Community Foundations National Standards

“In accordance with the bylaws, the board of directors for the Foundation are approved by the board of directors of the Council on Foundations, a related entity.”

“Form 990 is completed by an independent CPA firm with assistance from the organization's outsourced finance department. Once a working draft is complete, it is reviewed by executive leadership who approve the final document, which is then provided to CFNSB's board of directors prior to filing with the internal revenue service.”

“CFNSB board members, officers, and key employees must annually disclose, in full, the name of each business or nonprofit organization that they have or reasonably expect to have any material interest in, or any proposed or existing contract, transaction or arrangement with CFNSB and in which they, their spouse or any member of their immediate family is a member, director, officer, employer or partner. CFNSB's conflict of interest policy for board and staff, which all board members, officers, and key employees receive, provides that board members, officers, and key employees have a continuing obligation to report conflicts and must promptly report any conflict that has not previously been reported. Board members that are deemed to have a conflict of interest based on the above processes must abstain from participating in the discussion and vote on any transaction or item wherein a conflict exists. Officers and key employees are not permitted to participate in a decision regarding which they have a conflict of interest.”

“CFNSB's governing documents, conflict of interest policy, and financial statements are available upon request.”

“Executive Director of National Standards received his compensation from the related organization, COF.”

“The process has been consistent with prior years.”