The Foundation of the International Association of Administrative Professionals

“The foundation entered into a written management and administrative services agreement with its affiliate and supported organization, international association of administrative professionals (iaap). The agreement is for a 12-month period, renewable annually. Under the terms of the agreement, iaap is responsible for the supervision of all iaap personnel who perform compensated services to the foundation in accordance with the agreement and maintaining complete, accurate, and separate financial records in accordance with gaap and in adherence to the foundation's policies for financial management.”

“The members of iaap, the foundation's supported organization, have a substantial degree of direction over the conduct, policies, programs and activities of the foundation. All of the foundation directors are appointed or elected by the members of iaap. No persons other than the members of iaap have the right to appoint or vote for directors of the foundation.”

“Any alteration, amendment, or repeal of the foundation's articles of incorporation or bylaws must be approved by the members of iaap.”

“Form 990 is reviewed by the joint finance committee, comprised of the foundation and iaap board chairs and three (3) directors from each board.”

“The organization regularly and consistently monitors and enforces compliance with its conflict of interest policy via an annual representation that requires the directors and officers to affirm that they have disclosed any actual or possible conflicts of interest. The board reviews all annual representations. In addition, at each monthly board meeting, an update of any outstanding conflicts, or possible conflicts that were identified at prior meetings, and any new conflicts that may have arisen since the last meeting, are addressed. A potentially conflicted member may make a presentation at a board meeting, but after the presentation, he/she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. The board shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. After exercising due diligence, the board or committee 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. If a more advantageous transaction or arrangement is not reasonably possible under circumstances that do not produce a conflict of interest, the board or committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the foundation's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination, it shall make its decision as to whether to enter the transaction or arrangement. If the board or committee has reasonable cause to believe a member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose. If, after hearing the member's response and after making further investigation as warranted by the circumstances, the board or committee determines the member has failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action.”

“The compensation committee of the board sets compensation for the ceo with review and approval by the full board. The committee actively evaluates ceo performance, considering goals and performance indicators and the overall impact on the foundation's financials. The committee maintains a transparent and accountable process for determining executive compensation, considering market benchmarks, industry standards, and the foundation's financial health.”

“The foundation's audited financial statements and annual report are available for public inspection upon request.”

“The foundation employees are compensated by the international association of administrative professionals (iaap), a related tax-exempt organization (see schedule r); therefore, the number of employees reported on form 990, part v, line 2a is zero. All required employment tax returns are filed by iaap. Salaries and related expenses reported in part ix represent amounts reimbursed to iaap for employee services provided to the foundation. The foundation reimbursed iaap for 2 employees during the fiscal year end september 30, 2024.”

“The joint finance committee consists of the chairs of iaap and the iaap foundation and other appointees from the iaap and foundation boards. The committee has the sole authority to appoint or replace the independent auditor (subject to board approval) and is responsible for the compensation and oversight of the work of the independent auditor (including resolution of disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report and related work or performing other audit, review, or attest services. This process has not changed from the prior year.”