Great Falls Public Library Foundation

“Line 11a explanation - the board reviews the return before filing.”

“The foundation's officers, board of trustees and executive director must annually fill out a conflict of interest disclosure form. This form discloses any interests that do or could give rise to a conflict of interest. The board and executive director jointly monitor the disclosure. For each conflict disclosed, the board assures that full disclosure has been made, determines whether the conflicted member should abstain from voting or participating in certain issues, and determines whether the conflicted member should be removed from the board.”

“*note* the organization does not have any employees at this time, nor do they anticipate having employees in the future. However, they adopted the policy, as explained below, so that it would be in place should they ever need to hire a full time executive director that is an employee of the organization. The current executive director is a self employed contractor that works on a very limited basis. The process of determining the executive director's compensation is by the following elements: - review and approval by the board - use of such data as the board determines as to comparable compensation, and - documentation and records kept contemporaneously with the process of arriving at the executive director's compensation from time to time. Compensation review would be done annually.”

“The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request.”

“The process for reviewing of the financial statements by the board has not changed. The finance committee oversees the audit and reviews the financial statements along with the form 990 before presenting to the full board of directors”