Byrd Hoffman Water MILL Foundation

“The form 990 is reviewed and revised as needed by the directors and the finance committee. The form 990 is made available to all board members prior to filing with the irs.”

“Directors, officers, and all employees who can influence the actions of the foundation (including any management personnel or individuals with proprietary information) are required to disclose any conflict of interest that may affect their ability to carry out the exempt purpose of the foundation and are required to sign annual conflict of interest statements. It is the continuing responsibility of the board, officers and management employees to scrutinize their transactions and outside business interests and relationships for potential conflicts and to immediately make such disclosures. Disclosures are made to the managing director, who brings the matter to the attention of the board. Disclosures involving directors are made to the board chair, who shall bring these matters to the board. If a conflict of interest exists, it must be disclosed. The conflicting employee must be excluded from the discussion and approval of such transactions, a competitive bid or comparable valuation must exist, and the board must determine that the transaction is in the best interest of the organization. The decision of the board on these matters rests in their sole discretion. Final decisions are documented in the minutes.”

“The compensation committee of the board of directors reviews salaries of senior executives and managers of the foundation at least annually. In evaluating salaries the committee takes into consideration compensation paid by other comparable non-profit organizations for similar positions as well as the performance of the employee, the views of senior managers of the foundation and the financial capacity of the foundation. The procedure was last performed in january of 2016.”

“These documents are available upon request.”

“Temporary help: program service expenses 4,238. Management and general expenses 1,956. Fundraising expenses 326. Total expenses 6,520. Art consultation: program service expenses 183,187. Management and general expenses 98,205. Fundraising expenses 37,365. Total expenses 318,757. Other: program service expenses 98,640. Management and general expenses 52,879. Fundraising expenses 0. Total expenses 151,519.”

“Bad debt loss from uncollectible pledges -250,000.”

“The process has not changed from the prior year.”