Montpelier Foundation

“The foundation's finance committee reviews the 990 prior to filing. A final copy of the 990 is provided to the full board after filing.”

“The conflict of interest policy has been distributed to all members of the organization's board of directors and management personnel. Through their conscious efforts during the decision making process, the organization refrains from entering into transactions which are in violation of the policy. It is the continuing responsibility of the board, officers, and management employees to scrutinize their transactions and outside business interests and relationships for potential conflicts and to immediately make such disclosures to the president of the foundation.”

“The foundation's board officers determine compensation for the president of the foundation. They review the compensation amounts paid by other local historical sites and non-profits before determining what level to set compensation for the foundation's president. For other officers and key employees, salary recommendations are made by the president.”

“The foundation's 990 is stored on file in the main office. The custodian of the information will fax or send electronically these documents upon a specific request.”

“The foundation keeps a public information file in the main office. The custodian of the documents will fax or send electronically these documents upon a specific request.”

“Change in value of beneficial interest in trusts 1,655. Rounding adjustment 1. Loss on retirement of debt issuance costs -62,050.”

“A draft copy of the foundation's audited financial statements are reviewed by the audit committee of the board of directors prior to acceptance. Also, the audit committee is responsible for the selecting of the independant auditors and oversight of the audit.”

“During the year ended june 30, 2025, errors were identified related to the recording of property and equipment and accumulated depreciation in prior periods. The errors resulted in an overstatement of property and equipment and net assets without donor restrictions. To correct these errors, the foundation recorded a prior-period adjustment as of the beginning of the current fiscal year. These corrections have been reflected in the opening balances of the current year financial statements. This resulted in a net decrease in fixed assets of $16,240,626.”

“The foundation's financial statements are audited annually on a consolidated basis. Supplemental consolidating schedules, for which a separate audit report is issued, are provided in the financial statements.”