Indiana Secondary Market for Education

“The 990 is reviewed by the audit committee of the board; it is then provided to the full board of directors prior to filing.”

“Each director, principal officer and member of a committee with board delegated powers shall annually sign a statement which affirms that such person has received a copy of the conflict of interest policy, read and understands the policy, agrees to comply with the policy and understands that the corporation is a charitable organization that in order to maintain its federal tax exemption must engage primarily in activities which accomplish one of more of its exempt purposes. To ensure that the corporation operates in a manner consistent with its charitable purposes and that it does not engage in activities that could jeopardize its status as an organization exempt from federal income tax, periodic reviews shall be conducted. The periodic reviews shall, at a minimum, assess whether compensation arrangements and benefits are reasonable and are the result of arm's-length bargaining. In conducting reviews, the corporation may use outside advisors but the use of such shall not relieve the board of it responsibility to conduct periodic reviews.”

“The process for determining compensation of invested's president/ceo and other officers and key employees is overseen by the compensation committee, which was designated and authorized by the board to make compensation related determinations. The compensation committee operates under the compensation committee charter and invested's executive compensation and intermediate sanctions policy. The committee is made up of independent directors and is responsible for ensuring compensation is reasonable and based on reliable comparability data. Each review includes consideration of job duties, responsibilities, experience, qualifications, and performance against invested's mission. The committee benchmarks compensation using external surveys, form 990s from comparable organizations, and data from a compensation consultant. With the help of legal counsel and an outside compensation consultant, a full compensation analysis is conducted every even year, with trending and market data reviewed in odd years. All compensation deliberations and decisions are documented in meeting minutes, including details on comparability data and rationale for approval. This process ensures compensation is fair, well-documented, and compliant with irs requirements.”

“Governing documents, conflict of interest policy and financial statements are made available to the public upon request. Furthermore, invested complies with the indiana access to public records act and timely responds to all requests for public records.”

“The organization's oversight of the financial statement audit has not changed from prior year.”