Olancho Aid Foundation Inc.

“Each member of the board of directors was provided with a copy of the form 990 before the return was filed with the irs. Each member of the board reviewed the form 990 and all required schedules in their entirety and provided any revisions and their approval for filing to the treasurer. Subsequent to filing each member of the board of directors was provided with a final copy of the filed return for their files.”

“The organization approved a conflict of interest policy and related disclosure form at its board retreat in october 2010. The policy defines a conflict of interest and includes the steps the board must take to address potential conflicts (i.e. Prohibit the transaction, require that the transaction be subject to a board vote, etc). Disclosure forms must be filled out annually by officers, directors, trustees and key employees and returned to the organization. In addition, the conflict of interest policy and any potential conflicts are discussed annually.”

“Compensation for the executive director and all employees for 2015 was reviewed and approved by the board during the budgeting process which is documented in the board minutes. Review of comparability data did not appear useful to the board as the key employees are located in honduras, a country with a volatile job market. Faculty member compensation is established based on the individual's credentials and honduran regulations as outlined in the organization's employee policy manual.”

“The organization's governing documents, conflict of interest policy and financial information are made available to any requesting party upon written request. Such information is kept in the united states as well as locally in honduras so that it can be provided in a timely manner.”

“The organization had 116 employees and 11 long-term volunteers who were all located in juticalpa, honduras (see schedule f). As a result, there are no wages paid in the united states, therefore no forms w-2 or w-3 filed.”