Liberty Science Center

“The return is prepared by an independent accounting firm based on information provided by the organization and in consultation with the organization's staff. The form 990 is then carefully reviewed by the finance department. The final form 990 is reviewed in detail by the finance, audit, and facilities committee of the board of trustees, and then provided electronically to each board member prior to filing with the irs.”

“The organization has a written conflict of interest policy covering all trustees, officers, and employees that requires, in part, that no individual may participate in discussions or decisions on any matter in which they have a material financial interest. All trustees, officers and key employees are required to certify compliance with the conflict of interest policy on an annual basis and to indicate whether the organization does business with an entity in which they have a material financial interest. When a potential conflict of interest is identified, the circumstances are first reviewed internally by the ceo and cfo, and if further clarification is required in order to determine whether a conflict exists, external legal counsel is consulted. Any advisable or necessary action on a conlict of interest would be reviewed by, or taken or approved by, the board of trustees or a committee of the board or the board chair or co-chair or the ceo, as appropriate.”

“Line 15a: in considering ceo annual salary and annual incentive compensation, the liberty science center (lsc) executive committee (comprised of wholly independent trustees) and without the participation of the ceo, engages an independent compensation firm (which has a national compensation practice with concentration in tax exempt organizations, provides no other services to lsc, and reports solely to the lsc executive committee) to provide a detailed independent compensation analysis for the lsc ceo position. In its ceo compensation analysis, the independent compensation firm utilizes a number of applicable compensation data points (including a number of proprietary compensation surveys and form 990 information) for the lsc ceo position and the particular responsibilities of the lsc ceo (including as ceo of the liberty science center organization and ceo of the separate scitech scity development project) and in the lsc geographical area. In setting ceo annual salary and annual incentive bonus amounts, the lsc executive committee considers this independent ceo compensation analysis, as well as the lsc ceo position and responsibilities (including the separate ceo responsibilities for the scitech scity development project), the independence and expertise of the compensation firm, the ceo's annual performance and the ceo's achievement against performance objectives, peer group appropriateness, any special achievements of and special challenges faced by the lsc ceo, uniqueness of responsibilities, other components of ceo compensation, and other factors considered relevant or applicable by the lsc executive committee. Following and based on such executive committee consideration and discussion, the lsc executive committee formally approves such ceo compensation at meetings which a quorum is present, and formally documents such executive committee review and approval. The compensation of other officers and key employees is recommended by the ceo and is approved by the executive committee of the board. The process is documented in the committee meeting minutes.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is posted on the organization's website. The organization does not currently make its governing documents or conflict of interest policy available to the public. Audited financial statements are available upon request at the organization's offices.”

“Liberty science center (lsc) is a major not-for-profit science center devoted to stem (science, technology, engineering, and mathematics) education. The center's mission is to inspire the next generation of scientists and engineers and to excite learners of all ages about the power, promise, and pure fun of science and technology. More than 750,000 guests visit lsc annually including some 280,000 students and teachers. Of those, more than 40 percent are low-income, underserved youth. Lsc is housed in a 300,000-square-foot facility on the jersey city bank of the hudson river in liberty state park, new jersey, with dramatic views of lower manhattan and the statue of liberty. It offers 12 exhibition galleries, live science programs, 3 theaters including a planetarium, and a full service cafe and gift shop. Special weekend and holiday programming incorporate a wide variety of exciting experiences including meeting visiting scientists, trying out new technology, and even enjoying science-related character appearances. Educators and students from across the new jersey-new york city area are a special focus. Teachers can improve their science pedagogy or sign students up for award-winning on-site and off-site education programs. These include classes for scientists ages 2-5, focused k-12 field trips, hands-on lab workshops, and electronic videoconferencing that ushers students into science-rich settings in real time such as surgical suites.”

“Pledges write-off -5,500.”

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