Davis Educational Foundation

“There are no committees with authority to act on behalf of the governing body.”

“Prior to filing, the Chief Finance and Administrative Officer (CFAO) reviews the 990 in detail, comparing it to the audited financial statements and other records for accuracy, and comparing it to the prior year filing to make sure any large variances or changes to responses are accurate. Any questions or concerns are resolved with the independent CPA firm who prepared the return. The CFAO provides a copy of the final draft to the Board Chair, highlighting any unusual items or changes from prior years. The Board Chair reviews the final draft and a copy of the draft is provided to all Trustees prior to filing to ensure responses are consistent with financial reporting, governance practices and activities of the foundation, resolving any questions with the CFAO.”

“Trustees and staff are provided a conflict of interest form each year; new trustees and new hires are provided forms during onboarding. The CFAO reviews all forms and ensures they were all received. A master list of disclosed conflicts is maintaned and is available on the board portal. Trustees are assigned to take the lead on one or more proposals each grant cycle. We are careful to avoid conflicts in making assignments, and trustees are offered the chance to change assignments for any reason and are expected to abstain fro voting if a conflict exists. Trustees are quick to acknowledge conflicts which are noted in meeting minutes. This occurs several times each year due to the background of our trustees and the small size of our grantee pool, and is an established practice of the board.”

“Employee performance and salary reviews are conducted annually on the anniversary of employment and consist of: a performance review, a determination of whether the employee's salary is consistent within the industry, and a determination as to whether the yearly increases reflect merit, inflation, and/or changes of responsibilities. The employee will provide a narrative of accomplishments over the past year and a description of goals for the upcoming year.”

“The Organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Five of six trustees of the Davis Educational Foundation receive trustee fees annually. Peter Davis was a family member and did not receive any compensation from the Foundation in any form. The Davis Educational Foundation supports payment of trustee fees because of the significant work necessary when evaluating applicants. The trustees conduct site visits for colleges/universities seeking funding, and therefore, they travel throughout New England. Site visits are conducted by trustees in order to properly evaluate the grantee applications. The Organization contends that these payments do not impair the independence of its trustees.”

“Per the declaration of trust, a majority of the trustees shall be appointed by the representative supported organization. The trustees determine the recipients of the Davis Educational Foundation grants each year.”