Shaker Museum and Library

“Conflict of interest monitoring - as part of the adopted conflict of interest policy and procedures, the museum developed a comprehensive disclosure form. All trustees, officers, and employees are required to file a renewal each year. The museum keeps the signed forms on file at the museum offices.”

“Executive compensation - pursuant to the museum's bylaws, members of the board of trustees receive no compensation for their services, although they may be reimbursed for out-of-pocket expense reasonably incurred in the performance of their duties. Such reimbursements are subject to the expense reimbursement policy of the museum. As of december 31, 2019, the museum employed an executive director who manages the affairs and business of the museum, subject to general oversight and control of the chair and board of trustees. The executive director serves as a non-voting member of the board, and of all committees of the board. To determine the executive director's compensation, prior to hiring and periodically, the executive committee researches comparable salaries in the museum field and in similarly situated non-profits, gauged by their size, location and similar stature to the shaker museum and library. Regional salaries for museums in the area are checked through the museum association of new york, and/or through contacts at area museums. Qualified candidates must be above average in their level of knowledge and experience, and have proven experience in development and fundraising for non - profits.”

“Review process of 990 by governing body - the executive director of the museum or a designee distributes a copy of the completed form 990 to the audit and finance committee before a meeting with the lead auditor from the auditing firm. The lead auditor and audit and finance committee review the audited financials and form 990. The audit and finance committee disseminates copies of the 990 and audited financials to the board of trustees. The board of trustees is given a deadline to inquire about any information in the form, which allows time for review and any required corrections before the actual form is filed. In addition, an item is placed on the board of trustees meeting agenda, which allows for follow-up discussion.”

“Public availability of documents - the museum provides copies of any governing documents, its conflict of interest policy and financial statements to any interested party after receiving either a written or a verbal request.”

“Related trustees - stephen williams and warden williams are brothers and are the sons of the founder. Both serve as members of the board of trustees.”

“In 2018, the revenue less expenses (990, part 1, line 19) wsa $584,235. The 2018 contributions total included contributions of $282,749 utilized for capital purchases, therefore, no expense was recognized. In addition, approximately $248,000 of net assets with donor restriction balances as of december 31, 2018 were utilized for operating purposes in 2019. As a result in 2019, expenses exceeded revenue by $72,416 due to these timing differences.”