Cobb Community Foundation Inc.

“Our bylaws were amended and restated as of august 14, 2019. The roles and authority of the executive committee, the chair and the treasurer were refined to be more consistent with standard levels of authority given to same. The provisions regarding executive director were restated, renaming the position president/ceo and providing additional clarity regarding authority. A provision was added allowing the corporation to establish lines of credit (loc) at financial institutions with terms approved, or subsequently amended, by the board with the simple majority vote of a quorum provided that funds could not be accessed without prior approval by a 70% super majority of the entire board membership with at least five days prior notice unless all directors are present and vote in favor. The same terms are now required for any amendment to the bylaws of the corporation, and (1) any sale, lease, exchange or other disposition of all or substantially all the property and assets of the corporation, (2) any merger or consolidation of the corporation, or (3) any dissolution or liquidation of the corporation, shall be upon the affirmative vote of a 70% super majority of the persons then elected and serving as directors at a regular or special meeting of the board, duly called and held.”

“The president/ceo and the chair of the audit and finance committee of the board perform an initial review of the draft form 990, and then the full audit and finance committee approves the draft form 990 on behalf of the entire board of directors. The full board is then presented the form 990. Questions are presented to the tax preparer throughout the process to make any necessary adjustments.”

“Each director and member of a committee with governing board delegated powers shall annually sign a statement which affirms such person: a. Has received a copy of the conflict of interest policy, b. Has read and understands the policy, c. Has agreed to comply with the policy, and d. Understands the organization 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 purpose. Procedures are in place for addressing any conflicts of interest.”

“The board establishes salary levels based upon comparable positions at comparable non-profit organizations.”

“Governing documents are available upon request. Tax returns and audited financials are available on the organization's website.”

“There has been no change to the auditor selection process for 2019.”