our priority of community service innovation. Projects of Community Partners are approved by the Board, which assumes legal, corporate and fiscal responsibility and becomes responsible for the charitable use of funds by the projects. We select projects led by creative people with bold visions and a strong belief in their ideas. Consequently, we are pleased to have El Monte Promise Foundation as part of our organization.
Community Partners supports emerging and ongoing initiatives by providing financial and administrative oversight along with management training and technical assistance. To sustain our operations, we charge our projects an administrative fee based on project revenues. In compliance with IRS and FASB rules, Community Partners retains "variance power," that is, discretion and control over how funds are disbursed and the unilateral right to select the individuals carrying out the work.
Community Partners assures we carefully observe restrictions on grant funds so that the funds are used for the purposes specified by the funder.
AUDITED FINANCIAL STATEMENTS
2014: El Monte Promise Foundation - Project 0686, Page 35
2015: El Monte Promise Foundation - Project 0686, Page 33
2016: El Monte Promise Foundation - Project 0686, Page 33
2017: El Monte Promise Foundation - Project 0686, Page 32