Asian Cultural Council Inc

“1. Wendy o'neill (chairman as of may 2023), valerie rockefeller (secretary), david rockefeller, jr. (trustee), charles rockefeller (trustee), anne straton pierson (trustee) and susan rockefeller (vice chairman) have a family relationship. 2. Dan swift (trustee) and julie ann kohn (trustee) have a family relationship. 3. Douglas tong hsu (trustee as of may 2023) and tonia katherine hsu (trustee) have a family relationship.”

“The bylaws were amended in may 2023. Significant change included adding a term limit for the chairman of the board of trustees.”

“The form 990 was prepared by a professional accounting firm with information provided by the organization's staff. A copy of the form 990 is provided to the chairman of the board, chairman of the finance committee and audit committee for their final review and approval. A copy of the form 990 is made available to all members of the governing body before filling with the irs.”

“The organization currently has in place a conflict of interest policy that applies to any trustees, committee members, officer, and employee ("personnel"), which it annually monitors and enforces. The executive assistant of acc will circulate annually a disclosure form for personnel to list entities in which they, or a member of their immediate family, have a material interest or occupy a position that might create a conflict of interest under this policy. Personnel must disclose any conflict of interest to the executive director or the board of trustees and abstain from recommending, influencing, or voting on any proposed action. Once a conflict of interest has been disclosed, personnel must recuse themselves from board meetings during consideration of the transaction. Board meeting minutes describes the potential conflict of interest, disclose any related discussions, and document compliance with these procedures. Personnel may participate in the discussion of the proposed action by staff, the board, or any of its committees at the request of the executive director, the board, or chair of such committees. The board and its committees are also advised by the executive director of any conflict of interest or apparent conflict of interest known to him or her of personnel in regard to transactions which are being considered by the board or its committees.”

“Compensation of the executive director is determined and approved by the board. A compensation study was done in january 2020. The board approves the budget in november for the following year that includes salary and benefits costs. Records of board's compensation decisions are documented in the board minutes. This process was last undertaken in november 2023. Executive director has full responsibility for salary and benefits for the staff. Changes are included in the proposed budget approved by the board at their november meeting for the upcoming year.”

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

“Consultant: program service expenses 209,564. Management and general expenses 15,044. Fundraising expenses 33,500. Total expenses 258,108. Other professional fees: program service expenses 52,827. Management and general expenses 112,483. Fundraising expenses 59,600. Total expenses 224,910. Payroll service fees: program service expenses 2,024. Management and general expenses 4,311. Fundraising expenses 2,282. Total expenses 8,617. Temporary help: program service expenses 31,243. Management and general expenses 2,241. Fundraising expenses 0. Total expenses 33,484.”

“Amount not yet recognized as a component of net periodic benefit costs 243,781. Net periodic benefit costs -101,843.”

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