Penobscot Bay YMCA

“Classes of members or stockholders - the by-laws state that the organization is made up of members.”

“Elections of members and their rights - members of the board of directors shall be elected at the annual meeting by a majority vote of members present.”

“Decisions subject to approval of members - members hold the board of directors accountable and exercise governance power through the election of directors to the board.”

“Organizations process to review form 990 - form 990 review: the form 990 is created from the information supplied to our auditors. After the auditors have created the federal information returns, the return is reviewed by the finance director to verify that it ties to the audit report. Also reviewed are the statements on part iii and part viii which discuss exempt purpose. Also disclosures regarding salaries over $100,000 and fringe benefits are reviewed for accuracy. Finally admin and maintenance allocations are reviewed for accuracy. The return is then handed to the finance committee and the executive director and the chief volunteer officer for review. Any questions are referred to the finance director and the auditors. The final step is to present the return to the board of directors at the next monthly meeting. After the board has reviewed and approved the return, it is electronically filed. A copy is also sent with the audit report to y-national, as a condition of certification. A copy is left at the front desk for public review. Copies of the last three years are made available to the public.”

“Enforcement of conflicts policy -excerpt from conflict of interest policy - section "x. Periodic reviews" - to ensure that the ymca operates in a manner consistent with charitable purposes and does not engage in activities that could jeopardize its tax-exempt status, periodic reviews shall be conducted. The periodic review shall, at a minimum, include the following subjects: whether compensation arrangements and benefits are reasonable, are based on competent survey information, and are the result of arm's length bargaining. Whether partnerships, joint ventures, and arrangements with management organizations conform to the "y's" written policies, are properly recorded, reflect reasonable investment or payments for goods and services, further charitable purposes and do not result in incremental, impermissible private benefit or in excess benefit transaction. Excerpt from conflict of interest policy - section "xi. Use of outside experts" - when conducting the periodic reviews as provided for in article vii, the ymca may, but need not, use outside advisors. If outside experts are used, their use shall not relieve the governing board of its responsibility for ensuring periodic reviews are conducted.”

“Compensation process for top official - irs intermediate sanctions rebuttable presumption statement: the organization formal policy and practice requires a periodic detailed review of key employees, including the executive director. Annual compensation, basic and supplemental insurance, retirement benefits, benefit allowances, are reviewed by the decision-making body, who formally and extensively document their review in an employee performance evaluation form.”

“Governing documents, disclosure explanation, financial statements and the conflict of interest policy are on file with the front desk for public review. We leave copies for three years.”

“Change in value of perpetual trust 31,719.”

“This process has not changed from the prior year.”