Great Harbor Yacht Club Foundation Inc

“The foundation has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared and reviewed by management, it is electronically sent to the members of the finance committee for any comments. Any comments are then grouped, summarized and reviewed with management and the accounting firm. All issues are documented and addressed. The form 990 is then submitted to the full board of directors for their review and approval. Each issue is documented and addressed until the return is finalized and approved for filing.”

“The foundation has a written conflict of interest policy, which applies to all board members and officers, that is monitored and enforced annually. All board members and officers are required to complete an annual conflict of interest disclosure statement. In the event that the board should establish that a proposed transaction or arrangement establishes a conflict of interest, the board shall then proceed with the following actions: (1) any interest individual may render a request or report at the board meeting, but upon completion of said request or report the individual shall be excused while the board discusses the information and/or material presented, and then votes on the transaction or arrangement proposed involving the possible conflict of interest; (2) the president of the board shall, if deemed necessary and appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement; (3) after exercising due diligence, the board shall determine whether the foundation can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest; (4) if a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the board shall determine by a majority vote of the disinterest directors whether the transaction or arrangement is in the foundation's best interest, for its own benefit and whether it is fair and reasonable. It shall make its decision as to whether to enter into the transaction arrangement in conformity with this determination.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. Form 990 is posted guidestar.org and other similar types of websites. In addition, governing documents, financial statements and conflict of interest policy are also available upon written request at 96 washington street, nantucket, ma 02554 or by calling the organization directly at 508-680-5033.”

“The organization has a committee that assumes responsibility for oversight of the audit of the organization's financial statements and selection of an independent accountant. This process did not change from the prior year.”