YMCA of Reading & Berks County

“After the draft of the annual 990 is submitted to the accounting department, it is reviewed internally by the cfo. Once any changes are made, the revised draft is submitted to the finance committee chair/treasurer for review. Finance committee members are also offered the opportunity to individually review the 990. The treasurer then gives a summary report to the board of directors at the next scheduled meeting after his review.”

“Annually, the board of directors are required to review the conflict of interest policy, and sign the disclosure form that evidences that the policy has been read, understood, and that the information provided on the disclosure form is true and correct. The board of directors recognizes that it is inevitable that conflicts of interest, or the appearance of conflicts of interest, will arise. However, the policy is intended to provide a workable process for identifying, minimizing and resolving conflicts of interest so that business transactions are transacted at arms length. The conflict of interest policy/ disclosure addresses such matters as the requirement for full disclosure; how and when a conflict may arise; deemed conflicts of interest; and the duty to refrain from voting where a conflict exists. The ceo is responsible for monitoring compliance with the conflict of interest policy, and for notifying the executive committee when any conflicts arise. Periodically the board chairperson reminds the board members of their responsibility regarding the disclosure of any conflicts and the duty to refrain from voting if such conflict exists.”

“The responsibility of authorizing compensation packages for employees other than him/herself rests with the ceo of the organization. Compensation packages for those employees are developed with the goal of strengthening staff effectiveness in delivering mission-driven programs by providing a rewarding compensation package determined through a fair process. The ceo compensation package determination process rests squarely with the executive committee (ec) of the board of directors. Annually, these individuals utilize a variety of inputs and tools prior to determining the ceo's compensation package. First and foremost is the ceo's ability to achieve the goals set out previously by the board of directors. Other factors considered in developing a compensation package include: labor market trends; comparative salary and benefits at other ymcas; and local area comparable data, among other factors. The ec discusses and evaluates the ceo's performance in conjunction with all other relevant factors. The ec is aware of and considers the implications of any excess benefit sanctions that could potentially be imposed by the irs. Once a compensation package is decided upon, it is communicated in writing to the ceo (and also to the cfo for implementation) by the chairperson of the ec (who is also the chairperson of the board of directors). The compensation of the ceo is clearly reported on form 990, including any retirement contributions made to the ymca retirement fund. The ymca of reading and berks county believes that its employees are its greatest asset. The ymca of reading and berks county also understands that there is a responsibility to donors, funders and members to utilize financial resources to support the mission and achieve the best outcomes. Fair compensation packages accomplish both of these goals.”

“All governing documents, organization policies and procedures and financial statements are made available to the public upon request.”

“The organization did not change its policies from prior years related to oversight of the audit of financial statements and selection of an independent auditor.”