Regatta Point Community Sailing Inc.

“Accountant prepares and review tax return with treasurer, who then reviews return with governing board members.”

“To ensure the organization 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 reviews shall, at a minimum, include the following subjects: a. Whether compensation arrangements and benefits are reasonable, based on competent survey information, and the result of arm's length bargaining. B. Whether partnerships, joint ventures, and arrangements with management organizations conform to the organization's written policies, are properly recorded, reflect reasonable investment or payments for goods and services, further charitable purposes and do not result in inurement, impermissible private benefit or in an excess benefit transaction.”

“Every year at the conclusion of the entity's operating cycle (april-october) a three-member sub-committee of the governing body does a performance review report of the entity and the executive director. The sub-committe also establishes goals and objectives for the entity and the executive director for the subsequent year. The performance review report is submitted to the full governing board for review and approval. At that time the compensation for the executive director is determined.”

“The entity's form 990 is made available for public inspection upon request.”

“The entity's financial statements are made available to the public upon request. Also the entity includes its financial statements and form 990 with grant applications to foundations.”