Minnesota West Foundation

“The organization has multiple committees that have authority to act on behalf of the governing body. This includes the governance committee and finance committee. The governance committee reviews and maintains all board policies. Also responsible for the development of a board succession plan and for onboarding new board members. The finance committee provides guidance around foundation's financial management. This group also works with the organization's audit firm, reviews the auditor's reports and makes the board aware of key risks facing the charity and the strategies for dealing with risks.”

“The financial statements and tax returns are submitted to the board of directors for review and approval, which may or may not occur prior to the filing of the completed tax returns.”

“The organization regularly and consistently monitors and enforces compliance with the conflict of interest policy. The policy is distributed to board members at the outset of their tenure with the board. They complete a disclosure statement at that time, and then are asked at the beginning of each board meeting about potential conflicts related to the topics addressed at the board meeting. The policy not only covers directors and officers, but to all employees who can influence the actions of minnesota west foundation. Conflicts of interest may arise in the relations of directors, officers, and management employees with any of the following third parties: persons and firms supplying goods and services to minnesota west foundation, persons and firms from whom minnesota west foundation leases property and equipment, persons and firms with whom minnesota west foundation is dealing or planning to deal in connection with the gift, purchase or sale of real estate, securities, or other property, competing or affinity organizations, donors and others supporting minnesota west foundation, agencies, organizations. And associations which affect the operations of minnesota west foundation, family members, friends, and other employees. A conflicting interest may be defined as an interest, direct or indirect, with any persons or firms, arising through: owning stock or holding debt or other proprietary interests in any third party dealing with minnesota west foundation, holding office, serving on the board, participating in management, or being otherwise employed (or formerly employed) with any third party dealing with minnesota west foundation, receiving remuneration for services with respect to individual transactions involving minnesota west foundation, using minnesota west foundation's time, personnel, equipment, supplies, or good will for other than minnesota west foundation -approved activities, programs, and purposes, receiving personal gifts or loans from third parties dealing or competing with minnesota west foundation. Receipt of any gift is disapproved except gifts of a value less than $50, which could not be refused without discourtesy. No personal gift of money should ever be accepted.”

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