Foundation for Advancement in Conservation

“The organization has one member, the american institute for conservation of historic and artistic works.”

“The sole member appoints the board of directors.”

“The member has the sole authority to modify the bylaws of the organization, adopt new bylaws in place of any provisions deleted, and to approve any decisions deemed necessary and/or required by law.”

“The form 990 is prepared by an outside cpa and reviewed and approved by management. The executive director reviews, approves, and signs the return. A copy is provided to the board of directors electronically prior to filing with the irs.”

“The organization requires annual disclosure of potential or actual conflicts of interest. Each year, faic board members, officers, and key employees are provided a copy of the conflict of interest policy. Each board member affirms on a written form that they have received a copy of the conflict of interest policy, have read and understand the policy, and agree to comply with the policy. In addition, any potential or actual conflicts of interest are addressed during the year as needed and appropriate action is taken by the board of directors. As a matter of policy, the organization does not allow transactions between the organization and interested parties which could result in an actual or perceived conflict of interest.”

“The executive director of the organization is a paid employee of the american institute for conservation of historic and artistic works (aic), a related 501(c)(6) organization. The organization shares all staff, facilities and other costs with aic. The compensation of the organization's executive director is established by the board of directors of her employer, aic, and was originally established based on market based data at the time of hire for executive directors of organizations of similar size and scope and within budgetary constraints of the organization. The aic allocates the salary and benefits of the executive director between the organizations based on timesheets. The last compensation review took place december 2020.”

“These documents are not made publicly available unless required by law or at the discretion of the board of directors.”

“Transcription services: program service expenses 7,572. Management and general expenses 0. Fundraising expenses 0. Total expenses 7,572. Assessment fees: program service expenses 360,278. Management and general expenses 0. Fundraising expenses 0. Total expenses 360,278. Other: program service expenses 162,874. Management and general expenses 2,296. Fundraising expenses 5,375. Total expenses 170,545.”

“On may 21, 2020, faic received loan proceeds in the amount of $110,329 under the paycheck protection program. The promissory note calls for monthly principal and interest payments amortized over the term of the promissory note with a deferral of payments for the first six months. In october, 2020 the sba extended the deferral period until forgiveness is determined. Under the coronavirus aid, relief, and economic security act (cares act), the promissory note may be forgiven by the small business administration in whole or in part. Faic has used the proceeds for purposes consistent with the paycheck protection program and believes that its use of the loan proceeds will meet the conditions for forgiveness of the loan. Faic received loan forgiveness on april 26, 2021 and will record revenue from debt extinguishments during the period that forgiveness was approved.”