FORM 990, PART VI, SECTION A, LINE 7A |
MEMBERS OF GOVERNING BODY ARE SELECTED BY PACT INC. EXECUTIVE COMMITTEE. |
FORM 990, PART VI, SECTION B, LINE 11 |
ONCE PACT GLOBAL MICROFINANCE FUND'S FORM 990 IS COMPLETED BY THE TAX PREPARER, IT IS REVIEWED IN DETAIL BY THE CONTROLLER. ONCE THE CONTROLLER IS SATISFIED THAT THE RETURN IS COMPLETE AND ACCURATE, IT IS REVIEWED BY PGMF'S CFO. PACT GLOBAL MICROFINANCE FUND'S 990 IS ALSO PROVIDED TO ITS BOARD OF DIRECTORS PRIOR TO FILING. THE RETURN IS POSTED ON A SECURE WEBSITE FOR A PERIOD OF TIME, AND THE BOARD IS NOTIFIED OF ITS LOCATION, AS WELL AS THE PASSWORD. ANY COMMENTS RECEIVED BY BOARD MEMBERS ARE ANALYZED AND CONSIDERED, AS APPROPRIATE, PRIOR TO SUBMITTING THE RETURN. |
FORM 990, PART VI, SECTION B, LINE 12C |
EACH BOARD MEMBER IS REQUIRED TO READ THE CONFLICT OF INTEREST POLICY AND COMPLETE AN ACKNOWLEDGEMENT FORM ANNUALLY. ALL EMPLOYEES ARE REQUIRED TO SIGN A CONFLICT OF INTEREST POLICY AT HIRING, AND COMPLETE AN ANNUAL UPDATE (REVIEW OF THE CONFLICT OF INTEREST POLICY, AND SIGNING OF A DISCLOSURE FORM). |
FORM 990, PART VI, SECTION C, LINE 19 |
PGMF'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO MEMBERS OF THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). |
FORM 990, PART XII, LINE 2C: |
THE PROCESS FOR OVERSEEING THE AUDIT OF THE FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT TO AUDITED THE FINANCIAL STATEMENTS HAS BEEN CONSISTENT WITH PRIOR YEARS. |
FORM 990, PART I, LINE 6 |
THE BOARD OF DIRECTORS IS COMPRISED OF VOLUNTEERS. |
PART I, LINE 5 |
THE NUMBER OF EMPLOYEES NOTED IN LINE 5 REPRESENTS ONLY EMPLOYEES WHO ARE US CITIZENS. PGMF HAS EMPLOYEES WHO ARE THIRD COUNTRY AND LOCAL NATIONALS WORKING IN ITS OFFICES IN BURMA, WHO ARE NOT SUBJECT TO U.S. WAGE AND TAX REPORTING REQUIREMENTS. |
FORM 990, PART VI, LINE 15 & SCHEDULE J: |
PACT GLOBAL MICROFINANCE FUND DOES NOT COMPENSATE ANYONE SHOWN IN PART VII OF THE FORM 990 OR SCHEDULE J, PART II. THE COMPENSATION SHOWN IN THESE SECTIONS IS PAID BY PACT, INC, THE ORGANIZATION'S RELATED ORGANIZATION. PACT GLOBAL MICROFINANCE FUND RELIES ON THE COMPENSATION DETERMINATION METHODOLOGY OF PACT, INC., PGMF'S RELATED ORGANIZATION, UNDER AN ADMINISTRATIVE SERVICES AGREEMENT. THE FOLLOWING IS THE COMPENSATION METHODOLOGY USED BY PACT, INC. PACT'S BYLAWS STATE THAT THE "SALARY OF THE PRESIDENT AND CHIEF EXECUTIVE OFFICER AND THE TERMS OF HIS OR HER EMPLOYMENT SHALL BE FIXED BY THE BOARD OF DIRECTORS. THE SALARIES OF ALL OTHER STAFF AND THE TERMS OF THEIR EMPLOYMENT SHALL BE FIXED BY THE PRESIDENT AND CHIEF EXECUTIVE OFFICER." CEO: PACT'S CURRENT CEO WAS HIRED IN APRIL 2009. IN CONNECTION WITH THE SEARCH FOR THE CEO, THE BOARD USED AN EXECUTIVE SEARCH FIRM. THAT FIRM, IN ASSISTING THE BOARD, CONDUCTED A COMPENSATION SURVEY AND BENCHMARKING ACTIVITIES TO DETERMINE AN APPROPRIATE MARKET-BASED COMPENSATION FOR PACT'S CEO, TAKING INTO ACCOUNT ORGANIZATION SIZE, COMPLEXITY, AND OTHER RELEVANT FACTORS. THE EXECUTIVE COMMITTEE OF THE BOARD ULTIMATELY SET THE CEO'S SALARY, WHICH WAS INFORMED BY THE INFORMATION PROVIDED BY THE SEARCH FIRM. THE BOARD CONDUCTS AN ANNUAL EVALUATION OF THE CEO AND AWARDS MERIT-BASED INCREASES AS DEEMED APPROPRIATE. OTHER OFFICERS OR KEY EMPLOYEES: THE CEO IS RESPONSIBLE FOR THE COMPENSATION OF OTHER EMPLOYEES, BUT IS DIRECTLY INVOLVED ONLY IN THE HIRING AND SALARY NEGOTIATIONS OF C-LEVEL POSITIONS. IN THESE CASES, WHERE PACT IS UTILIZING A SEARCH FIRM, THE FIRM HAS PROVIDED MARKET INFORMATION TO ASSIST IN THE DETERMINATION OF APPROPRIATE COMPENSATION LEVELS. FOR KEY EMPLOYEES BEYOND THE C-SUITE, PACT'S SVP OF HUMAN RESOURCES IS RESPONSIBLE FOR SALARY DETERMINATIONS. IN MANY CASES, PACT'S EMPLOYEES ARE PAID UNDER A FEDERAL AWARD AND THE COMPENSATION IS INCLUDED IN A PROPOSAL AND IS APPROVED BY THE AWARDING AGENCY, SUBJECT TO THE AGENCY'S COMPENSATION STANDARDS. IN OTHER CASES, PACT USES A SERIES OF ANNUAL SALARY SURVEYS OF PEER ORGANIZATIONS, CONDUCTED BY AN INDUSTRY TRADE ASSOCIATION, TO INFORM SALARY LEVELS. INSIDENGO, THE TRADE ASSOCIATION OF INTERNATIONAL NGO ORGANIZATIONS, CONDUCTS THREE ANNUAL SURVEYS: SALARY AND BENEFITS SURVEY FOR HQ STAFF, US EXPATRIATE/TCN SALARY AND ALLOWANCES SURVEY, AND LOCAL NATIONAL SALARY AND BENEFITS INFORMATION SURVEY. PACT ALSO CONSULTS THE FORMS 990 OF SIMILAR ORGANIZATIONS FOR SALARY INFORMATION. ALL PACT EMPLOYEES ARE EVALUATED ON AN ANNUAL BASIS, AND MERIT-BASED INCREASES ARE DETERMINED AND AWARDED FROM AN APPROVED POOL, ADMINISTERED BY PACT'S SVP OF HUMAN RESOURCES. |
FORM 990, PART IX, LINE 11G, COLUMN (C): |
PACT GLOBAL MICROFINANCE FUND WAS ORGANIZED TO SUPPORT THE CHARITABLE AND EDUCATIONAL ACTIVITIES OF PACT, INC. AND TO CONTRIBUTE TO THE GROWTH OF CIVIL SOCIETY, STRENGTHEN THE COMMUNITY-FOCUSED NON PROFIT SECTOR WORLDWIDE, AND IMPLEMENT INNOVATIVE PROGRAM INITIATIVES. PACT GLOBAL MICROFINANCE FUND AND PACT, INC. OPERATE IN A SHARED SERVICES ENVIRONMENT. AS SUCH, PACT GLOBAL MICROFINANCE FUND REIMBURSES PACT INC. FOR ITS SHARE OF EMPLOYEE COSTS BASED ON PERCENTAGE OF TIME DEVOTED TO PACT GLOBAL MICROFINANCE FUND PROJECTS AT COST. |