The Community Renaissance Fund

“The community foundation of st. Clair county's board of trustees (supported organization) meet the last tuesday of each calendar quarter at a minimum. The business agenda of these board meetings include a review of internal financial statements and investment reports that have been reviewed and accepted by its finance and investment committee at one of their monthly meetings. Annually, at the recommendation of its audit committee, the board of trustees engage the services of an independent auditing firm to perform an audit of its financial records and issue audited consolidated financial statements for the calendar year. Additionally, as part of the engagement, the auditing firm is hired to draft the annual form 990 for the community foundation of st. Clair county and its supporting organizations, the community renaissance fund and the blue water land fund; however, community foundation staff are significantly involved in this process. Membership on both the audit committee and the finance and investment committee include a number of board trustees as well as other community members with financial or audit exerience. Aside from meeting with foundation management, the independent auditors meet jointly with both the foundation's audit committee and the foundation's finance and investment committee to present the audited financial statements and review the results of its annual audit. Subsequently, the consolidated audit report is presented to and reviewed by the foundation's board of trustees at its second quarterly meeting. Due to the timing associated with the aforementioned levels of review over the audit report, an automatic extension for filing of the form 990 (from the initial may 15 deadline) is typically required. After the final consolidated financial statements have been issued, the form 990s for all companies are drafted by the independent audit firm and its tax manager, with the direct assistance of the foundation's director of finance. The final draft of the form 990s are reviewed by the foundation's director of finance and then signed by the foundation's president and ceo before filing and after board acceptance. The form 990s (for the community foundation and its supporting organizations) are distributed to the board of trustees for their review prior to filing. For the sake of transparency and time-relevance, it is the goal of foundation management to file the form 990s as quickly as possible. If a formal review at the scheduled board of trustee meeting is feasible within the timeframe, foundation management will do so, and the meeting minutes will reflect their formal review. If such a formal review will delay the filing unnecessarily, foundation management will distribute electronically (or in hard copy) a copy of the drafted form 990s for board trustees' review. An explanatory cover letter will accompany these form 990s with review notes that "walk" trustees through the document and correlate the return back to the audited financial statements. This cover letter requests that trustees contact the director of finance with any questions and/or to schedule individual reviews as deemed necessary. Each board trustee is requested to document their acceptance of the form 990s formally via a reply to the electronic distribution, or hard copy distribution. Evidence of board of trustee review and approval will be retained in the form 990 files. Upon approval of the board of trustees, the form 990s will be filed. Electronic file versions of the form 990s are then made available on the foundation's website (www.stclairfoundation.org), uploaded to guidestar.org (a resource relative to non-profit organizations), and are also available upon request or in person.”

“The community renaissance fund has a board-approved conflict of interest policy that is consistent with such policies of the council on foundations and the council of michigan foundations. All board trustees, including community renaissance fund officers, must review the policy annually and sign a statement which affirms that they: a) have received a copy of the conflict of interest policy; b) have read and understand the policy as well as the need to comply with the policy (given that the fund's mission is charitable and in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax-exempt purposes); c) have listed all areas of potential conflicts of interest that exist as of the date they are completing the disclosure form, including service on other non-profit boards, financial interests, and family or business relationships; and d) have agreed to disclose others as they may arise thorugh the year, and when the potential for conflict arises, agree to verbally disclose such areas of potential conflict at all committee/board meetings. Foundation management reviews these conflict of interest disclosures upon receipt, summarizes for the board and includes in board books. The disclosure forms are maintained on file. Prior to consideration of any motion for action on items of business during meetings, committee members and board of trustees are asked if potential conflicts of interest exist. Upon disclosure of potential conflict, the committee and board must determine if the potential conflict is deemed material or immaterial. For typical disclosures involving a committee member's or board trustee's service with a non-profit organization being considered for a grant, while the committee member or board trustee may stay and participate in discussion, they abstain from any vote. For any potential conflict of interest that is deemed material, as oulined in the foundation's conflict of interest policy, the committee member or board trustee is asked to leave the meeting while the item of business is discussed and voted upon. The minutes of all committee and board meetings record the name(s) of the person(s) who were in attendance for discussions and votes and also outline 1) the names of those who disclosed or otherwise were found to have a potential conflict of interest, 2) the nature of the potential conflict, and 3) any action taken involving the conflict of interest as well as the decision on the item of business for which the potential conflict of interest arose. When the nature of potential conflicts of interest is other than as previously referenced, the foundation's president and executive committee discuss the potential conflict of interest with the individual involved and address how such conflict can be handled. Resolution of the potential conflict is guided by the foundation's strong desire to maintain its high standards, transparency and credibility with its donors, grantees, public, and taxing agencies. In the few occurences this has arisen that cannot be avoided, although the individual involved has known that pursuant to the foundation's conflict of interest policy, he/she could present the potential conflict to the full committee and board, he/she has chosen to voluntarily resign from the committee or board.”

“Governing documents (articles of incorporation and bylaws) for the community renaissance fund are available on the community foundation of st. Clair county's (supported organization) website (www.stclairfoundation.org) as downloadable documents, along with other policies and key documents such as our audited financial statements and irs form 990s. Hard-copies are also available upon request. It is the goal of the foundation, its staff, and board to be accountable and transparent to our donors and the entire community by regularly disseminating our program and financial information. It is our intent to comply with the internal revenue code and regulations with respect to public inspection of the form 990s, irs form 990-ts to the extent a filing were required, and the irs determination letters for the community foundation and its controlled supporting organizations. Therefore, the foundation will: 1) make these documents available for public inspection at its offices during regular business hours without charge; 2) provide a copy without charge, other than a reasonable fee for reporduction and actual postage costs, of all or any part of these documents required to be made available for public inspection to any individual who makes a request for such a copy in person or in writing; and 3)upload and maintain on our website the foundation's audited financial statements, form 990s and form 990-ts to the extent filings were required for a minimum of 3 years. Additionally, the guidestar oganization serves as a resource for those individuals and organizations wishing to research non-profit organizations by working with the irs to make available the 990s of all non-profit organizations. Recognizing that this availability is sometimes delayed and readers may not understand the full picutre of who we are and what we do through the form 990 alone, the foundation will pay the nominal fee to voluntarily have its irs form 990s uploaded to guidestar's website, along with its auditied financial statements that includeds an opening cover letter from management discussing key philosophies, initiatives, and the financials.”

“Community renaissance fund - 990 narrative addressing common paymaster: the community foundation of st. Clair county, tax id 38-1872132, acts as common paymaster for both its organization as well as its supporting organizations - the community renaisasance fund, tax id 20-1649237, and the blue water land fund, tax id 45-2908074. As the common paymaster, all form w-2s are reported under and taxes are paid through the community foundation's tax id 38-1872132. Wages, benefits and related taxes are allocated and recorded between the two organizations based upon the assigned responsibilities, time spent and specific work performed. Of the 9 form w-2s filed for 2015 only one of these form w-2s involved an allocation of wages and benefits between the community foundation and the community renaissance fund. The remaining related solely to the community foundation including two employees who left the foundation employment in 2015. The blue water land fund had no employees and received no allocation of wages for 2015. While the audited financial statements reflect the consolidation of the community foundation and its controlled organizations, separate form 990s are filed for each organization independently, and consequently, this common paymaster status and the existence of shared employees should be noted. Although the foundation's president/ceo oversees operations and initiatives and is an officer of community renaissance fund and blue water land fund (its supporting organiations), 100% of his time and related wages and benefits are absorbed under the community foundation's operations. However, given this related organization relationship, irs form 990/990ez requirements outline that the community foundation's president/ceo's compensation package must be reported on the form 990s of its supporting organizaitons, even though it is paid for by the community foundation as the supported organization.”

“To operate exclusively for, charitable, or other exempt purposes by acting for the benefit of, performing functions of, or carrying out the charitable or other exempt purposes of the community foundation of st. Clair county.”