Providence St Mel Foundation

“The board retains the services of an independent cpa firm to prepare form 990. Management reviews the completed form 990 and provides a full copy to all voting members of the governing body prior to filing.”

“The foundation follows the conflict of interest policy of its related organization, providence st. Mel school. Annually, directors and officers sign a conflict of interest form and disclose areas of potential conflict. These forms are reviewed by the board chair and president. Potential conflicts arising during the year are also reviewed by the board chair and president, when required. If further action needs to be taken, the issue is brought before the executive committee and if necessary, the full board.”

“THE FOLLOWING COMPENSATION REVIEW PROCEDURES ARE PERFORMED BY A RELATED ORGANIZATION, PSM SCHOOL. FOR the Top management position, COMPARABLE SALARIES FROM CHICAGO PUBLIC SCHOOLS AND LOCAL PRIVATE SCHOOLS WERE OBTAINED AND USED BY THE BOARD'S AD HOC COMPENSATION COMMITTEE TO BENCHMARK SALARIES OFFERED TO THE top management position. FOR OTHER KEY POSITIONS WITH THE SCHOOL, SALARIES WERE APPROVED AS PART OF THE ANNUAL BUDGET PROCESS. AS THE NEED ARISES, SURVEY DATA IS OBTAINED TO BENCHMARK OTHER POSITION SALARIES. WHEN MAJOR CHANGES ARE MADE, THIS INFORMATION IS BROUGHT TO THE FINANCE COMMITTEE OF THE BOARD.”

“The following compensation review procedures are performed by a related organization, psm school. For other key positions with the school, salaries were approved as part of the annual budget process. As the need arises, survey data is obtained to benchmark other position salaries. When major changes are made, this information is brought to the finance committee of the board.”

“Governing documents and financial statements are available through applicable governing agencies; the conflict of interest policy is available upon request to the organization.”