Davis Educational Foundation

“There are no committees with the 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 foundation's 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 reviewed 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 just prior to filing to ensure responses are consistent with financial reporting, governance practices and activities of the foundation, resolving any questions with the CFAO. Additionally, the return is provided to the entire board prior to filing.”

“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 maintained 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 from 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 and conflict of interest policy available to the public upon request. The Organization publishes its financial statements in its annual report which is available to the public on its website.”

“Four of five trustees of the Davis Educational Foundation receive trustee fees annually. William Wheeler is a family member of a substantial contributor and therefore does 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 (virtual or in-person) for colleges/universities seeking funding. 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.”