Peaks Island Children'S Workshop

“Management assists the accounting firm with the preparation of the financial statements and IRS Form 990. The board of directors charges the president, treasurer, and executive director with the responsibilities to review and approve the financial statements prior to their release, as well as the Form 990 prior to its filing with the IRS. They review drafts of both the financial statements and Form 990 for completeness, accuracy, and appropriate disclosure of the agencys programs, policies and procedures to ensure that they are thorough and up to date. Any questions or concerns are resolved with the accountants as needed.”

“The board of directors does not have a formal cycle for review/disclosures of possible director conflicts of interest because the board is composed of individuals who live, and in some cases work, on Peaks Island, which is a small, close-knit community where residents are generally well known to each other. Directors are advised when they begin their board service that they must disclose to the board president circumstances with any potential to create conflicts of interest as soon as they occur. If the conflict of interest relates to a specific matter whereby recusal from deliberations and votes on the matter will satisfactorily mitigate the conflict, the director must recuse himself. All other conflicts are reviewed and resolved by the board and their decision is final.”

“The board of directors establishes and reviews the compensation rates for all agency positions as part of its annual budget process. Local organizations providing child care services are informally canvassed to determine the current market salaries for similar positions. As well, some board members and the agency executive director have significant knowledge of the field and compensation levels in southern Maine and can provide additional insight.”

“See Line 15a explanation.”

“Peaks Island Childrens Workshop makes available, upon request, its Form 990 and all other information and documents required by federal and state laws to be available for public inspection.”

“Peaks Island Childrens Workshop does not have a formal policy regarding public disclosure of governing documents, policies and financial statements. Requests for this information is addressed by the executive director and the board of directors on a case by case basis.”