Sioux Falls Area Community

“The sioux falls area community foundation updated bylaws with assistance of legal counsel. Changes were reviewed and approved by the foundation legal committee and board of directors. These updates (listed below) aimed to modernize governance practices and improve operational efficiency for the community foundation. The key changes are as follows: - enhanced and modernized communication methods, including electronic delivery of meeting notices and the ability for virtual conferencing. - instituted new term of office limits, including a two-year term limit for the chair of the board and allowing the chair an additional year to serve in the capacity chair, whose term would have otherwise expired. - updated distribution requirements for its report of financial condition, activities and distributions. Instead of relying solely on a traditional newspaper publication for delivery, the foundation now allows for modern methods of public dissemination, as determined by the board. - introduced the role of chief financial officer as an officer of the foundation. - revised the approval process for payments, allowing for electronic signatures. - increased the threshold for requiring two officer signatures on checks, drafts or other withdrawals from $1,000 to $5,000.”

“Staff compiles information for sfacf's tax return and reviews the independent accounting firm's draft document. When complete, staff present the draft (with the exception of schedule b, schedule of contributors, which in deference to donors' desire for privacy is reviewed by the chair of the board of directors) to a joint meeting of the audit and finance committees, the membership of which is comprised of board members and attorneys and/or cpas drawn from the community. Once approved at the committee level, all members of the governing board receive electronic copies of the tax return, with schedule b redacted. The board reviews, discusses, and approves the return. The preparer subsequently files the tax return. This review process is conducted annually.”

“At the beginning of each fiscal year, all members of sfacf's staff, its board of directors, standing committees, and board members of eastbank land co. File conflict of interest forms with the president/ceo. The forms disclose each individual's affiliations with other nonprofit organizations and sfacf vendors. These forms are compiled in the governing board's policy manual, which is available online, and are available for public review upon request. At the beginning of each meeting, the person presiding calls for disclosure of conflicts related to agenda items. Board and committee members are required to give notice of any potential conflict of interest and "shall not vote on such matter, and shall not attempt to exert personal influence in connection therewith." in the event the existence of a conflict of interest is unclear, after disclosing the interest and all material facts, the person will leave the meeting while the remaining board or committee members determine whether a conflict of interest exists. If the board or a committee perceives that a person has failed to disclose actual or possible conflicts of interest, it will inform the person of the basis for such belief and give that person an opportunity to explain the alleged failure to disclose. If, after hearing that person's response and after making further investigation as warranted by the circumstances, the board or committee determines the person has failed to disclose an actual or possible conflict of interest, it will take appropriate disciplinary and corrective action, which may include termination of employment or dismissal from the board or committee. Furthermore, the immediate family of board and staff are not eligible to apply for any award program administered by sfacf. An immediate family member is defined as parent or step-parent, spouse, child or step-child, grandparent, grandchild or step-grandchild, sibling or step-sibling, aunt or uncle, niece or nephew, in-law (mother, father, sister, brother, daughter or son), and other relative or significant others who have lived as part of the board or staff member's immediate family.”

“Sfacf uses the council on foundation's annual "grantmaker's salary and benefits report" to establish salary ranges for all staff positions, including the top management officials. Ranges are based on the national survey's community foundation tables. Sfacf's finance committee reviews all personnel policies annually. They review salary ranges each january. The committee's recommendations are forwarded to the board of directors for further consideration and ratification. Following annual performance appraisals, the executive committee sets the ceo's annual salary, and the ceo establishes the salary of all other staff.”

“Copies of sfacf's governing documents and conflict of interest policy are available upon request at no charge to the inquirer. Unaudited financial statements are included in its annual report. Audited financial statements and sfacf's federal tax returns are available upon request at no charge to the inquirer and online at www.sfacf.org and www.guidestar.org, a national clearinghouse for information on nonprofits.”

“The community foundation cultivates philanthropy by inspiring new generations of donors to nurture sioux falls' position as a nationally recognized charitable frontrunner. To that end, sfacf manages and grows endowments and directs charitable grants to social, cultural, educational, religious, community development, and environments activities that address the area's emerging needs and opportunities. This emphasis on growing long-term charitable endowments assures that the stability and quality of life we enjoy today will be sustained for generation to come, in good times or bad. Sfacf serves minnehaha, lincoln, mccook, and turner counties and communities within a 25-mile radius of the city of sioux falls, south dakota.”

“Charitable organizations received support in program areas that include arts and humanities, community development, education, environment, health, human services, and religion. Sfacf has met and adheres to national standards for community foundations in the u.s. As established by the council on foundations, www.cof.org, arlington, virginia.”

“Change in cash surrender value of life insurance 287,601. Change in net assets held for others, net of distributions -3,726,601. Change in value of pledges 26,407.”