The Sarah Jane Brain Foundation

“The sarah jane brain foundation has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, reviewed by the chairman of the board and the finance committee and is ready to be filed with the internal revenue service, it is electronically sent to the board for approval. Once the board has approved the return it is filed with the internal revenue service.”

“Each director, officer, and key employee shall annually sign and submit to the secretary of the corporation a statement which affirms such person: (a) has received a copy of the conflict of policy, (b) has read and understands the policy, and (c) has agreed to comply with the policy. A related party transaction is not necessarily a prohibited transaction. Under the policy, if the corporation contemplates entering into a related party transaction, the independent directors of the board must determine if the transaction is fair, reasonable, and in the best interests of the corporation at the time of such determination. If at any time during his or her term of service a related party acquires any financial interest or when any matter for decision or approval comes before the board in which a related party has a financial interest, that financial interest or potential related party transaction must be promptly disclosed in writing to each member of the board, the president, and to the chair of the appropriate board committee, together with all material facts. All transactions, agreements or any other arrangements between the corporation and a related party, and any other transactions which may involve a potential conflict of interest, shall be reviewed by the independent directors of the board. All related parties with a financial interest shall leave the room in which such deliberations are conducted.”

“Compensation of the chairman & ceo was discussed by and deliberated upon by the independent directors exclusively during a meeting at which the chairman & ceo was excused. The independent directors requested and received input and context from organizational officers and other non-independent directors who were also then excused in order to accommodate discussion and deliberation exclusively by the independent directors. The independent directors discussed compensation, including salary and other compensation, including a housing allowance. The independent directors considered related salary and compensation information from industry and non-profit salary and compensation studies & reports. The independent directors also discussed the demanding nature of the challenges facing the organizations, including the multiple skill sets required of the executive, the extraordinary time demands required to satisfy the multiple needs of the organizations, and the critical nature of these needs to the viability of the young organizations. The deliberations by the independent contractors are documents in the board minutes. The compensation review process was last undertaken in 2017.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is also posted on guidestar.org and other similar types of websites. In addition, the financial statements, conflict of interest policy, articles of incorporation and by-laws are also available upon written request or by calling the organization directly.”

“Foregiveness of wages claim 480,000.”

“The organization has a committee that is responsible for the oversight of the audit of its financial statements and selection of an independent accountant. The process has not changed from the prior year.”