Pennon Organization

“The members of this corporation are those parties having membership rights in accordance with the provisions of the by-laws. This corporation shall have two classes of members which are designated managing members and subscribing members. Managing members shall be natural persons and all shall be members of the board of this corporation. Subcribing members shall be those individuals, corporations, partnerships, associations, institutions and any others who desire to support and advance the purposes of the corporation, and who conform to the membership requirements as may be adopted and amended by resolution from time to time by the board. Subscribing members shall be invited to attend the annual meeting of the corporation.”

“The form 990 will be reviewed by the audit committee and the full board of directors.”

“The conflict of interest policy covers all employees and the board of directors. Annually, a questionaire is sent out to all officers, key employees, and directors which asks them to disclose any relationships, business or personal, that had a potential to raise a conflict of interest. Conflicts are reviewed at the executive level where they determine if those conflicts are actual conflicts. If conflicts are found, safeguards are established to protect all parties.”

“In determining the compensation of the organization's president/ceo, human resources conducted a survey of comparable market data that was reviewed by the executive committee of the board. The salary and bonus for the president was determined by the executive committee and an employment contract stating the salary and bonus was submitted by the chairman to human resources. The deliberation and decision process was contemporaneously documented. The process for determining compensation of the remaining officers is as follows: base salaries are adjusted based on comparable market data which is reviewed by the president. The president prepares a written employee evaluation to determine if the goals have been met and indicates on the evaluation the bonus that should be received. The evaluations are forwarded to human resources.”

“The governing documents, conflict of interest policy and the audited financial statements are posted on witf.org.”

“The organization did not have any instances where backup withholding was required; however, if the situation would arise, the organization is aware of the reporting requirements and would handle that accordingly.”

“Change in net asset of community foundation -4,870. Change in fv of int rate swap 199,815. Change in charitable gift annuity obligation -7,114. Gain (loss) of net periodic pension cost -839,697.”

“The audit committee is responsible for the oversight of the audit and the selection of the independent accountant. The process has not changed since the prior year.”

“The citizens bank hedges are as follows: $9,495,000 9/28/2005 - 10/1/2020 fixed @ 3.4%; $6,330,000 4/1/2008 - 10/1/2020 fixed @ 2.98% and $359,402 11/5/2013 to 11/5/2018 fixed @ 1.33%.”