Peconic Landing at Southold Inc

“The organization has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, reviewed by management and is ready to be filed with the internal revenue service, it is electronically sent to the members of the finance committee for any comments. Any comments are then grouped, summarized and provided to the outside accountants. Each issue is documented and addressed until the return is finalized and approved for filing by the committee.”

“In the event a member of the board of trustees of peconic landing at southold, inc., or the member's spouse, child, parent or sibling, as a result of a transaction, investment or activity (herein referred to as a matter) with or involving peconic landing at southold, inc., peconic landing housing association cooperative, inc., peconic landing foundation, inc. (referred to in the aggregate as peconic landing) will receive any profit or gain, whether directly or indirectly, then the member shall promptly disclose that interest to the board and shall not participate in any decision on such a matter. The member shall not vote on, and shall remove him or herself from the meeting discussing such a matter. The member shall also disclose any known significant reason(s) that such a matter might not be in the best interests of peconic landing. The member's abstention from the meeting and vote and the reason for it will be recorded in the minutes of any meeting at which such a matter or matters are discussed. Each member is required to submit an annual disclosure statement at the beginning of each calendar year.”

“Philosophy regarding executive compensation - the compensation committee of the board of trustees of peconic landing at southold, inc. Shall have the responsibility for establishing all matters pertaining to executive compensation. The board recognizes that it is charged with establishing a total compensation package necessary to attract the best talent possible while being fully cognizant of its fiduciary responsibility to the organization. The board, therefore, assures that decisions involving executive compensation shall be reasonable and meet the requirements for a tax-exempt entity, which are: (1) compensation shall be based on reliable market comparability data; (2) the basis to support executive compensation shall be documented; and (3) all matters related to executive compensation are made free from any direct or indirect conflicts of interest, compensation negotiation - the compensation committee shall negotiate on behalf of the board all matters of executive compensation, including base wage, incentives, bonuses, merit increases, prerequisites, and benefits. The compensation committee shall have the authority to negotiate on behalf of the board in matters relating to compensation. Documentation of this process will be kept on file including: (1) data or sources used in determining compensation recommendations; (2) a review of executive performance; and (3) full disclosure of any potential conflicts of interest. The compensation committee shall make assurance that final executive compensation recommendations are independently approved by committee members acting on behalf of the board in a non-conflict of interest position. Basis for executive compensation - to ensure the reasonableness of executive compensation, it will base and document its recommendations on the following criteria: market data comparisons; functional requirements of the position; current market heads; regional economic indicators; education, career background; and experience of the person in the position. The compensation committee may seek advice and counsel from external, unrelated sources including, but not limited to: management consultants, executive recruiters, national and state organizations such as aahsa and nyahsa, salary research resources and data bases, and other sources which may provide accurate, reliable, verifiable wage data. Compensation concerning incentives and bonuses shall be based on quantitative performance criteria applied to the achievement of pre-established goals. Merit increases shall be made at the discretion of the board chair, vice chair, and chair of the finance committee, compensation committee, on behalf of the board based on performance improvement over a specified period of time. Benefits, including health insurance, life insurance, vacation and other time off, shall be proportionate with the benefits policies and packages in effect for leadership personnel at peconic landing at southold, inc. On the effective date of board approval of the total compensation package. Documentation concerning executive compensation - all matters pertaining to executive compensation must be in written form. The compensation determination process was last undertaken in 2022.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is available on guidestar.org and other similar types of websites. In addition, the financial statements, articles of incorporation, form 990, conflict of interest policy, and by-laws are also available upon written request or by calling the organization directly.”

“The organization has a committee that assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. This process did not change from the prior year.”