The Friedman Foundation for Educational Choice Inc

“Form 990, part v, line 1c the foundation was not required to comply with the backup withholding rules because it did not make reportable payments to vendors or pay reportable gaming (gambling) winnings to prize winners.”

“Form 990, part vi, section a, line 2 janet friedman martel and david d. Friedman are siblings.”

“Form 990, part vi, section b, line 11b the form 990 is completed by an outside accounting firm, in conjunction with the foundation's vice president of operations and controller. The form 990 is reviewed by the foundation's president & ceo, vice president of operations, controller, secretary, an independent accounting firm and an outside attorney. Upon completion, the final form 990 is sent to the full board of directors for review before filing.”

“Form 990, part vi, section b, line 12c the foundation's board of directors has adopted a conflict of interest policy that requires directors, officers and key employees to submit an annual conflict of interest disclosure. The annual disclosure requires directors, officers and key employees to disclose, in writing, any known financial interest that the individual (together with family members) has in any business entity that transacts business with the foundation. In addition, directors, officers and key employees are required to immediately disclose any possible conflict of interest that arises mid-year in relation to a proposed transaction. The conflict of interest policy requires that any individual with a conflict be recused from the decision-making process, that independent directors determine whether the proposed transaction is in the best interests of the foundation, and the transaction must be approved by a vote of the independent directors without the participation of any interested individual. The annual conflict disclosure statements are submitted to, and reviewed by, the foundation's vice president of operations. In addition, the executive staff of the foundation are responsible for monitoring any possible conflict transactions that arise and managing them to ensure that all transactions represent arms' length, fair market value terms for the benefit of the foundation.”

“Form 990, part vi, section b, line 15a the foundation's board of directors has adopted an executive compensation and intermediate sanctions policy. The purpose of the policy is to ensure that the foundation's compensation arrangements with related parties are evaluated and entered at arms' length and that any compensation that is paid to a related party is reasonable and reflects fair market value. The policy encourages the application of the rebuttable presumption standard of code section 4958 and the related treasury regulations by (a) excluding any interested party from the decision-making process; (b) requiring disinterested board members to obtain and rely upon comparability data when setting the proposed compensation terms; (c) requiring approval of the transaction in advance by disinterested directors; and (d) requiring contemporaneous documentation (i.e., minutes) reflecting the decision and the process by which it was made. On december 3, 2014, independent members of the board of directors, meeting as a separate committee evaluated the compensation of the president/ceo, evaluated comparability data, and used such data to set his compensation for 2015.”

“Form 990, part vi, section c, line 19 the organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Form 990, part ix, line 18 payments are for travel expenses incurred during fact-finding educational trips and educational seminars hosted by the foundation. Expenses covered included transportation, hotel and meals.”