Park Avenue Foundation Inc

“The park avenue foundation, inc. Was incorporated as a membership organization.”

“The foundation members approve the election, re-election, appointment, reappointments, and removal of all officers of the corporation.”

“The members have the right to: - amend, revise or restate the corporation's certificate of incorporation and by-laws, and to approve all amendments or revisions to the corporation's certificate of incorporation and by-laws that may be proposed by the board of trustees before they become effective - consolidate or merge the corporation with another corporation or entity or to acquire substantially all of the assets of another corporation or entity - approve any capital expenditure by the corporation in excess of $50,000, unless specifically authorized in the corporation's approved budgets - borrow money and lend money in the amount of $50,000 or more, whether in a single transaction or series of related transactions, and whether or not such borrowings are to be secured by a mortgage, pledge or other lien on the corporations current or future property - authorize the corporation to enter, amend or modify or terminate any agreement for the management of the property leased by the corporation to the park avenue club, inc.”

“Park avenue foundation inc. Has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, reviewed by management and is ready to be filed with the internal revenue service, it is provided to the members of the organizations governing body for any comments prior to its submission. The governing body is provided with a reasonable amount of time to review the form 990. Any comments are then grouped, summarized and provided through management to the outside accounting firm. Any applicable issues are addressed prior to the return being finalized and approved for filing.”

“Park avenue foundation, inc. Currently has in place a conflict of interest policy which it regularly monitors and enforces. The board mandates that all members of management and the governing body annually sign a conflict of interest policy and disclose any potential or actual conflicts that may exist. If a potential or actual conflict of interest exists, governing body and management will investigate the issue. If a conflict of interest is determined to exist management and the governing body will be notified immediately. The member will not be allowed to vote or be a part of any decisions about any such transactions that have to do with the conflict until such time that there is no longer a conflict.”

“The compensation of the organizations officers or key employees is reviewed and approved by the board of trustees, an independent body.”

“Park avenue foundation inc. Makes its form 990 available for public inspection as required under section 6104 of the internal revenue code upon written request at the organizations office at 184 park avenue florham park, nj 07932. In addition form 1023 as well as the financial statements, and conflict of interest policy are available upon written request at the organizations office at 184 park avenue florham park, nj 07932.”

“Grants to member non-profits -150,000.”

“No change from the prior year.”