Keystone Development Partnership

“Kdp is committed to appropriate fiscal oversight by the board of directors. As such, kdp works to ensure the highest standards in review of its form 990. Prior to submission of kdp's form 990 to the irs, each voting member of the board of directors was provided with a copy of the draft form 990 as completed by the fiscal manager and reviewed by kdp's independent accounting firm. Board members were provided an opportunity to raise questions, make suggestions and address any potential problems or concerns.”

“Kdp regularly and consistently monitors and enforces compliance with its conflict of interest policy. Upon a board member's association with kdp, the board member is required to complete a questionnaire to fully and completely disclose the material facts about any actual or potential conflicts of interest. This statement must be updated annually by an "annual affirmation of compliance and disclosure statement". At such time that an actual or potential conflict arises, an additional disclosure statement must be filed. This policy applies to the board of directors and staff.”

“Compensation arrangements must be approved in advance by the board of directors of kdp. When the board of directors is considering compensation, it must rely on comparability data that demonstrates the fair market value of the compensation in question. The data utilized can include expert compensation studies by independent firms, written job offers for positions at similar organizations, documented telephone calls about similar positions at nonprofit and for-profit organizations and information obtained from the irs form 990 filings of similar organizations. The board of directors must document how the board reached its decision, including the data on which it relied. The minutes must note: the amount of compensation and the date approved, the members of the board who were present during the debate, what was approved and those who voted on it; the comparability date obtained and relied upon and how date was obtained; and any actions taken with respect to compensation by anyone who is otherwise a member of the board but who has a conflict of interest with respect to the decision on the compensation.”

“The following documents are made available for inspection upon request during normal business hours: the annual federal information tax return, form 990, for the preceding three years; the original application for tax exempt status, form 1023; the irs determination letter; the annual audit; and the kdp conflict of interest policy. This statement is included on the kdp website.”

“The organization's board of directors is responsible for the oversight of the annual financial statement audit and the hiring of an independent auditor.”