Chautauqua Region Community

“The foundation has members. Members shall consist of not less than thirty, no more than fifty individuals. Any individual who has an interest in the purpose of the foundation and has demonstrated a knowledge or understanding of the educational, cultural, civic, environmental or charitable needs of the community of the chautauqua county, new york region, may become a member. Potential members are nominated by the board of directors and elected by a majority of votes cast at the annual meeting of the entire membership, additionally, any individual may become a member upon election by a majority vote of the entire board of directors at any meeting. In selecting members, it shall be the purpose of the foundation to ensure the membership is generally representative of the various interests of the area is serves. Every effort is made to have the elected membership represent the comminity it serves. The terms of an elected member will be three years in length. No member shall be elected for more than three consecutive full terms. If a member resigns at any time during their term, their successor can finish the remaining term and in addition, serve up to the three consecutive full terms.”

“Members of the foundation may elect one or more members of the governing board of directors at the foundation's annual meeting.”

“Prior to filing, board members are provided copies of the form 990 for review, discussion, and approval at a regular meeting of the board of directors.”

“The foundation regularly and consistently monitors and enforces compliance with the written conflict of interest policy. The process requires annual updates to the conflict of interest statement by members of the board of directors, foundation members, staff, and volunteers.”

“The compensation of the executive director and all staff is reviewed by the personnel committee and the board of directors. The council on foundations publishes a survey of community foundations, which details lewvels of compensation for executive directors and staff positions. This survey and other local compensation surveys are used by the committee and board when determing compensation.”

“The foundation's form 990 and annual audited financial statements are available for public inspection on the foundation's webite, (crcfonline.org), or upon request at the foundation's office. Form 1023, governing documents, and conflict of interest policy are also available upon request at the foundation's office.”

“Agency funds - grant expense 545,369. Agency funds - transfers -13,000. Agency funds - contributions -555,028. Agency funds - investment return -1,722,497. Agency funds - write off of unconditional promises to give 51,500. Net revaluation of gift annuities -19,913.”

“The foundation maintains an audit committee that assumes responsibility for oversight of the annual audit of its financial statements and the selection of the independent auditor. The oversight process and selection of the independent auditor did not change during the current year.”