Holy Family Academy

“The sole member of nazareth prep shall be holy family institute, a pennsylvania nonprofit corporation.”

“The member may exercise its reserved powers by taking either of the following actions: (a) the board of directors of the member may act on the member's behalf in exercising the member's reserved powers over the corporation. (b) the board of directors of the member may by resolution appoint any two officers of the member to act on the member's behalf and such authorization may be general or limited to specific instances. The governance and operations of the corporation shall be subject to the member's right to exercise reserved powers. These reserved powers include the right to appoint and remove the board of trustees or any one or more of the trustees of the corporation, the executive director, and the chief executive officer of any affiliate.”

“The governance and operations of the corporation shall be subject to the member's right to exercise reserved powers. These reserved powers include the right to: (a) approve the recommendation of the board of trustees to appoint or remove the board of trustees or any one of more of the trustees of the corporation, the executive director, and the chief executive officer of any affiliate; (b) approve the purchase, sale, alienation, exchange, lease or encumbrance of any real property of the corporation or any affiliate; (c) approve the sale of substantially all of the assets of the corporation or of any affiliate; (d) approve the merger or dissolution of the corporation or of any affiliate; (e) approve the strategic plan of the corporation; (f) approve borrowing or financial obligation by the corporation or any affiliate; (g) approve any incremental or addition to the debt and/or renegotiation, modification or other change of existing debt of the corporation or of any affiliate; (h) approve the formation of any affiliate; (i) approve the policy for the distribution of grants of the corporation to any other corporation; (j) adopt policies to implement the reserved powers of the member”

“A copy of the draft 990 is reviewed by the cfo, president, and finance committee and made available to the board of directors prior to its filing.”

“The interested person must disclose the existence of the financial interest and must be given the opportunity to disclose all material facts to the directors and members of the committee. If it is believed a member has failed to disclose, the member shall be informed of the basis for such belief and the board will afford the member an opportunity to explain the failure to disclose. If deemed necessary the board shall take appropriate corrective and disciplinary action.”

“It is the policy of holy family that all executive compensation paid by the organization is reasonable based upon a review of comparability information. The policy provides a procedure for the review and approval of the compensation of the officers, directors, ceo, executive director or top management official, and key employees of the organization consistent with applicable federal tax law and pennsylvania law, with particular emphasis on "disqualified persons." using comparability data of like organizations, compensation is awarded after it is reviewed and approved by the human resource committee. Such actions are recorded in the minutes of the human resource committee meeting. Only persons without a conflict of interest with respect to the compensation arrangement at issue are involved.”

“The above items are available upon request at nazareth prep's administrative location during normal business hours. In addition, the organization's 990 is available online at www.guidestar.org.”

“There were no changes to this process for 2021-2022.”