I-Park Foundation Inc

“I-park has its form 990 prepared by an outside cpa firm. But first, i- park's finance committee performs an internal review that looks at changes and emerging trends from previous accounting periods, internal control issues, changes (if any) in tax laws and the overall quality of the record keeping. After the form 990 has been prepared by the outside firm, it is reviewed by the finance committee before being sent to the board of directors for their feedback and approval. Upon approval, the document is submitted to the internal revenue service by the independent accounting firm.”

“At each annual meeting, all directors and officers sign off on a memo that restates the organization's conflicts of interest policy. At that time, any actual or perceived conflicts are disclosed and discussed. If conflicts of either sort have developed during the course of the year, the matter is resolved by either eliminating the conflict or by memorializing the issue in the minutes, indicating why an actual conflict did, or does/did not, in fact, exist - or memorializing why any exceptions to the policy have caused no harm and were, in fact, in the best interests of the organization. In the case of any material issues that come to the attention of the governance committee or the board, a legal opinion may be sought.”

“Independent members of the board finance committee reviewed the proposed annual salary of the board member who serves as managing director to insure appropriate compensation. The review included an analysis of comparable salaries for similar positions at similar organizations using available public disclosures such as irs forms 990 and data collected from publications by arts service organizations that track executive salaries at the regional and national levels. The review process and proposed compensation level was reported to, and discussed by, the finance committee and then the full board, which then approved the compensation as part of the annual operating budget. The process is documented in the minutes of the board meeting.”

“The foundation makes its form 990 and 1023 available for public inspection as required under section 6104 of the internal revenue code. The return is posted on guidestar.org and similar websites. In addition, the financial statements, conflicts of interest policy, articles of incorporation, form 1023 and by-lays are available upon written request or by calling the organization directly.”