Gallery North Inc.

“The audit committee is provided a copy of the 990 to review before it is filed.”

“Trustees have an obligation to conduct business within guidelines that prohibit actual or potential conflicts of interest. An actual conflict of interest exists when a trustee (including his or her spouse, siblings, parents or children) has a material financial interest in a transaction or project under consideration by the board of trustees. A potential conflict of interest exists when a trustee is in a position to influence a decision that may result in personal gain. In this regard, it is the policy of gallery north, inc. That each trustee shall: 1) disclose to the board the existence of an actual or potential conflict of interest 2) abstain from discussing any issue involved in a conflict of interest unless requested by the board or a standing committee of the board to give information on the issue 3) absent himself or herself from board or committee discussions on any such project or transaction involving a conflict of interest, unless requested by the board or committee to give information on the issue 4) abstain from voting on any such issue 5) take a temporary leave of absence from the board, if requested to do so, until such time as the matter giving rise to the conflict of interest has been resolved. If a transaction or project involves an actual or potential conflict of interest by a member of the board, the board of trustees shall: 1) approve of such transaction or project only if the board makes specific findings that: a) the transaction is demonstrably fair, benefits gallery north inc. And its objectives, and is being approved with the full knowledge of the material benefit to the trustee involved in the conflict of interest. B) that the affected trustee will not participate in the vote approving the transaction or project, will be absent both during the discussion of the transaction or project and during the actual vote thereon, and has not sought in any way to coerce trustees to vote in favor of the transaction or project. 2) request that the affected trustee take a leave of absence from the board if it is determined that the nature and magnitude of the conflict of interest warrants such a request. The executive committee and the executive director monitor compliance with the conflict of interest policy through each business decision made. And by requiring members to disclose annually any conflicts of interest. The organization makes its governing documents, conflicts of interest policy, and financial statements available to the public upon written request.”

“The executive director's salary is reviewed annually. The board considers executive director pay for other regional non-profits among other things to determine any change in the salary.”

“Governing documents, organization policies and financial statements are available for inspection upon request at the organization's physical location.”

“There is no change in the process from the prior year. However, the organization has only had a review of their financial statements conducted from an independant accountant n prior years. This is the first year that the financial statements were audited by an independant auditor.”