Hope for Depression Research Foundation

“The audit commitee is provided a copy of the form 990 for review before filing of the form. The 990 is not distributed to all members of its governing body. *************************************************************************”

“(part vi, section a, governing body & management : question 2)- audrey b. Gruss, chairman, and david zislin, secretary & treasurer of the foundation have a business relationship together. They are both employees of gruss & co., llc. They are compensated by gruss & co., llc. For services rendered to gruss & co. Llc. Mrs. Gruss and mr. Zislin, along with other directors (listed in part vii, page 7 of form 990) are not compensated by the foundation for their charitable work. ****************************************************************”

“(part vi, section a, governing body & management: question 6 & 7a)- currently, audrey b. Gruss is the sole member of hope for depression research foundation. As such, mrs. Gruss is the only member who may elect another member of the governing body. ****************************************************************”

“(part vi, section b, policies: question 11a)- after the financial statements are audited by a certified public accounting firm, the tax return is then prepared by another certified public accounting firm. After preparation of the return, the chairman and secretary / treasurerof the foundation internally review it to ensure the return is accurate and complete. The complete financials are made available to all board members for review before submission to the internal revenue service. Additionally, the draft tax return is reviewed with the audit committee. ****************************************************************”

“(part vi, section b, policies: question 12c)- as required by its by-laws and conflict of interest policy, the foundation requires its directors, officers, and committee members to annually sign a statement affirming that he or she has received a copy of the conflict of interest policy, has read and understood the policy, has agreed to comply with the policy and that the foundation must engage primarily in activities which accomplish its tax-exempt purposes. Directors, officers and comittee members must complete a disclosure statement annually that affirmatively states whether he or she is aware of any potential conflict, and if he or she, is to explain that potential conflict. Finally, the aforesaid individuals must disclose any potential conflicts of interest arising from their relationship with a person or organization seeking a grant from the foundation. ****************************************************************”

“(part vi, section c, disclosure: question 19)- the foundation's governing documents, conflict of interest policy and financial statements are made available to the public upon written request. ****************************************************************”

“(FORM 990 PART VI QUESTION 15B) The president and treasurer of HDRF review Guide Stars Non-profit Compensation Report annually whilst setting the Executive Directors Salary. The GuideStar Nonprofit Compensation Report draws exclusively from data reported on Forms 990 and 990-EZ. Specifically, they review the compensation of Executive Directors in New York State of charities with $2.5 mil. to $5.0 mil. in annual budget and other mitigating factors. *************************************************************************”