Brooklyn Community Foundation

“Prior to filing, all directors will be provided with the prepared form 990 with the exception of schedule b for review and will be encouraged to share concerns and questions with the audit committee and/or staff preparer. In addition, all directors will be invited to attend the audit committee meeting at which the form with the exception of schedule b will be reviewed and discussed with staff management.”

“Annually, all directors and employees complete a conflict of interest disclosure questionnaire which is reviewed by the chief operating officer and elevated to the president and governance & nominating committee if issues are noted. Before new directors are elected to the board, the completed questionnaire is similarly reviewed. As potential transactions are considered, directors and employees are required to disclose conflicts, and the conflicted director or employee is excluded from participating in deliberations and decisions concerning the matter. Such disclosures are noted in the meeting minutes.”

“15a. The compensation for the president is reviewed and decided upon annually by the board. As part of the process, a written performance appraisal is conducted. The board approves all salary adjustments in an executive session during which contemporaneous minutes are not recorded. After review and discussion, the board determines the president's compensation for the next year. 15b. Officers as well as other employees receive a performance appraisal from their immediate supervisors. Salary adjustments must be approved by the president and will be given, where appropriate, based upon the performance appraisal and within budgetary limits. Various outside salary surveys are used to assist in determining any adjustments.”

“The foundation makes its governing documents, conflict of interest policy and financial statements available to the public on the foundation's website.”

“The form 990 requires reporting of form 1099, form w-3, and compensation information based on the december year-end contained within the reporting period. As this form 990 represents a stub-period of january 1, 2020 through june 30, 2020, there is no december year-end contained within. As such, the form 990 reports o for these amounts.”

“The foundation has an employment management agreement with a professional employer organization that provides a comprehensive personnel management system encompassing a broad range of services, including benefits and payroll administration, health, worker's compensation insurance programs, personnel records management, employer liability management, pension, etc.”

“Effective january 1, 2020, the foundation elected to change its accounting period from a calendar year ending december 31st to a fiscal year ending june 30th under the requirements set forth in revenue procedure 85-58.”