Big Shoulders Fund

“On an annual basis, the ceo and senior director, people and leadership, perform an evaluation for each officer and key employee of the organization. This evaluation is performed using a set of predetermined criteria for each role and assessing how each individual performed compared to these metrics. This evaluation forms the basis to determine any salary adjustments.”

“An Executive Committee, comprised of at least 11 but no more than 35 individuals, is vested with the management of the affairs of the corporation. Each member is entitled to one vote on each matter submitted to a vote of the Executive Committee. All members of the Executive Committee are also members of the Board of Directors. The Board of Directors (as many members as deemed appropriate) shall be appointed by the Executive Committee. The duty of the Board of Directors is to advise the Executive Committee on any matters for which the Executive Committee requests their counsel. The opinion of the Board of Directors either individually or as a whole shall not be binding on any actions of the Executive Committee. The terms Director and Board of Directors do not refer to those legally responsible for governance of the Corporation but are honorary titles only.”

“Kent Dauten, John A. Canning, Jr., Timothy P. Sullivan - Business relationship”

“The Form 990 tax return is reviewed by the Audit Committee and the President and is distributed to the governing body prior to filing.”

“A conflict of interest policy applies to directors, officers, or members of a committee with authority to take action on behalf of the Executive Committee. An annual notice is sent to all individuals covered under the policy. Any conflict of interest is required to be disclosed to the Executive Committee prior to the transaction taking place. The Executive Committee will review relevant information and make a determination on whether or not a conflict exists. Should a conflict exist, no parties subject to the conflict are eligible to discuss or vote on the transaction. All Executive Committee members are also required to report any family or business relationships requiring disclosure on the Form 990.”

“During the fiscal year 2022, a sub-committee made up of Co-Chairmen and selected members of the Executive Committee deliberated compensation for Josh Hale. Comparative data from other not-for-profit organizations was included as part of deliberations. Contemporaneous documentation and recordkeeping for deliberations and decisions regarding the compensation arrangement was recorded. All members of the sub-committee are considered to be independent persons.”

“Form 990's and financial statements are available at www.bigshouldersfund.org. Governing documents and the conflict of interest policy are provided upon request.”

“(Expenses $ 2,599,124 including grants of $ 1,173,819) Other program services: General academic enrichment activities for students, such as outdoor education, learning about investments and the stock market. Support for schools holding fund-raising events. Supporting volunteer school cleanup and maintenance activities. Grants to schools as designated by donors - agency (pass-through) transactions. In addition, Big Shoulders Fund provides support to students, teachers, and administrators at Catholic schools primarily serving low-income students in Northwest Indiana through a restricted grant.”

“Under generally accepted accounting principles, non-profit organizations must report agency transactions in a specific manner. Agency transactions are contributions received from donors who have designated the use of their funds for a specific beneficiary, such as a donor requesting that their gift be directed to a certain school as a grant. As required under GAAP for financial statement presentation, Big Shoulders Fund excludes these from (net) revenue and reports them as liabilities when received. However, in order to present the true amount of support received from donors, Big Shoulders Fund includes these gifts in total contribution revenue on Line 1 and then includes them as a reconciling item on Part XI, Line 9. Correspondingly, agency expenditures are not included in total expenses. Big Shoulders Fund nets these with the reconciling item for Agency Transactions on Part XI, Line 9.”

“Adjustment for Agency Transactions - See Schedule O Narrative - 22290704; Adjustment for Agency Transactions - See Schedule O Narrative - -21087264;”