Friendship Senior Options Nfp

“All board of director members receive the form 990 via email before it is filed. The finance committee presented with the 990 by the tax preparers reviews the form 990 before it is filed.”

“Every year, the board members and management team receive a conflict of interest policy. They have to sign an attachment stating that they received the policy and whether or not they are aware of any conflicts. On those occasions where the issue arises, the conflict, the potential for conflict, or the perception of conflict is fully dislcosed to the board prior to discussion on the matter calling for board action. Prior to such discussion, the board has determined whether the presence of or participation by the "conflicted" board member in the discussion will influence the discussion itself or its outcome. The "conflicted" member may or may not be excused from such discussion. In all instances, the "conflicted" member abstains from any vote on the matter.”

“The annual executive compensation salary survey was conducted in september 2016 at the request of the fso executive committee (whose responsibility is executive compensation) and the fso president/ceo. The organization at the directive of the executive committee contracts with an independent, external compensation consultant to provide the salary survey data and to ensure we are in compliance with all irs rulings on executive compensation. We also maintain a plan document that is reviewed annually and updated as regulations of the plan construct changes. The executive committee has final approval for all salary and benefit adjustments for the executives. The executive incentive bonus payouts were approved by the executive committee in accordance with the executive incentive plan document and were paid out in february 2017.”

“Upon request, the financial statements, governing documents and conflict of interest policy are made available to the general public.”

“Friendship senior options, nfp is the common paymaster for its own employees as well as those of its related organizations noted in schedule r. As such, friendship senior options has filed all appropriate tax returns and used forms w-2 with respect to wages it has paid as common paymaster. Each related organization has reimbursed friendship senior options for its share of wages and tax payments.”

“Gain on write-off of note payable to affiliate 2,000,000.”

“The organization's finance committee assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. This process has not changed from the prior year.”