National Veterans Services Fund Inc

“During the fiscal year, it was discovered that an employee embezzled an estimated $800,000 from the organization through the organization's checking account and use of the company credit cards. The funds were stolen during january 2009 through june 2014. Once this was discovered the employee was immediately terminated and a criminal investigation is ongoing. Subsequent to year-end, the organization implemented new internal control policies, which segregated financial duties among the employees of the organization.”

“National veterans services fund, inc. 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 board members of the organization 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.”

“The conflict of interest policy is applicable to all board members and officers of the organization. In connection with any actual or possible conflicts of interest, a board member or officer must disclose the existence and nature of his or her conflict to the board considering the proposed transaction or arrangement. After disclosure of the financial interest, the board member or officer shall leave the board or committee meeting while the financial interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists. The chairperson of the board or committee shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. After exercising due diligence, the board or committee shall determine whether the organization can obtain a more advantageous transaction or arrangement with reasonable efforts from a person or entity that would not give rise to a conflict of interest. If a more advantageous transaction or arrangement is not reasonably attainable under circumstances that would not give rise to a conflict of interest, the board or committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the organization's best interest and for its own benefit and whether the transaction is fair and reasonable to the organization and shall make its decision as to whether to enter into the transaction or arrangement in conformity with such determination. The minutes of the board and all committees with board-delegated powers shall contain: 1. The names of the persons who disclosed or otherwise were found to have a financial interest in connection with an actual or possible conflict of interest, the nature of the financial interest, any action taken to determine whether a conflict of interest was present, and the board's or committee's decision as to whether a conflict of interest in fact existed; 2. The names of the persons who were present for discussions and votes relating to the transaction or arrangement, the content of the discussion, including any alternatives to the proposed transaction or arrangement, and a record of any votes taken in connection therewith. Each year the board members and officers shall sign a conflict of interest statement affirming that they have received a copy of the policy, has read and understood the policy, and has agreed to comply with the policy.”

“The organization's board of directors annually review and establish the president's compensation. Compensation was determined based on performance and economic factors. Periodically the board will examine the compensation of similiar positions in the immediate geographic area as well as those throughout the region. The board's approval of his salary is documented in the minutes to the meeting. The last approval took place in december 2013.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is posted on guidestar.org and other similar types of websites. In addition, the financial statements, conflict of interest policy, articles of incorporation, form 990, form 1023, and by-laws are also available upon written request or by calling the organization directly.”

“When the original return was filed the financial information had not been audited. Since filing the original return, there has been a complete audit performed. Thus, all financial information for the organization has changed and an amended return has been filed.”