The Community Foundation of Northwest Missouriinc

“A complete 990 is sent to the administrative director who will review it and communicate and questions or concerns with the independent accounting firm that prepares the form 990. The complete form will then be given to the president/ceo for review who will then present it to our cpa/irs expert on our board for review. He will then forward it to the finance committee for review and finally the board of directors for approval. Copies given to the finance committee and the board of directors for review do not include donor names or addresses in schedule b to protect the anonymity of donors.”

“The board of directors annually review the policy. All directors and officers sign annual statements affirming they received a copy of the policies, read and understands them, and agrees to comply with the procedures. No director shall vote on any matter in which he or she has a material and direct financial interest that will be affected by the outcome of the vote. In the event of such an abstention, the abstaining director shall state the reason for the abstention, which shall be noted in the minutes of the board of directors. In addition, the abstaining director shall not participate in discussions about the matter other than to respond to questions for information that may be relevant to the discussion, and if not needed for that purpose will leave the vicinity so as not to be present during the discussion. In connection with any actual or possible conflicts of interest, an interested director or interested officer must disclose the existence and nature of his or her material financial interest to the board prior to the consideration of the proposed transaction, contract, or arrangement by the board or any committee of the board. After disclosure of the financial interest, the disinterested members of the board shall determine whether a conflict of interest exists. Neither the board nor any committee of the board shall vote upon any proposed transaction, contract, or arrangement in connection with which an actual or possible conflict of interest has been disclosed by an interested director until such time as the board has addressed the actual or possible conflict of interest. Where the board has concluded that a conflict of interest exists, the chairman of the board or committee of the board shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction, contract, or arrangement. After exercising due diligence, the board or committee shall determine whether the foundation can obtain a more advantageous transaction, contract, or arrangement with reasonable efforts from a person or entity that would not give rise to a conflict of interest. If a more advantageous transaction, contract, or other arrangement is not reasonably attainable under circumstances that would not give rise to a conflict of interest, the board or committee shall determine by a majority vote of the disinterested directors whether the transaction, contract, or arrangement is in the foundation's best interest and for its own benefit and whether it is fair and reasonable to the foundation, and shall make its decision as to whether to enter into the transaction, contract, or arrangement in conformity with such determination.”

“The organization retrieves several annual salary reports from various websites. The reports are for positions similar to the organizations and in the organization's region of the u.s. The executive committee does a compensation review each year based on these salary reports and makes a recommendation to the full board of directors. The process was last completed in 2017. The president/ceo steps out of the meeting during the discussion and does not vote on the matter.”

“No other employee meets the irs definition of officer or key employee.”

“The organization makes its governing documents and conflict of interest policy available to the public upon request. The organization does not have a policy making its financial statements available to the public.”

“All board members are considered volunteers as they receive no compensation or benefits”

“The community foundation administers funds including grants to various public charities primarily in northwest missouri. Donor advised fund: this fund allows the donor to recommend how their gift is used. The community foundation verifies the donor's recommendations meet its grant-making policies and the grantee organization is a qualified public charity or government entity. Grant awards are issued to charities in the name of the fund (or anonymously if the donor prefers), and contributions to the fund qualify for income tax deduction in the year they are made. Field of interest fund: the donor instructs the community foundation to use the available grant dollars in a particular area of interest, such as education, health, youth, the environment and so forth, rather than restricting the money to one organization. This fund is flexible enough to meet changing community needs in a specific interest area. Designated fund: the donor instructs the community foundation to pay available grant dollars to one or more specific named charitable organizations, usually in perpetuity. Donations are then sent in the donor's name each year. Because the gift is given through the community foundation, the organization also received services for planned giving and investment. The foundation monitors how donations are used to be sure a need always exists. Scholarship fund: this fund allows donors to invest in the community's future and help deserving students achieve their lifetime dreams. These funds provide support for individuals pursuing a training or educational opportunity. As part of the fund, donors can specify certain eligibility criteria, such as the school(s) students must graduate from or be admitted to, intended major, gpa, act score or financial need. Grants may be awarded to the individuals themselves, provided the foundation does the required follow-up, or the educational institution. Organizational fund: this fund is established by public charities and offers them a simple and efficient way to build endowment and create sustainability. The community foundation helps the organization with planning, investing and administering the funds, as well as distributes grant dollars to the organization for general purposes. Unrestricted funds: the donor allows the community foundation to use available grant dollars for a broad range of community issues. This allows the foundation to respond to changing community needs over time.”