Fidelity Non-Profit Management

“Edward c johnson iv, christopher j mckown, elizabeth l johnson - family relationship”

“The foundation engages ffsp llc in a cost sharing arrangement to provide staff, administrative and program management support. In addition, certain services were provided to the foundation under an administrative services contract by fmr llc, which is a substantial contributor to the foundation. Fmr llc provided these services to the foundation at no charge.”

“The members of the organization elect members of the board of trustees periodically and/or when vacancies arise.”

“The trustees are elected by vote periodically and/or when vacancies arise, by the members of the organization.”

“A copy of the form 990 is provided to each of the members of the governing body. The entire form 990 is reviewed by the members of the audit committee. Officers of the organization as well as the paid preparer review the form 990 with the members of the audit committee before the return is filed.”

“Officers, directors and trustees sign an annual statement attesting that they are in compliance with the organization's written conflict of interest policy and disclose relevant financial interests and affiliations with potential grantees. In instances where the board determines the existence of a conflict, participation in the board's deliberations and decisions is limited to disinterested trustees.”

“The foundation engages ffsp llc in a cost sharing arrangement to provide staff, administrative and program management support. Ffsp entered into written compensation agreements with all of its employees on the date of hire. The compensation in the agreements were all based on third-party comparability data compiled and updated in 2024. In 2024, the ffsp compensation committee relied on the same comparability data when making year end salary adjustments, determining year-end bonuses, and awarding long-term compensation for 2024. As a result, the process for determining the compensation of the president, treasurer and assistant secretary included the following: (1) prior to entering into such arrangements, appropriate comparability data was obtained and used, and such arrangement was then reviewed and approved by the appropriate compensation committee, of which only independent persons voted; and (2) minutes for compensation committee meetings were prepared, providing contemporaneous substantiation of the deliberation and decision by noting the terms of the arrangement and date it was approved, the committee members who were present and those who voted on it, and the comparability data obtained and relied upon by the committee.”

“Governing documents and financial statements are available to the general public on file with the office of the massachusetts attorney general.”

“Accrual to cash adjustment 101,228.”

“The organization has a committee that is responsible under its governing documents for (i) overseeing the compilation, review, or audit of the financial statements; and (ii) the selection of an independent accountant that compiled, reviewed, or audited the statements. This process has not changed from the` prior year.”