Educational Foundation of the Massachusetts Society of Certified

“The foundation's members are the members of the board of directors of the massachusetts society of certified public accountants.”

“The foundation's members elect its board of directors.”

“The massachusetts society of cpa's board must approve any changes to the by-laws of the educational foundation of mscpa's.”

“Prior to filing form 990, the audit committee of the massachusetts society of cpa's ("society") reviewed the tax return. The committee reported to the society's board of directors and form 990 was provided to the foundation's board members.”

“The foundation's conflict of interest policy is reviewed annually to ensure that the policy continues to be appropriate and is updated as needed. The foundation's conflict of interest policy covers the members of the foundation's board of directors. New board members are provided a copy of the conflict of interest policy and complete a conflict of interest questionnaire. Thereafter, semi-annually the foundation's board of directors complete a conflict of interest questionnaire. In addition, all payables are reviewed by the ceo and management and the vice-chair of finance reviews all payables over $7,500. Disclosure of a potential or actual conflict of interest involving directors is made to the chairman of the board (or if she or he is the one with the conflict, then to the board vice-chairman). These potential and actual conflicts of interest are submitted to the massachusetts society of cpa's ethics committee for resolution and appropriate action. The ethics committee will determine whether a conflict exists and if so determined, whether the contemplated transaction may be authorized as just, fair, and reasonable. The ethics committee has sole discretion for decisions on these matters.”

“Financial statements and the articles of organization are available upon request. Generally other governing documents and conflict of interest policy are not available to the public. In addition, financial statements are attached to the ma form pc filed with the attorney general's office. This form is open to public inspection.”

“Administrative services reimbursed to ma society of cpa's, inc. 04-2055313: program service expenses 658,270. Management and general expenses 0. Fundraising expenses 0. Total expenses 658,270.”

“There was no change to the oversight of the year-end audit or the selection process of the independent accountant during the year.”