Video Software Dealers Association Scholarship Foundation Inc

“The return is reviewed by the president of the association and controller. The return is compared to the audited financial statements and the internally prepared financials to ensure accuracy and that book-tax differences are reconciled.”

“As an integral part of its governing bylaws, the scholarship foundation requires that a director must disclose any direct and substantial interest in a matter under consideration by the board of directors and abstain from discussion and voting on any such matter. Its bylaws also provide that a director who fails to disclose a direct and substantial personal financial interest and votes on such matter is subject to removal from the board. Each director annually signs a statement of acknowledgment of these requirements.”

“The foundation's governing documents, including the conflict of interest policy, are available to the public upon written request submitted to the mailing address on this tax return.”

“An audit committee has been instituted with the responsibilties of monitoring and advising the board of directors and its executive committee on the operation of internal risk management and control systems, the submission of financial information to the board of directors and executive committee, monitoring the compliance of recommendations and observations of association accounting staff and external auditors, mornitoring the functioning of the accounting department, in particular in determining a plan of action for the internal audit, monitoring the policy of the association on tax related activities, maintaining frequent contact and overseeing the relationship with the external auditor, monitoring the choice for the appointment of an external auditor by the board of directors, monitoring the review by the board of directors of the annual accounts and the review and approval of the annual budget amd major capital expenditures, and each year evaluating its own functioning and the adequacy of these rules.”