Zonta Foundation for Women

“Zonta international is a corporate member.”

“The officers and directors of the foundation shall be those individuals serving from time to time as officers and directors of zonta international. The officers and directors shall constitute the zonta foundation for women board. Any vacancy occurring in the board shall be filled by the corporate member.”

“The corporate member must approve the following actions by the board: amendment or restatement of the articles of incorporation or bylaws; merger, consolidation, dissolution, or sale, lease, exchange, mortgage or pledge of the assets of the foundation; and any other action for which membership action is required under the illinois not-for-profit corporation act.”

“A draft 990 is sent to the international president, treasurer and other us members of the executive committee on behalf of the board for review. The president and the treasurer approve the 990 for submission. The board has given signature authority to the executive director. The complete 990 is distributed to the full board.”

“The foundation closely monitors the conflict of interest status of their employees, directors, officers and committee members and requires that any actual or possible conflict of interest be fully disclosed to the board and committee members for review. Once the transaction or arrangement has been voted on by the governing board and committees, the final decision is given to the interested person. The transaction or arrangement in question is then monitored with updates on the "conflict and periodic reviews by the governing board and committee members.”

“Services for the foundation are performed by employees of zonta international. In determining the compensation for the executive director, zonta international's board conducts extensive research about the compensation levels of the not-for-profit sector and compares the duties of the position to those of similar organizations while also taking into consideration the individual's background, expertise, and qualifications, local economic conditions and the amount of time to be devoted to the position. In determining the compensation for the other officers or key employees of the organization, zonta international's board and executive team researches and compares the compensation levels of the not-for-profit sector and compares the duties of the position to those of similar organizations while also taking into consideration the individual's background, expertise, and qualifications, local economic conditions and the amount of time to be devoted to the position.”

“Governing documents, conflict of interest policy and financials are made available to members on zonta international's website. These documents are also made available as requested through zonta headquarters. The annual audit of the consolidated financial statements is posted on the website for all members.”

“Gain on foreign currency transactions -8,577. Grants returned 8,149.”

“The organization has a committee that assumes responsibility for oversight of the audit of the consolidated financial statements and selection of the independent accountant. The organization has not changed its oversight or selection process during the tax year.”