Dearborn Community Foundation Inc

“Board member Dave Lusby and Board member Becky Lyons are cousins.”

“The Foundation's Executive Director, Treasurer and Accountant review the 990 and then they review and explain the 990 with the entire Board of Directors prior to filing the return.”

“Each year the policy is distributed to each employee, Board and committee member. Everyone must then review the policy and disclose any conflicts of interest. If there are none then they must state that. Everyone also signs the form and submits the signed form back to the Foundation where is reviewed by staff and kept on file. At meetings, everyone is reminded to abstain from voting when there is a conflict of interest. If the conflict is interest is due to a family member, for example with a scholarship, the Board member leaves during the voting process. Additionally, grant committee members excuse themselves from the meeting when there is a grant in which a conflict of interest exists. DCF legal counsel provides a verbal explanation of conflict of interest and the parties that must be disclosed on the form at a Board meeting early in the year.”

“Line 15 a - The Executive Director determines the compensation for all employees except for himself. Employees are reviewed annually and at that time compensation is also discussed. The. Executive Director's compensation is first determined by the Executive Committee subject to review and approval by the entire DCF Board at a subsequent meeting. The Executive Committee reviews the Executive Director's performance annually. Compensation is determined based on performance in relation to goals that were set in the prior year evaluation by the Executive Committee, experience of the Executive Director, and compensation data for similar organizations and and those with a comparable scope of responsibility at a regional, state and national level. Once compensation is determined by the Executive Committee, it is brought before the entire Board of Directors and voted on in a executive session of the Board. The review and decision are recorded in executive session minutes of both the Executive Committee and Board of Director's Board meetings.”

“The Organization makes its governing documents, conflict of interest policy and audited financial statements available to the public upon request.”

“Other changes in net assets consist of ASC 958 adjustments for agency endowments and custodial liabilities. Agency and Custodial activity is recorded in revenues (line 1 of Part XI), expenses (line 2 Part XI) and unrealized gains (losses) (Line 5 of Part XI) on Form 990 but in the financial statements are reflected as adjustments to the liability accounts and are not reflected as revenue and expenses in the Statement of activities in accordance with accounting standards. However, there was an interfund custodial grant that was included in the change in the liability account but the corresponding interfund revenue was not included in the 990 since it was not new revenue and overall, for the organization has zero impact on net assets as it was more of a movement of assets within the organization.”