Black Hills Area Community Foundation

“Organization's procedures used to review form 990 the board reviews the 990 prior to filing.”

“Persons covered under the policy include any director, principal officer, or member of a committee with governing board delegated powers. All interested persons have a duty to disclose any potential conflicts of interest. The remaining board or committee members then decide if a conflict of interest exists. The governing board or committee shall determine by majority vote of the disinterested directors whether the transaction is in the organization's best interest and whether it is fair and reasonable. If the governing board has reasonable cause to believe someone has failed to disclose an actual or possible conflict of interest, said person has opportunity to explain and appropriate disciplinary/corrective action is taken. The above shall be documented in the board minutes. Annually all persons covered by the policy shall sign a statement which affirms they have received, read, and agree with the policy and have disclosed all known actual and possible conflicts. To ensure the organization operates in a manner consistent with charitable purposes and does not engage in activities that could jeopardize tax-exempt status, periodic reviews are conducted.”

“The foundation employs a ceo. No other officers or key employees exist. Annually, the ceo provides a summary memo to the chairman reviewing progress toward goals. The chairman reviews, consults with the executive committee acting as a personnel committee, and provides both verbal and written feedback. After reviewing comparable salary data as received from peer organizations, the personnel committee may then recommend a raise, which is shared with the board of directors. The recommendation is recorded in the board minutes.”

“SAME PERSONS AS 15A.”

“Governing documents are made available to the public upon request, as stated in the foundation's annual report that is posted on the foundation's website.”

“Page 10, part ix, statement of functional expenses, line 24a; the foundation disburses monies throughout the year in accordance with its donor fund restrictions for various charitable purposes. These monies take the form of salary reimbursements, supplies, equipment, training, travel, etc. For purposes of reporting in this tax return, these program expenditure amounts are aggregated and included on line 24a pf part ix, and totaled 635,013 for the year.”

“Fund management fees 128,246 investment income - specific organizations 117,743 contributions designated for specific organizations -28,970 fund management fees -128,246 expenses incurred for specific organizations 223,204 total 311,977”