Ctc Foundation

“CTC Foundation prepares its annual Form 990 internally and utilizes external legal counsel to perform reviews. The Foundation's Form 990 is distributed to all Board of Director members prior to its due date. Each member is requested to review the return in detail, ask questions regarding any data contained in the return and formally acknowledge acceptance and approval of the return and its contents prior to the return being filed.”

“Under the coordination of its related organization, Concurrent Technologies Corporation (CTC), the Foundation employs a formal internal electronic portal that requires key staff to properly disclose any interest or financial holding. This information is reviewed by the CTC Ethics Officer to determine if potential or actual conflicts of interest exist. CTC's Ethics Officer is responsible for seeing that compliance with the electronic reporting system is enforced and that each conflict statement is updated annually. When conflicts of interest are identified, they are adjudicated by the Ethics Officer and an assessment is provided to CTC's President & CEO, the Chairman of CTC's and the Foundation's Board, and each Board of Directors.”

“An annual compensation examination and comparison of peer corporations' IRS Form 990 reporting is used to determine the market appropriateness of the Executive Director's compensation.”

“The Foundation makes all of its governing documents, conflict of interest policies and its annual Form 990 available to the public upon request. Requests may be made in writing, via telephone or in person to the Foundation's Executive Director.”

“The Foundation's objective is to draw expertise and multi-faceted capabilities to tangibly enhance the lives of people. The Foundation meets this goal by engaging individual and institutional donors to help advance the development and application of innovative, technological and humanistic principles to enhance economic progress and the quality of life. From an independent platform, the Foundation is dedicated to developing solutions to regional and national challenges by: -Advancing education, health care and workforce training; -Matching emerging technologies to the needs of industry; -Developing alliances dedicated to sound economic development; -Benchmarking and disseminating best practices; and -Providing innovative strategies to fund and transition effective solutions. To meet these challenges, the Foundation utilizes the competencies of Concurrent Technologies Corporation (CTC), academia and other institutions. The Foundation also serves as the philanthropic arm of CTC.”

“Consulting and related services: Program service expenses 91000. Management and general expenses 0. Fundraising expenses 0. Total expenses 91000.”

“The Foundation is part of a consolidated financial statement audit that includes CTC. It is CTC's practice to undergo its annual external audit, and produce its consolidated audited financial statements in accordance with this audit process, by September 30, if possible, of each year. CTC contracts with an independent national public accounting firm to perform its audit.”