Local First Educational Foundation

“The form is prepared by our accountant and reviewed by our treasurer and president.”

“To ensure that the organization operates in a manner consistent with its tax-exempt purposes and that it does not engage in activities that could jeopardize its status as an organization exempt from federal income tax, periodic review shall be conducted. The periodic reviews shall, at a miniumu, include the following subjects: a. Whether copensation arrangements and benefits, if any, are reasonable, based on competent survey information and are the results of arm's-length bargaining. B. Whether partnership and joint venture arrangements and arrangements wtih management organizations conform to written policies, are properly recorded, reflect reasonable payments for goods and services, further the organization's tax-exempt purposes and do not result in inurement, an impermissible private benefit, or an excess benefit transaction.”

“The board reviews the salary of the president periodically to determine a level of compensation that is reasonable considering the skills offered compared with others having a similar skill set and the furtherance of the organization's mission. The presdient is a w2 employee of local first of west michigan. Local first educational foundation contracts with local first of west michigan for support.”

“The 990 is available upon written request to the business office”

“The conflict of interest policy and financial statements are made available upon written request to the business office.”

“Other professional fees: program service expenses 34,875. Management and general expenses 3,280. Fundraising expenses 0. Total expenses 38,155.”