The Walden School

“An independent tax accountant prepares a draft of the form 990; the executive director reviews a draft of the form 990 and provides comments, edits, and corrections. After revisions, the form 990 is provided to all members of the governing body prior to filing with the internal revenue service.”

“Each director, prior to taking his or her position on the board, and all present directors, shall submit in writing to the chair of the board a list of all businesses or other organizations of which he or she is an officer, director, trustee, member, owner, shareholder, employee, or agent, with which the business has, or might reasonably in the future enter into, a relationship or transaction in which the director would have conflicting interests. The chair shall become familiar with the statements of all directors in order to guide his or her conduct should a conflict arise. At such time as any matter comes before the board in such a way as to give rise to a conflict of interest, the affected director shall make known the potential conflict, whether disclosed by his or her written statement or not, and after answering any questions that might be asked of him or her, shall withdraw from the meeting for so long as the matter continues under discussion. In addition, other directors who themselves have had pecuniary benefit transactions with the business within the same fiscal year, should also not be present and not participate in the discussion. Should the matter be brought to a vote, neither the affected director nor any other director with a pecuniary benefit transaction with the business the same fiscal year shall vote on it.”

“Members of the board of directors review the compensation of the executive director annually though the organization's annual budgeting process and in accordance with the irs rules and regulations. Compensation data from industry sources are consulted. Form 990, part vi, section b, line 15b has been answered "no" as the organization does not compensate any additional officers or key employees (by definition of the form 990 instructions).”

“The organization's governing documents, financial statements, and conflict of interest policy are made available upon request.”