Greater Houston Hispanic Chamber of Commerce Foundation

“A copy of the organization's form 990 is provided to the board chairman and treasurer for an initial review prior to filing. They will each review the return, ask any necessary questions and make any necessary changes. A final draft is then approved, signed and filed.”

“It is the policy of the greater houston hispanic chamber of commerce foundation that its relationships in transactions with individuals outside the foundation and with other business concerns be conducted at all times on a highly ethical basis and should avoid the appearance of impropriety. To this end, the sole consideration of the foundation's decisions and implementation thereof must be the best interest of the foundation. Consequently, decisions made in conducting such relationships and transactions must not be influenced by self-interest on the part of an officer, director, or employee of the foundation that is actually or potentially in conflict with the best interest of the foundation. In such circumstances actually or potentially involving conflicts of self interest, the officers, directors or employees of the foundation shall disclose the potential conflict of interest to the chairman of the board, who may inform the board of the potential conflict of interest and, in the case of a director, request the director to abstain from participating in the discussion of, and voting on, such decision. Failure to adhere to this policy renders any officer or director subject to removal from the board of directors, consistent with the procedures outlined in these policies and procedures and the organizational bylaws.”

“The president of ghhccf was compensated by a related organization under the related organization's compensation policy. A portion of the president's salary paid by the related organization was reimbursed to the related organization by the foundation. The process used by the related organization for determining the president's salary is as follows: the compensation of the president and other key employees compensation is submitted at executive sessions of the board meetings. The board then approves or rejects the compensation agreements and related bonuses. All staff are excused during executive session when staff salaries are discussed. The process for determining the president's compensation is reviewed every few years. The last study was performed, reviewed and approved by the executive committee in 2015. The board engaged an independent compensation consultant in 2015 to perform a compensation study for the ceo. The study covered the entirety of the ceo's contract which includes both this organization and an affiliated organization. The study compared the ceo's compensation to the compensation of other ceo's of similar organizations. The board members involved in the deliberation of the results were independent of management. It was determined that the study was based on fair market analysis. The study was approved by the executive committee and the full board.”

“The foundation's governing documents are made available to the public upon request.”

“The 990 is prepared on the modified cash basis of accounting in 2019 to conform with unaudited financial statements. Basis of presentation - the financial statements have been prepared in accordance with the modified cash basis of accounting, which is the basis of cash transactions adjusted primarily for depreciation of property and equipment, accounts payable, accounts receivable and deferred special event revenue. This basis is a comprehensive basis of accounting other than accounting principles generally accepted in the united states of america (gaap). The primary differences are the accounting and financial reporting of membership dues, pledge receivables and free use of facilities.”