Citizens Union Foundation Inc. of the City of New York

“The staff reviews and compares each of the line items on the 990 with those in the financial reports and also Quickbooks. The different schedules are also reviewed with the reports sent to the auditors including the questionnaire. It is then sent to the audit committee who reviews and approves it prior to sending it to the Board.”

“Each board member receives a conflict of interest policy and completes and signs the disclosure statement. The chairman of the audit committee and the executive director review each disclosure statement especially those who send in exceptions. If the board is discussing a sensitive matter he/she will disclose any conflict they may have before the discussion begins.”

“The organization's executive committee conducts a review and sets the salary of the CEO, Executive Director, or top management official. The executive director sets the salary of other officers or key employees of the organiztion based on the board of director's approval of annual budget for staff compensation.”

“The By-laws, the Code of Ethics and Conflict of Interest Policies as well as the financial statements are available to the public on our website www.citizensunion.org. The public can also request a copy of the Financial Statements from the NY Charities Bureau.”

“CITIZENS UNION FOUNDATION INC. AND CITIZENS UNION OF THE CITY OF NEW YORK HELD A JOINT FUNDRAISING ANNUAL AWARDS DINNER IN OCTOBER 2016. DONORS/ATTENDEES DESIGNATED ON THE EVENT TICKET WHAT PORTION OF THEIR CONTRIBUTIONS SHOULD BE GIVEN TO EACH ENTITY. IF A DONOR/ATTENDEE INDICATED ON THEIR TICKET THAT THEIR CONTRIBUTIONS SHOULD BE SPLIT between the two entities, the contributions were handled as follows: -IF MONIES WERE RECEIVED BY CHECK, they were deposited into the cu-cuf awards dinner account. This account was set up to be used as a flow through account for the split dinner contributions. THE TOTAL AMOUNT OF MONEY THAT WAS DEPOSITED INTO THIS ACCOUNT IN THE CURRENT YEAR WAS $174,700. AFTER THE DINNER, funds totaling $113,725 were transferred to Citizens Union Foundation of the City of New York and $60,975 were transferred to Citizens Union of the City of New York. -If monies were received via credit card, it was processed through citizens union of the city of New York and then transferred over to the account of Citizens Union Foundation of the city of New York ACCOUNT. THE TOTAL AMOUNT RECEIVED VIA CREDIT CARD in the current year WAS $161,700. Of this amount, exactly half, totaling $80,850 was transferred to the account of Citizens Union Foundation of the city of New York ACCOUNT.”

“Included in other liabilities is $2,351 of due to affiliates. The organization shares space with a related tax-exempt organization. In accordance with gaap, the organization records its rent expense on the straight line method which results in an accrued rent liability representing the cumulative rent expense recorded on the books in excess of the cumulative payments made in accordance with the lease agreement. The majority of the due to affiliate liability balance represents the affiliated organization's share of the accrued rent liability.”