Builder'S Exchange Foundation

“Once the foundation has received a copy of the form 990, it is reviewed by the by the director of finance and executive director prior to submission to all members of the governing body for approval prior to filing.”

“Conflict of interest policy: each director, principal officer and member of a committee with board delegated powers shall annually sign a statement which affirms that such person- a. Has received a copy of the conflict of interest policy, b. Has read and understands the policy, c. Has agreed to comply with the policy, and d. Understands that the bx foundation is a non-profit organization and that in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax-exempt purposes. In connection with any actual or possible conflicts of interest, an interested person must disclose the existence of his or her financial or other interests and all material facts to the directors and members of committees with board delegated powers considering the proposed transaction or arrangement. The remaining board members shall decide if a conflict of interest exists and follow the existing procedures for addressing the conflict of interest to ensure that any decision regarding a proposed transaction or arrangement is in the best interest of bx foundation.”

“The organization provides its governing documents, conflict of interest policy, and financial statements upon the request of the public.”

“The Builders Exchange Foundation was established in 1999 as a philanthropic arm of the Builders Exchange of Central Ohio. The mission of the Foundation is to advance and support the commercial construction industry's education and research activities for the benefit of employers, employees, consumers, and the community impacted by the commercial construction industry in Central Ohio. The Foundation is primarily dependent on the support of those closely affiliated with the local commercial construction industry.”

“THE FINANCIAL STATEMENTS WERE PREPARED USING THE MODIFIED CASH BASIS OF ACCOUNTING, WHICH IS ANOTHER COMPREHENSIVE BASIS OF ACCOUNTING DIFFERENT THAN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (gaap). Accordingly, revenue is recognized in the period when funds are received rather than the period when earned by performance, which differs from GAAP in that a receivable would be recorded if revenue had been earned but the funds had not been received as of that period end. Unconditional pledge contributions communicated are not revenue until the funds are received, which differs from GAAP in that a receivable would be recorded if the funds had not been received as of period end. Expenses are recognized when paid rather than when the obligation is incurred, which differs from GAAP in that if the obligation was incurred, or the product or service was received before period end, and payment had not been made as of that same period end, then a liability would be recorded.”

“The process by which the organization oversees the financial statement audit and selects an independent accountant has not changed since the prior year.”