The Barnes Foundation

“The foundation amended its by-laws to eliminate references to the process by which the foundation's board of trustees would grow from 5 to 15, as that process had been completed. Additionally, the by-laws were revised to include descriptions of the roles and responsibilities of several standing committees, including an audit committee, and of the officers of the foundation. Finally, the revisions included updates to the sections on conflicts of interest, and limitation of liability and indemnification of trustees.”

“The barnes foundation 990 is prepared by an independent firm and a draft is presented to the executive vice president, cfo and coo (a member of management) for final review. The 990 is then finalized by the independent firm and the barnes foundation submits the draft 990 for review to all board members prior to filing and then submits form 990 to the irs.”

“In addition to requiring each trustee, officer and key employee to make a disclosure of any possible personal, familial, or business relationship that could give rise to a conflict of interest or the appearance of a conflict of interest, the foundation's conflict of interest policy also requires the disclosure of any change of circumstance that would give rise to conflicts concerns. Moreover, the foundation has adopted a whistleblower policy designed to encourage prompt disclosure by trustees, officers and employees of any unlawful or improper behavior or transactions, including those that raise potential conflict of interest concerns. Each year all directors, officers, trustees and key employees are reminded of their obligations to comply with the conflict on interest policy at the organization's annual meeting and periodically at other times during the year.”

“The barnes foundation performs a review of compensation and benefits packages (including fringe, retirement and severance benefits) for key employees at the time of hire. This review relies upon comparability data to determine whether the compensation arrangement in its entirety is reasonable. For this purpose, appropropriate and relevant information includes compensation paid by similiarly situated tax-exempt and taxable organizations for functionally comparable positions. This review also takes into account the size, revenue, geographic location, structure and complexity of the organization. The salary and benefits for the executive director and president are determined pursuant to an employment agreement. In addition, in 2013, an independent human resources and compensation committee of the board of trustees reviewed the salaries of the executive director, officers, key employees and highest compensated employees for 2013 and 2014, considering comparability data and a report of an independent compensation consultant.”

“The barnes foundation's by-laws, charter, financial statements and certain other governing documents (e.g., conflict of interest policy), are available for review upon request, directed to the following: general counsel (a member of management), barnes foundation, 2025 benjamin franklin parkway, philadelphia, pa 19130”

“Fees for services (other-security): program service expenses 993,153. Management and general expenses 497,631. Fundraising expenses 0. Total expenses 1,490,784. Fees for services (other): program service expenses 1,394,261. Management and general expenses 468,305. Fundraising expenses 469,172. Total expenses 2,331,738.”

“There is no change to this process from the prior year.”