The Catholic Foundation of Central

“The Foundation has five corporate members. The Foundation's Members include the Bishop of the Diocese of Orlando (or the Diocesan Administrator, in the case of a vacant See); the Vicar General of the Diocese or other appointee of the Bishop; the Chancellor/COO; the Chair of the Foundation's Board of Directors; and the Treasurer of the Foundation's Board of Directors.”

“The Directorship Committee of the Board recruits, selects and submits a slate of potential directors to the Members. The Members approve potential directors who are submitted to the Board for election.”

“The corporate members of the Foundation approve significant decisions of the governing body, including liquidation or dissolution of the Foundation; merger, consolidation, or transfer of the Foundation's assets; amendments to the Foundation's governing documents; and certain other governing decisions.”

“The Foundation's top management official and top financial official each review the Form 990 prior to its filing with the IRS. A copy of the final Form 990 is also provided to the voting members of the Foundation's governing body prior to its filing with the IRS.”

“The Foundation's conflict of interest policy is distributed to each member of the Foundation's governing body, its officers and its key employees on an annual basis. Each such individual provides an annual disclosure statement indicating that they have received, read, understood and agreed to comply with the policy, certifying that: (1) they have no relationships or interests that present a conflict of interest, (2) they have one or more conflicts of interest that have been fully disclosed as required by the policy and have been properly administered in conformity with the policy, or (3) they have previously undisclosed conflicts of interest and disclosing the details of such conflicts. Any disclosure statements with previously undisclosed conflicts of interest are forwarded to appropriate Foundation officials to take appropriate actions as required by the policy. Conflicts are monitored on a continuing basis and appropriate actions are taken when necessary.”

“The Foundation has adopted an executive compensation setting policy applicable to all disqualified persons, including the Foundation's President, officers and key employees. Under the policy, an independent committee of the Board of Directors annually reviews and approves the compensation levels of all individuals subject to the policy. The deliberations and decisions of the committee are contemporaneously substantiated. The committee utilizes comparability data in its deliberations; updated comparability data is obtained annually.”

“The Foundation provides, upon request, copies of its Articles of Incorporation, bylaws, conflict of interest policy, and its financial statements.”

“The other compensation reported for Father John Giel, Father Richard Trout, and Father Ivan Olmo includes ministerial housing allowance under IRC Section 107.”

“The Foundation did not directly employ any individuals during calendar year 2020, but rather reimbursed a related tax-exempt organization for the cost of services provided by 18 employees. A Form W-3 was submitted by the other organization to report the compensation paid to these employees. The number of employees reported on this Form 990 reflects the employees reported under this arrangement, which comprise the Foundation's entire staff. The Foundation began directly employing individuals as of January 1, 2021.”

“The Organization's Board of Directors, or a committee thereof, assumes responsibility for the oversight of the audit of its financial statements and the selection of an independent accountant. This process has not changed from the prior year.”