Initiative Foundation

“Rick bauerly and larry korf are initiative foundation trustees. Rick bauerly is a principal owner for granite equity llc and larry korf serves as a board member for dezurik which is a granite owned company.”

“The loan committee carries out the policies approved by the board of trustees the committee approves applications up to certain dollar amounts. For various loans it also reviews monthly and quarterly status reports on loans, including review of delinquent loans, provides input on charge-offs and other adverse action which may be necessary, and participates in evaluation activities of the fund. The loan committee consists of at least five and generally no more than eleven members, with approximately half of the members serving on the board of trustees. The board of trustees appoints members annually. The executive loan sub-committee approves or denies any loan applications that were tabled for more information at a prior loan committee meeting. The sub-committee consists of three loan committee members, including the chair, vice-chair, and one other member appointed by the chair unless other arrangement were approved by the loan committee. The business finance committee is composed of up to eleven individuals (approx 1/2 from the board). It meets as needed to oversee the business financing portfolio and to review and approve business loan and investment applications over $75,000.”

“The board has delegated review and approval authority to the investment and audit committee prior to filing. Following committee review and approval, the 990 is provided to the full board for review.”

“Members of the board or committees will not participate in discussing or voting upon any proposal or business agreement in which they have a direct or indirect personal or financial interest without informing the board or committee of a potential conflict as soon as it becomes apparent. Staff will not promote proposals or initiate business agreements that would financially benefit them or members of their family without informing the president. The board will be notified if the president has a potential conflict. If the conflict is determined to exist, options to be employed, at the discretion of the chair and/or president would include, but not limited to 1) the board member, committee member or staff member would not be permitted input on the decision, 2) the member in question may respond to specific inquiries regarding the decision, but not participate in making the decision, 3) the member in question shall leave the room while the item is under discussion. Board/commitiee/staff members complete a conflict of interest disclosure form at the beginning of each calendar year or upon appointment.”

“A compensation study was conducted by an external firm. A review of market compensation for comparable foundations plus other minnesota initiative foundations is conducted annually. A market compensation studies are reviewed from the minnesota council on foundations and council of foundations. Shrm resources are also used along with temp agency compensation wage references.”

“Upon request. We also produce an annual report that is available for the public.”

“The organization's financial statements are made available within the annual report or upon request. The organization's governing documents and conflict of interest policy are not available to the public.”

“The foundation began its initiators fellowship program in 2016. A cohort of fellows with strong enterprise initiatives are chosen. Enterprise initiatives are generally in their first year or two of development and are evaluated based on innovation and the importance of the enterprise to the community and region. Each fellow receives education, training and mentor support in developing their business and individual development plan.”