Cedar Rapids Public Library Foundation

“The organization reimburses the city of cedar rapids for its employee costs. Because of the relationship, the city of cedar rapids is considered a common paymaster. The city of cedar rapids is responsible for all payroll tax filings.”

“The governing body delegates authority to the executive and finance committees, which are able to act on the board's behalf between board meetings.”

“A copy of the form 990 is given to the finance committee for their review. The final version of the 990 is submitted to the entire board for approval prior to filing the return.”

“The copy of the conflict of interest statement is furnished to each director, volunteer committee member, contract accountant, and employee of the cedar rapids public library foundation, and each such person is required to annually execute a declaration disclosing any relationships or memberships which may present a potential conflict of interest, or an appearance of a conflict, and shall indicate that he/she has read, understands, and agrees to adhere to the policy as stated. The executive committee of the board of directors is responsible for evaluation of any potential conflicts of interest. In the event such conflict is considered to jeopardize the status of the foundation, the committee is responsible for making recommendations to the board of directors regarding a disposition. If a director or volunteer is found to have a conflict of interest, the conflicted party shall absent themselves and refrain from any review of and vote regarding the matter, and shall not attempt to affect any decision regarding the transaction. Signed conflict of interest forms are kept on file for a one year time period until new forms are signed.”

“A personnel committee consisting of library director, foundation board president, trustee president, and foundation vice president review feedback on executive director performance. The board of directors meets annually with the executive director to conduct a performance review and make recommendations for compensation adjustments. Comparative studies of other nonprofit executive compensation through the association of fundraising professionals and guidestar were used to aid in determining compensation. All adjustmetns are voted on and approved by the board of directors.”

“The organization makes its governing documents available for public inspection on the library's web site. The organization makes its financial statements available to the public upon request.”

“ASSET HELD BY GCRF 779.”