The Economic Progress Institute

“Form 990 is prepared by the external auditors and reviewed by management. After review and approval by management, it is finalized and a copy is provided to all board memebers. At the subsequent board meeting, members are asked if any questions or comments have occurred. A general review of the form is conducted and revisions and corrections are made as necessary. Subsequent to this meeting, the form is submitted to the irs.”

“Each year the organization's conflict of interest policy is provided to all officers, directors and key employees. These individuals are asked to review the policy and sign a statement indicating that they understand the policy, have reported all potential conflicts of interest during the past year in accordance with the policy and will report all potential conflicts during the current year. All potential conflicts are evaluated by the board to determine if a conflict actually exists. In those instances where the potential transaction is a conflict, the board examines the transaction and a vote is taken (with those involved recusing themselves) as to whether the oranization will enter into the transaction.”

“The board annually conducts a performance review and evaluation of the executive director (ed). The board's review also establishes the ed's compensation for the following year. This process involves the ed's evaluation and a review of compensation for the position within similar organizations based on their form 990. The board's deliberation and decision is noted in the minutes of the meeting. The executive director (ed) establishes the compensation of the senior management team and reviews the performance evaluations. The ed then recommends compensation packages to the board. Although these items are discussed with the board, no vote of approval of the executive director's decision is required.”

“The organization makes its governing documents (articles of incorporation and by-laws), conflict of interest policy and financial statements available to the public upon request. The organization will mail copies upon request or provide copies to those who come to the administrative office during normal business hours. The organization charges for copies in accordance with irs regulations.”

“The organization has a committee that assumes responsibility for oversight of the review of its financial statements and selection of independent accountants. This process is the same as prior years.”