Timanous Foundation

“Two of the Foundation's trustees, David Suitor and Linda McGorrill Suitor, have a family relationship.”

“The Form 990 is prepared by the organization's outside CPA firm and a draft is provided to each board member for review prior to filing.”

“1. Duty to Disclose: In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and all material facts to the board of trustees. 2. Determining Whether a Conflict of Interest Exists: After disclosure of the financial interest and all material facts, the disinterested members of the board of trustees outside of the presence of the interested person shall decide if a conflict of interest exists. 3. Procedures for Addressing the Conflict of Interest: a. An interested person may make a presentation about the transaction or arrangement in which he/she has a conflict of interest at the board of trustees meeting, but after the presentation, he/she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving a conflict of interest. b. When a conflict of interest has been determined, the chairperson of the board of directors shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. c. After exercising due diligence, the board of trustees shall determine whether the Foundation can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. d. If a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the board of trustees shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the Foundation's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination it shall make its decision as to whether to enter into the transaction or arrangement.”

“Director Altenburg's salary package was established after a review of comparable other positions in the Maine camping industry, and was approved by the Chairman and the Vice-Chairman of the board.”

“These documents are available upon request.”

“The Foundation is reporting an increase in deferred revenue liabilities on this short year Form 990. This increase in deferred revenue relates to early camper registrations, to be realized in the summer season.”