Massachusetts Taxpayers Foundation Inc

“The 990 is reviewed and approved by the executive committee on behalf of the full governing body, the board of trustees, before it is filed.”

“In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the directors and members of committees with governing board delegated powers considering the proposed transaction or arrangement. An interested person may make a presentation at the governing board or committee meeting, but after the presentation, he/she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. The chairperson of the governing board or committee shall, if appropriate, appoint a special committee to investigate alternatives to the proposed transaction or arrangement. The special committee shall be composed entirely of nonmembers of the governing board or committee. After exercising due diligence, the special committee shall determine whether the organization can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. If a more advantageous transaction is not reasonably possible under circumstances not producing a conflict of interest, the special committee shall determine whether the transaction or arrangement is in the organization's best interest, for its own benefit, and whether it is fair and reasonable. In confirmity with the above determination it shall make its decision as to whether to enter into the transaction or arrangement. Each trustee, principal officer and member of a committee with governing board delegated powers shall annually sign a statement which affirms such person: a. Has received a copy of the conflict of interests policy, b. Has read and understands the policy, c. Has agreed to comply with the policy, and d. Understands mtf is charitable and in order to maintain its federal tax exemption it must engage primarily in activites which accomplish one or more of its tax-exempt purposes.”

“During the first quarter of each calendar year, a committee composed of the chair, the vice chair, and the treasurer meets to determine a recommendation for compensation to be paid to the foundation's president during that year, including any bonus relating to performance in the prior year and any adjustment to the president's base salary for the year of the determination. Also, during the first quarter of the year, the executive committee (excluding the president, who is recused from the discussion) meets to review the committee's recommendation and to make a final determination concerning the president's compensation. In recommending and approving the president's compensation, those bodies consider (among other factors) the compensation paid by similarly situated organizations, both taxable and tax-exempt, for functionally comparable positions. The committees typically include one or more members with knowledge concerning such compensation levels, and they may also rely on compensation data from published surveys and other reliable sources.”

“All governing documents, policies and financial statements are available to the public upon request.”

“The organization did not change either its oversight process or selection process during the tax year of its financial statements and selection of an independent accountant.”

“The previously issued financial statements for the year ended december 31, 2023 have been restated to correct an error in the accounting for an unconditional grant that was awarded toward the end of that year but was incorrectly recorded as grants and contributions revenue in the subsequent fiscal year ending december 31, 2024. The effect of the restatement is as follows: statement of financial position (as of december 31, 2023): increase in current portion of grants and contributions receivable $100,000 increase in net assets with donor restrictions $100,000 statement of activities (year ended december 31, 2023): increase in grants and contributions revenue with donor restriction $100,000 increase in change in net assets with donor restriction $100,000”