Northwest Foundation Inc.

“The executive committee is comprised of the board president, vice president, immediate past president, standing committee chairs, and up to two president appointed 'at-large' members. The executive committee is authorized to act on behalf of the board between meetings of the board. All actions of the executive committee will be followed up by subsequent board approval.”

“The bylaws were revised during the tax year. Significant changes were as follows: 1. Nominations for president and vice president are now made by the executive committee, previously there was specific nominations process noted. 2. Officers are now elected biannually, previously officers were elected annually. As such, the president and other officers now serve for a two year rather than one year term. 3. The vice president now succeeds the president automatically, previously a vote would have been conducted. 4. The president now fills any vacancy of the vice president officer position, previously a vacancy would have been filled by the board.”

“The northwest alumni association meets the irs definition of member for purposes of this question.”

“It is required by the bylaws that the president of the northwest alumni association be a voting member of northwest foundation, inc.'s board of directors.”

“The form 990 is prepared by an independent accounting firm, and then at least 10 days prior to the due date, a draft of the form 990 will be distributed by the finance officer to the entire board of directors via email. A request for comments within five days time will accompany the email which will be sent with a "read receipt".”

“The foundation staff shall provide each member of the board and of each committee, subcommittee and council a copy of the conflict of interest policy statement for signature prior to or at the first meeting of the year of the board or of any committee, subcommittee or council. Any member of the board or of a committee, subcommittee or council who refuses or fails to sign such a statement shall be prohibited from participating in discussion or action by the board or any committee, subcommittee or council until such statement is signed. Members of the board of directors are obligated to self-report any conflict or potential conflict the board president and any applicable committee chairperson. The remaining board or committee members shall decide if a conflict of interest exists; provided, however, if the interested person believes a conflict of interest exists, the board or committee shall be guided by the belief of the interested person in reaching its decision. If it is determined that a conflict does exist, the individual in conflict must leave the meeting during the discussion of, and the vote on, the transaction or arrangement that result in the conflict of interest. Annual reviews of all transactions with interested persons shall be conducted. A report of such annual review shall be made to the board and reflected in the minutes of the board.”

“All staff members of northwest foundation, inc. Are compensated as employees of northwest missouri state university in the office of university advancement. The foundation does not have employees of its own. The university sets compensation based on a market evaluation by cupa and employee's salaries fall in the range of 85% to 115% of the cupa market averages. The foundation board reviews and approves the salary change yearly. This was last completed in 2019.”

“Governing documents, conflict of interest policy and financial statements are available upon request via e-mail, fax, or regular mail. In addition, the financial statements are posted on website.”

“All w-2s and other payroll tax filings for the foundation are remitted by nwmsu under their ein: 44-600301.”

“Change in present value of interest rate swap -142,070. Change in value of charitable remainder trusts -30,533. Change in cash surrender value of life insurance 24,030. Change in value of annuity liabilities -107,498.”