Lena Research Foundation

“Judith paul and alexander paul have a family relationship.”

“The form 990 information is prepared by lena's cfo and is reviewed by an independent accounting firm. A draft copy of the form 990 is then provided to the full board of directors prior to its filing with the irs.”

“In connection with any actual or possible conflict of interest, an interested person, defined as any director, principal officer, or member of a committee with governing board delegated powers, who has a direct or indirect financial interest, as defined later, must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the directors and members of committees with governing board delegated powers considering the proposed transaction or arrangement. A person has a financial interest if the person has, directly or indirectly, through business, investment, or family: a. An ownership or investment interest in any entity with which the organization has a transaction or arrangement, b. A compensation arrangement with the organization or with any entity or individual with which the organization has a transaction or arrangement, or c. A potential ownership or investment interest in, or compensation arrangement with, any entity or individual with which the organization is negotiating a transaction or arrangement. Compensation includes direct and indirect remuneration as well as gifts or favors that are not insubstantial. A financial interest is not necessarily a conflict of interest. A person who has a financial interest may have a conflict of interest only if the appropriate governing board or committee decides that a conflict of interest exists. In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the directors and members of committees with governing board delegated powers considering the proposed transaction or arrangement. Procedures for addressing the conflict of interest are as follows: a. An interested person may make a presentation at the governing board or committee meeting, but after the presentation, he/she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. B. The chairperson of the governing board or committee shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. C. After exercising due diligence, the governing board or committee shall determine whether the organization can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. D. If a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the governing board or committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the organization's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination it shall make its decision as to whether to enter into the transaction or arrangement. If the governing board or committee has reasonable cause to believe a member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose. B. If, after hearing the member's response and after making further investigation as warranted by the circumstances, the governing board or committee determines the member has failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action. The minutes of the governing board and all committees with board delegated powers shall contain: a. The names of the persons who disclosed or otherwise were found to have a financial interest in connection with an actual or possible conflict of interest, the nature of the financial interest, any action taken to determine whether a conflict of interest was present”

“The ceo's compensation is decided by the chair and secretary/treasurer of the board of directors after comparison to market rates for a similar position. This is documented by the board. For other officers and key employees, the ceo decides their compensation after comparison to market rates for similar positions. This is documented by the ceo.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“In 2021, lena foundation determined that it was more appropriate to include in column (b) (end of year) for lines 2 (savings and temporary cash investments), 17 (accounts payable), and 28 (net assets with donor restrictions) certain items included in prior year forms 990 in lines 11 (investments - publicly traded securities), 25 (other liabilities) and 27 (net assets without donor restrictions), respectively. Conforming adjustments have been made to the 2021 beginning of year amounts listed in column (a) of part x.”

“The oversight and selection process has not changed from the prior year.”