An Open Book Foundation

“Aob's bylaws were amended in 2024 to update and reflect current practices and needs specifically related to the board's outlining of its committee structure and rules. The board also updated the conflict-of-interest policy to reflect best practices.”

“The treasurer prepares the federal form 990. After going through the preparation process, the draft form 990 is first reviewed by the executive director and outsourced accountant. Next, the draft form 990 is distributed to the full board of directors for their review prior to filing with the internal revenue service.”

“An open book foundation requires that each board officer and director disclose all contemplated or existing related party transactions known to and involving, such director or office of the staff member. In addition, each board officer and director must annually sign a statement confirming that such disclosures have been made. All related party transactions shall be reviewed by independent directors. In reviewing such transactions, the board may request that the interested party state his or her views on the appropriateness of the transaction. The interested party then must leave the meeting while the independent directors determine whether the transaction is fair and reasonable and is in the best interest of an open book foundation.”

“The finance and governance committees review the executive director's salary and recommend a compensation level to the board of directors for a vote. Considerations include comparability data, current budget, and forecast.”

“Aob makes its governing documents, conflict of interest policy, and financial statements available to the public upon request. They are also supplied to the to the government and other agencies to fulfill grant and licensing requirements.”