Ipswich Education Foundation Inc.

“Form 990 is reviewed by the president and treasurer prior to being filed. Other members of the governing body do not review the form prior ot being 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 memebers of the committees with governing board delegated powers considering the proposed transaction or arrangement.”

“Each director, principal officer and member of a committee with govering board delegated powers shall annually sign a statement which affirms such person:”

“1. Has received a copy of the conflicts of interest policy,”

“2. Has read and understands the policy,”

“3. Has agreed to comply with the policy, and”

“4. Understands ief is charitable and in order to maintain its federal tax exemption status, it must engage primarily in activities which accomplish one or more of its tax-exempt purposes.”

“To ensure ief 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 review shall, at a minimum, include the following subjects:”

“1. Whether compensation arrangements and benefits are reasonable, based on competent survey information, and the result of arms length bargaining.”

“2. Whether partnerships, joint ventures, and arrangements with management organizations conform to iefs written policies, are properly recorded, reflect reasonable investment or payments for goods and services, further charitable purposes and do not result in inurement, impersissible private benefit or in excess benefit transaction.”

“The organization governing documents, conflict of interest policy and financial statements are available for inspection upon request and also on the website of the massachusetts division of public charities.”