Erie Community Foundation

“Internal reviews of the form 990 are done by the vp of finance and the president. This review consists of tracing all figures from internally developed schedules to the 990 and reviewing all discrepancies with the tax preparers. Note that the full board of trustees receive copies of the 990 before filing for their review and comment. A final review is conducted by the finance committee.”

“Board of trustee members must annually disclose, in full, the name of each business or nonprofit organization that has or reasonably expects to have a material interest in any proposed existing contract, transaction or arrangement with the foundation and in which he/she, his/her spouse or any member of their immediate family is a member, director, officer, employee or partner. Board of trustee members are provided a form each year for this purpose. Foundation staff follow-up with trustees as necessary to make sure that all forms are executed and returned. In addition to the annual disclosure, the foundation's conflict of interest policy, which all trustees must sign each year, provides that trustees having a continuing obligation to report conflicts and must promptly report any conflict that has not been previously reported. Trustees that are deemed to have a conflict of interest based on the above process are recused from participating in voting.”

“An independent organization IS hired PERIODICALLY to review the compensation of the President. This organization collected data from published survey sources, based on asset size, operating budget and donation focus. These sources are: Council on Foundations Grantmakers Salary and Benefits Report, Total Compensation Solutions-Not-for-Profit Compensation Survey, PRM Consulting-Management Compensation Report for Not for Profit organizations, Watson Wyatt Survey Report on Employee Benefits, and various 990 tax returns from comparable Community Foundations. In addition, the executive/compensation committee annually reviews and approves the President's compensation. Other Officers or key employees' salaries are determined by the President, using the Council on Foundations Grantmakers Salary and Benefits Report. In 2018 the president's compensation was reviewed by an outside source.”

“The erie community foundation's organizational documents are available to the public upon request.”

“Erie Community Foundation updated their by-laws with the following language: In particular, and without limiting the foregoing, the president may receive reasonable compensation for his or her services as president, but not for his or her services as the Ex-officio Trustee. Standing Committees. The corporation has the following standing board committees: executive, audit, finance, nominating, and investment. The board of trustees may, at any given time, assign and delegate some or all of the duties, responsibilities and role of the finance committees to the executive committee.”

“CHANGE IN VALUE OF SPLIT INTERESTS: $113,307. Refund of Prior year grants $342,946.”

“This process has not changed from the prior year.”

“The erie community foundation works to improve the quality of life for all in our region by evaluating and addressing community issues, building permanent charitable endowments, and by promoting philanthropic and community leadership.”