Voss Foundation Inc

“Prior to the preparation of the annual 990 filing, several members of the governing board, including the president and treasurer review the audited financial statements. The voss foundation accounting manager, executive director, treasurer (board member), and expert in the field of tax law (mcgladrey llp) work closely together during the preparation of the federal and state filings. Prior to submission of the completed federal and state returns the treasurer, executive director, and the accounting manager review the filings. All the board members receive a full copy of the final 990 prior to filing.”

“The foundation follows the guidelines in our coi policy and we are directed by the same guidelines when we perform all our duties for the foundation. We are especially sensitive to the relationship between voss foundation and voss of norway and we strive to ensure that all our transactions are done at arm's length and with the highest degree of objectivity whenever that is required or relevant. All directors and officers of the organization are required to annually submit a signed acknowledgment of the conflict of interest policy. The form details any potential conflicts of interest that they or a member of their family or other related party may have with respect to the organization. The executive director ensures that disclosures are collected from all such persons. If a conflict is found to exist, such individual must recuse themselves from the discussions and voting on matters relating to the issue arising from that conflict.”

“The executive director's salary is set jointly by the president of the vf board and the treasurer. The salary process and main principles for conducting salary reviews and adjustments are as follows: the executive director's salary is reviewed annually in conjunction with the setting of annual work objectives. Salary adjustments are based on the following factors: - general inflation adjustments relevant for the new york region and usa - competitive benchmarks for similar positions at other foundations - outstanding performance throughout the measurement period - the board minutes contemporaneously substantiate the decisionmaking process.”

“Financial statements, conflict of interest policy and governing documents are available upon request for the same period of disclosure as set forth in section 6104(d).”

“Other consulting: program service expenses 33,071. Management and general expenses 10,077. Fundraising expenses 35,823. Total expenses 78,971.”

“Net foreign currency transaction loss -7,244.”