Woodlawn Foundation Inc

“The Treasurer prepared a draft of Form 990 and distributed electronic copies to other officers and to Board Members. After a sufficient period of review, the Treasurer made corrections and adjustments based on comments and suggestions received from officers and Board Members. Finally, he or she signed and filed Form 990 electronically.”

“Board Members and officers of the Woodlawn Foundation revisit the conflict of interest policy during the Board of Directors annual meeting in November. Each Board Member and officer discloses whether or not he or she has a conflict of interest by means of a signed statement listing conflicts, if any.”

“Any position whose reportable and non-reportable compensation exceed $80,000 is subject to the Woodlawn Foundation's Executive Compensation Policy including, but not limited to, the President, Executive Director, financial officers, management officers, and key employees. When applicable, the Executive Committee shall make its recommendation annually to the Board regarding the reasonableness of those positions. It shall rely upon appropriate data as to comparability in making its determination. Furthermore, it shall place such data and other reasons for its recommendation in the Minutes. Only those who are free of conflicts of interest may be involved in the evaluation of Executive compensation.”

“The organization's governing documents, conflict of interest policy, and financial statements are available for review in person during regular business hours at the Treasurer's office located at 56 Harrison Street, Suite 401, New Rochelle, New York 10801-6560.”

“Other changes in net assets in the amount of $1,969,035 resulted from the audit by an independent accounting firm of the consolidated financial records of the Woodlawn Foundation and related parties for fiscal year ending June 30, 2015, i.e., the previous year's audit. We adjusted the value of the organization's net assets at the beginning of the year as follows: (a) increased investment in limited partnerships by $1,170,033 to reflect fair value as of the beginning of the year; (b) increased net pledges receivable by $789,402 to record pledges received in the audit year; (c) decreased assets held in trust by $48,671 due to unrecorded trust distributions made in the audit year; (d) decreased liability under trust agreements to reflect fair value at the beginning of the year, which resulted in an increase of $41,223 to net assets; and (d) decreased liability under charitable gift annuities to fair value at the beginning of the year, which resulted in an increase of $17,048 to net assets.”