Ef Educational Foundation for Foreign Study a Non-Profit Corporation

“The foundation does not have any committees with the authority to act on behalf of the board of directors.”

“The organization's president, treasurer and other members of the board of directors review a draft of the form 990, which is prepared by the organization's independent accountants. Any resulting comments and changes are incorporated into the form 990 by the independent accountants prior to its filing with the irs.”

“All directors, officers and employees are provided with copies of the conflict of interest policy. Directors and officers are required to file a statement on an annual basis disclosing any potential interests that give rise to conflicts. Employees are required to disclose conflicts of interest during their annual review. Directors and employees with potential conflicts of interest are prohibited from participating in any deliberations or decisions that may be affected by a potential conflict of interest.”

“Compensation for the foundation's president is based upon approval by the board of directors. For other key employees and officers, compensation is based upon a fixed sum agreed upon at the time of employment. This sum reflects an employee's level of experience and expertise when they join the foundation. Salaries at the foundation are strictly confidential and negotiated individually.”

“The foundation's audited financial statements are available to the public via the website of a certain regulatory agency and upon request. The foundation's governing documents and conflict of interest policy are available upon request.”

“Merger of net assets with ef intercultural foundation, inc. 690,631.”

“The foundation's principal revenue source is program fees earned from its services agreement with ef educational foundation for foreign study, ltd. For providing the exchange program to its students. For the year ended september 30, 2021, the foundation received compensation totaling $13,477,105 from ef educational foundation for foreign study, ltd. The foundation's clerk is employed by a law firm that periodically represents the foundation in legal matters. The foundation paid the law firm $6,374 for the year ended september 30, 2021, which consisted of $4,866 for legal services and $1,508 for clerk-related services.”

“On september 30, 2021, the foundation entered into a merger agreement with ef intercultural foundation, inc. ("ef intercultural"), another 501(c)3 organization. As part of the merger agreement, all of ef intercultural's assets, liabililites and net assets were assumed by the foundation, which is the surviving entity. The following assets and liabilities were assumed by the foundation: cash $ 707,350 other accounts receivable 32,448 other assets 354 accrued expenses (16,050) other current liabilities (33,471) __________ net assets assumed as a result of merger $ 690,631 =========”