Southern Minnesota Initiative Foundation

“Meeting minutes are taken and approved at every meeting.”

“The 990 is reviewed and approved by the finance committee. The 990 is then made available for the board members to review and the finance committee's approval is ratified by the board prior to filing with the irs.”

“Each board member is required to sign a conflict of interest form yearly. All board and committee meetings begin with the conflict of interest statement "asking the board as a whole if there are any conflicts of interests." the executive committee monitors any conflicts on an on-going basis. If a conflict exists, the executive committee will seek legal-council advice and opinion and will bring this information back to the full board for review or to make any decision needed.”

“The executive committee of the board is responsible for setting and reviewing the president/ceo compensation and review. The executive committee leads an annual review of the president/ceo and presents its findings to the board of directors. The executive committee then uses benchmark information from similar organizations and budgeting constraints to set the president/ceo's annual salary increase. The executive committee also, as needed, uses outside consultants in gathering this data. The president/ceo completes the review process and salary adjustments for all senior staff along with the vice president and cfo. The increases are based on the budgetary limits and in-line with yearly cpi increases. Benchmarking data is also gathered from similar organizations and an outside consultant is used on an as needed basis to determine relevant benchmarking data. The organization maintains contemporaneous documentation related to the compensation setting process.”

“Financial statements, conflict of interest policy and governing documents are available upon request for the same period of disclosure as set forth in section 6104(d)”

“Unrelated business loss 6,499.”

“The finance committee approves and manages the auditor selection and process yearly. The finance committee meets with the auditor prior to engagement to answer any questions or concerns related to the upcoming audit, at that point the finance committee approves the auditor selection for the year. The committee will then have on-going communication with the audit team as necessary and will meet with the auditor upon completion of the audit for review and final approval of the audit report. The board will also, review and meet with the auditor after the audit is completed.”