Students Today Leaders Forever

“The form 990 is presented to the Executive Committee of the Board (Chair, Vice-Chair, Treasurer, Secretary) prior to filing. It is also presented to the Finance Committee of the Board. The Treasurer is responsible to relay any information to the other members of the Board. It is then presented to the full Board for final approval. In addition, prior to the annual report filing with the State of Minnesota, the form 990 is once again presented to the Board for approval.”

“Students Today Leaders Forever's Conflict of Interest Policy describes the process in detail of monitoring and enforcing compliance with the policy. Below are some key points to summarize this process: 1. Duty to Disclose: In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the board members and members of committees with board delegated powers considering the proposed transactions or arrangement. 2. Determining Whether a Conflict Exists: After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the governing board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists. 3. Violations of the Conflict of Interest Policy: a. If the governing board or committee has reasonable cause to believe a member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose. b. If, after hearing the member's response and after making further investigation as warranted by the circumstances, the governing board or committee determines the member has failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action.”

“The process for determining the salary of the three Co-Executive Directors of Students Today Leaders Forever is an annual process that is carried out by the organization's Board of Directors. This process is carried out from June - August each year and with the final decision approved by the Board along with the budget during the August meeting. This process is carried out through a collaboration of the Development Committee, HR Committee, and Finance Committee of the Board. These steps in the process take place as follows: 1. HR Committee begins process of determining market salaries for positions. Since STLF's Co-Executive Director model is rather unique in the sector, the committee refers to local employee compensation studies carried out by the Minnesota Council of Nonprofits for this information. Data for positions equivalent to the sub-responsibilities of these positions is used instead of data for Executive Director positions, as well as data of the average of the top three paid positions in organizations of similar size. 2. Development Committee sets fundraising goals for the year. STLF develops its budgets based on the conservative fundraising goals set by the Development Committee. These goals are set by the Committee with the Co-Executive Directors, then passed along to the Finance Committee for budgeting purposes. 3. The Co-Executive Director in charge of Finance and Operations and Manager of Finance and Operations draft and propose the organizational budget. The budget is built on a model of drivers and assumptions. The Finance Committee and all Co-Executive Directors review and offer input and modifications to the budget while in its draft stage. 4. Finance Committee and HR Committee confer to agree upon a salary amount for Co-Executive Directors. This amount is to be no greater than the market salary determined by the HR Committee, and affordable in the budget of the Finance Committee. This amount is included in the final budget sent to the Board for approval. 5. Full Board of Directors approves the salary and the budget during the August meeting of each year. Other staff salaries are determined by Co-Executive Directors, and approved by the full board along with the approval of the budget.”

“All governing documents, conflict of interest policy, and other policies are made available to the public upon request. Financial statements are made available to the public by request and are publicly posted on our website (www.stlf.net). Furthermore, STLF undergoes an annual review process through the Charities Review Council during which all required policies are reviewed and ensuring that all best practices are being met. STLF has met all standards of accountability during each year of review, and some information regarding policies and financial statements is made available on their website (www.smartgivers.org).”

“Available upon request.”