Institute for Family-Owned Business

“The Board Treasurer reviews the 990 before signing the form.”

“Each director shall disclose to the Board any financial or other relationship that might reasonably be construed to be inconsistent with the discharge of such director's duties to the Corporation, including without limitation his or her status as an officer, director, trustee, member, owner (either as sole proprietor or partner), shareholder, employee or agent of any entity or organization with which the Corporation has entered into, or might be expected to enter into, a relationship or transaction in which that director might have a conflicting interest. Directors shall make such disclosures at least annually, at such times and in such form as the Board shall require. A director may be interested, directly or indirectly, in any contract, transaction or act relating to or incidental to the operations of the Corporation, and may freely make contracts, enter into transactions or otherwise act for or on behalf of the Corporation in such matters, provided that (i) the direct or indirect interest of the director in the proposed contract, transaction or act shall have been disclosed to and approved by the Board; (ii) the director shall refrain from participating in the selection, award or administration of his or her own contract, if applicable; and (iii) no contract, transaction or act shall be entered into or taken on behalf of the Corporation if such contract, transaction or act would jeopardize the Corporation's tax-exempt status under Section 501(c)(3) of the Code. An interested director may be counted in determining the presence of a quorum at a meeting at which the Board authorizes, approves or ratifies a transaction in accordance with the requirements of this Article.”

“The Executive Director's compensation and bonus plan are reviewed by the executive committee and a qualified HR representative.”

“Available upon request.”

“Section 1.263(a)-3(n) Election: Institute for Family-Owned Business P.O. Box 3364 Portland, ME 04104 EIN: 26-2428220 Institute for Family-Owned Business is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n).”