Lagrange County Community Foundation Inc.

“When the draft copy is received from the cpa firm, the foundation's office staff forwards a copy to the audit committee for review. The audit committee is comprised of the executive director, the executive committee and a local cpa, who is not on the board of directors and has no relationship with the foundation, other than volunteering to serve on the audit committee. These individuals may contact the cpa directly with questions. The audit committee submits a verbal report to the executive director, who shares the report with the executive committee. The executive committee then makes a recommendation to the board for their approval. The board also receives a copy of the return prior to filing with the irs.”

“All employees and board members are required to complete a conflict of interest policy annually. Additionally, they are required to complete and sign a disclosure statement that enumerates all professional and personal affiliations to any/all organizations. The executive assistant reviews the signed statements. If there is a conflict, the member(s) abstain from voting. All of this is documented in the board minutes.”

“The staff gathers prior or current year (whichever is available or most current) information from the following: (1) compensation summary for indiana community foundations from indiana grantmakers alliance website, (2) council of foundations grantmakers salary and benefit report, (3) indiana department of workforce development occupations & starting wages report and indiana economic growth region and (4) northeast indiana community foundation region of 11 counties do a regional survey of salaries and benefits of all staff. This report is not done every year, but when available is very useful. The preceding documentation is presented to the executive committee along with the proposed budget. The committee reviews the data and makes a recommendation to the independent board and the independent board approves/rejects the proposals. A copy of the board minutes, compensation summary reports and proposed budget (with salary proposal) are kept for records.”

“Lagrange county community foundation, inc. Makes its governing documents, conflict of interest policy and financial statements available to the public immediately upon request through the foundation's office. Additionally, the financial information is made available in its annual report, which is widely distributed to the public via mailings and other means of disbursement, as well as on the foundation's website.”

“Education support - the foundation supports non-profit organizations who initiate programs in support of education for all citizens of lagrange county. A number of youth programs the foundation directly supports or that are supported through a youth philanthropy group have an educational component. The programs reinforce valuable skills as well as utilize knowledge gained in the classroom. Education is a fundamental need for economic development and a required component for the future of lagrange county.”

“The foundation adopted asu 2016-14 in 2018 and now reports net assets as either with donor restrictions or without donor restrictions in its u.s. Gaap basis audited financial statements but has continued to report temporarily and permanently restricted net assets separately on the 990.”