Marginal Way Preservation Fund

“The mwpf has only board members and executive officers. There are no shareholders or share classes.”

“New board members are nominated and elected by the existing board. Board members have the right to a single vote on all issues related to the nonprofit's activities.”

“Key decisions, as determined by the executive committee, are subject to approval by the board of directors. Key decisions include, but are not limited to, approving the annual operating and strategic budget, approving funding requests related to its mission, the appointment of executive officers, the appointment of committee heads and the appointment of the executive director. The board created a separate compensation committee to determine and recommend to the full board the annual compensation of its executive director.”

“The 990 is reviewed and approved by the organization's executive officers, which is comprised of the organization's executive director, president, vice president and treasurer prior to sharing with the board of directors.”

“All board members are required to sign annually a code of conduct which includes a conflict-of-interest statement where they disclose all potential conflicts they believe may exist between themselves and the non-profit. The board has established a process to review and remedy all conflicts disclosed and meets each quarter to resolve any conflicts identified.”

“The top official is the president and chairperson; this position is not compensated.”

“The executive director is the non-profit's top officer and is compensated. The executive director's annual performance review is managed by the president and vice president and discussed and approved by the board. The performance review id given to the boards compensation committee which engages the services of an independent consultants to determine compensation ranges for executive directors with a similar scope of responsibilities. The compensation committee makes a compensation recommendation to the board for discussion and approval.”

“The bylaws governing the non-profit are published on the marginal way preservation fund website, which is available to the general public at https://www.marginalwayfund.org/about/bylaws/.”

“The marginal way preservation fund is a non-profit organization that raises money to fund an endowment whose mission it is to fund projects to repair, preserve and beautify the scenic coastal walkway located in the town of ogunquit, maine, more particularly known as the marginal way. The marginal way was officially placed on the national register of historic places by the united states department of the interior on march 23, 2022, and is visited by hundreds of thousands of people each year who walk the path.”

“The marginal way preservation fund is governed by a volunteer group that serves on the board of directors and some who serve as executive officers. The executive director, who reports to the president and chair designs and implements all fundraising activities and runs the day-to-day operations of the organization. The board's various chairs oversee the investment policy that governs the endowment and approve the annual budget covering the operations of the non-profit.”

“The mwpf solicits contributions through fundraising activities. These contributions are used to fund the organization's endowment. Endowment earnings are then leveraged for projects related to beautify, improve or maintain the town of ogunquit, maine's scenic coastal walkway, known as the marginal way.”

“Book / tax depreciation difference -675”