Newport Restoration Foundation

“The form 990 is prepared by the external auditors and reviewed by management. Once all are satisfied with the form, it is finalized and a copy is sent to all board members. At the subsequent board meeting the board is asked if they have any questions or comments and a general review of the form is conducted by management. Revisions, corrections, etc. Are made as necessary. Subsequent to this meeting the form is submitted to the irs.”

“Employees must disclose any possible conflicts of interest to the president of nrf and members of the board of directors and the president must disclose any possible conflicts of interest to the board of directors. Nrf shall not proceed with or continue any transaction or relationship involving an actual or perceived conflict of interest without the approval of the president or the board of directors, as applicable.”

“Annually, designated, independent members of the executive committee of the board conduct a performance review and evaluation of the president. The review also establishes the individual's compensation for the following year. The process involves evaluation of the individual. The review and decision are noted in the records of the executive committee. In the event the president compensation is proposed to be increased by more than the percentage increase given generally to employees across the board, the executive committee will review comparable compensation data from similar organizations and obtain such other information as may be necessary to indicate that the proposed compensation is reasonable. The proposed compensation is presented to the board for approval and the board's deliberation and decision are noted in the minutes of the meeting. The president establishes the compensation of the senior management team and reviews the performance evaluations and recommendations with the executive committee. The evaluations and compensation are discussed by the executive committee, but no vote of approval of the president's decision by the board or executive committee is required.”

“The organization makes its governing documents (articles of incorporation and by-laws), its conflict of interest policy and financial statements available upon request. The organization will mail copies upon request or provide copies to those who come to the administrative office during normal business hours. The organization charges for the copies in accordance with irs regulations.”

“The organization did not change either its oversight process or selection process during the tax year.”