Porter Foundation

“The Foundation employs (or did employ) three family members: the former and now deceased Executive Director, Francis L Porter III (our founder), Charity Activities Coordinator Eloise Porter, and Volunteer Coordinator Anna Kaijser-Bots”

“Board members review the tax return in a timely manner. They also discuss potential budgets.”

“Whenever a transaction is contemplated which might be covered under the Board's written Conflict of Interest Policy then a determination of fairness and appropriateness is made solely by "outside" (independent and non-family) directors. Family members are prohibited from voting on the issue in question under the Policy.”

“The Board sets the Executive Director's salary after reviewing remuneration for similar organizations, as reported by the local non-profit association. However, the former Executive Director insisted on a salary far below the prevailing market rate. The current new Executive Director has not requested any salary thus far; the Board is discussion some remuneration in exchange for devoting many more hours to the Foundation's work, but no figure has been set as of the date of this filing.”

“The Board's policy is to review the tax return prior to filing, but the founder and initial Executive Director of the Foundation died, causing the Board to invest a substantial amount of time over this past year in reorganizing operations and conducting a search for a suitable replacement as Executive Director. This effort is still ongoing, and expected to be completed sometime during late 2019 or early 2020.”

“After the death of our founder the Board is restructuring and simplifying operations to focus our entrepreneurial development program exclusively on mentoring and training services rather than continue to operate a "laboratory" type facilities and field operations that are very expensive to maintain. We hope to partner with other charities and for-profit companies to provide that experiential component.”

“Related party transactions are listed on Schedule L. All related party transactions are set at below market rates. Further, contracts covering these transactions are voted on by only non-family board members.”

“Both the former Executive Director and his replacement are related to three of the board members.”

“Doris Porter owns FLP3 Corp, and Marion Porter is the daughter of Francis L Porter IV, who owns Banner Trucking LLC and Executive Management Services LLC”