The Phd Project Association

“The form 990 is prepared by an outside accounting firm. Ten days prior to filing a final draft copy is provided electronically to the board members for their review.”

“The conflict of interest policy was distributed to all members of the board of directors, committee members and key staff members in 2018 for their review and signature. All members returned a signed copy to the president of the association. Below is a description of how disclosures are to be presented to the board, what action the interested party is then required to take, the annual distribution of the policy and actions taken if a required member fails to disclose a potential conflict. Disclosures: whenever any director, officer, committee member or key staff member of the association becomes aware that the association is considering (or has considered) a transaction that potentially creates a conflict of interest, he or she is obligated to notify the board of directors and to disclose all material facts relating to his or her interest in the transaction. The board of directors will determine whether an actual conflict of interest exists and take action that the board deems appropriate. The interested person may not be present when the board makes it determination other than to answer questions. Withdrawal and abstention: if the board of directors determines that a transaction would create a conflict of interest, the transaction must be approved in advance by only those board members who do not have a conflict with respect to the transaction. Any interested person therefore must recuse him - or herself from consideration of the transaction. He or she may not vote on the transaction or be present when the vote is taken. Documentation: the minutes of any meeting at which a conflict of interest transaction is considered must reflect that the interested person made adequate disclosures, withdrew from consideration of the transaction and abstained from voting. Acknowledgement and disclosure: each director, officer, committee member and key staff member must annually sign an acknowledgment which affirms that such person: (a) has received a copy of the conflict of interest policy, (b) has read and understands the policy, and (c) has agreed to comply with the policy. Additionally, each officer, committee member and key staff member must annually sign a disclosure statement listing various relationships and financial interests that he or she has. Violations of the conflict of interest policy: if the board of directors has reasonable cause to believe that an interested person has failed to disclose an actual or possible conflict of interest, it will inform the interested person of the basis for such belief and afford him or her an opportunity to explain the alleged failure to disclose. If, after hearing the response and making such further investigation as may be warranted in the circumstances, the board determines that the interested person has in fact failed to disclose an actual or possible conflict of interest, it will take appropriate action which may include removal from the board or termination of employment, as well as reconsideration of whether the transaction or arrangement was in the best interests of and fair and reasonable to the association at the time it was undertaken.”

“The organization makes its 990 available for public inspection as required under section 6104 of the internal revenue code. The return is posted on guidestar.org and other similar types of websites. In addition, the financial statements, conflict of interest policy, form 990, form 1023, and by-laws are also available upon written request or by calling the organization directly.”

“The organization has a committe that assumes responsibility for oversight of the audit of its financial statements and selection of an independent accounant. The process has not changed from the prior year.”