Mesorah Heritage Foundation

“Rabbi gedaliah zlotowitz and rabbi nosson scherman have a business relationship.”

“The organization sends by email a draft copy to all members of the board, and awaits their comments. After updating the return with any changes, the organization emails a final version to all board members. A meeting or conference call is arranged for board members to discuss and approve filing of the 990.”

“A questionnaire is sent annually to all covered persons (i.e. Trustee, officer, and key person) for them to complete, sign and return. A covered person has an obligation to disclose promptly to the chairman of the audit and compensation committee of the foundation (the "audit committee") the material facts of any proposed transaction of the foundation in which such covered person or a related party of such covered person has any actual or potential conflict of interest. The disclosure should be made prior to any consideration of such proposed transaction by the board or by any applicable committee, or promptly after such person has knowledge of the relevant facts if he or she has no actual knowledge prior to the relevant board or committee action. Any person having a conflict with respect to a matter under consideration shall refrain from participating in or attempting to influence any decisions or votes regarding such matter. Such person shall not participate in, and shall not be present for, any discussions, deliberations, decisions, or votes regarding such matter, except to the extent requested by the audit committee for purposes of providing information.”

“The board reviews the compensation of the organization's officers at its annual december meeting and periodically undertakes a review of comparable salary data based on form 990 data of other organizations and other publicly available information. The board reviews and approves the compensation for the upcoming year and documents the discussion and approval in the minutes of the meeting.”

“The organization makes its governing documents, conflict of interest policy, form 1023, financial statements, and form 990 available upon request.”

“The organization has entered into an agreement with a taxable entity. Two directors of the organization are shareholders in that entity. As part of the organization's mission, the entity distributes the organization's books at below fair market value. The agreement provides that the books will be published at a price that is affordable to the general public at a price that is lower than comparable scholarly works. In addition, the entity provides the organization with free facilities, including offices, utilities, and clerical support. The organization's independent auditors are engaged annually, in conjunction with the audit committee's oversight role, to monitor the agreement by performing special agreed upon procedures on the taxable entity to assure compliance with provisions of the agreement, including those that assure that the entity does not receive any excess benefits, as defined, and that appropriate procedures and accounting safeguards are in place to protect the organization's interests. The independent auditors meet semi-annually with the audit committee to plan and review the special agreed upon procedures report and findings.”

“The organization uses the modified cash basis method of accounting.”

“The organization has an audit committee that is responsible for the oversight of the audit of its financial statements and selection of independent auditors. The process has not changed from the prior year.”