Barney & Barney Foundation

“The directors and officers of the foundation are all directors of barney & barney, llc, the company whose 100th anniversary inspired the creation of the foundation.”

“Form 990 is reviewed by the president, treasurer, secretary and all board members of the foundation prior to filing.”

“Each director, principal officer and member of a committee with governing board delegated powers shall annually sign a statement which affirms such person: (1) has received a copy of the conflict of interest policy, (2) has read and understands the policy, (3) has agreed to comply with the policy, and (4) understands the organization is charitable and in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax-exempt purposes. To ensure the organization operates in a manner consistent with charitable purposes and does not engage in activities that could jeopardize its tax-exempt status, periodic reviews shall be conducted. The periodic reviews shall, at a minimum, include the following subjects: (1) whether compensation arrangements and benefits are reasonabie, based on competent survey information, and the result of arm's length bargaining. (2) whether partnerships, joint ventures, and arrangements with management organizations conform to the organization's written policies, are properly recorded, reflect reasonable investment or payments for goods and services, farther charitable purposes and do not result in inurement, impermissible private benefit or in an excess benefit transaction.”

“The foundation makes its governing documents, conflict of interest policy, and financial statements available to the public upon request. Additionally, much of this information is available through corporate filings that become public record.”

“Book/tax difference in accounting for investment in barney & barney, llc -3,125.”