Hanover Area YMCA

“The organization has members who nominate and elect the members of the governing body. The members do not receive a share of the organizations profits or excess dues, or a share of the assets upon dissolution.”

“All persons eighteen years of age or over, who are members in good standing, shall have the right to vote. This includes the responsibility to nominate and elect the board of directors.”

“The form 990 will be reviewed by the chief financial officer, chief executive officer, and finance committee. After performing its review of the form 990, the finance committee will present the form 990 to the full board. The full board will receive a copy of the form 990 before its filing.”

“The conflict of interest policy of the hanover area ymca is to protect the ymca when it is contemplating entering into a contract, transaction, or arrangement that has potential for benefitting the private interest of a significant person. A significant person is any director, key employee, or committee member with board delegated powers. This would also include a significant person's spouse, brother, sister, parent, grandparent, child, or grandchildren of the person or the person's spouse. Each significant person shall completely, accurately, and timely submit the annual conflict of interest questionnaire as prepared and distributed. The board (or committee) shall determine by a majority vote of disinterested directors whether the disclosed interest may result in a conflict of interest after meeting, discussing, and voting on that matter. A significant person may make a presentation at the board (or committee) meeting, but after the presentation, he/she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. To ensure that the ymca operates in a manner consistent with charitable purposes and does not engage in activities that could jeopardize its tax-exempt status, periodic reviews shall be conducted. When conducting the periodic reviews as provided for, the ymca may, but need not, use outside advisors. If outside experts are used, their use shall not relieve the governing board of its responsibility for ensuring that periodic reviews are conducted.”

“The compensation of the ceo is reviewed by the compensation committee and then submitted to the independent members of the board for approval. The process includes a compensation survey. The deliberations and decisions are documented in the committee and board minutes.”

“The organization does not make the governing documents, conflict of interest policy, or financial statements public since it is not required to by federal or state law. Forms 1023, 990, and 990-t are made available upon request.”

“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.”

“Book/tax differnce on sale of investments -58,206. Change in fair value of interest rate swap 82,174. Termination of interest rate swap 64,700.”

“Hanover area ymca does have a committee that assumes responsibility for oversight of the audit and selection of an independent accountant. This process has not changed from prior year.”