David C Cook

“The executive committee consists of four or more trustees, one of whom is the chairman of the board. The executive committee is able to exercise a majority of the powers of the board of trustees during the intervals between the meetings of the board.”

“The form 990 is prepared by a third party preparer. An internal review of the 990 is completed by the coo and vp of finance. The 990 is then sent to the finance & audit committee for review which also includes a meeting with the auditing firm to present the 990 and address any questions. Upon approval from the finance & audit committee and before filing with the irs, the 990 and associated schedules are provided to the full board of trustees on an intranet site which notifies them via an email that forms are available for their review. Replies are required from the trustees before we file the 990.”

“Each year, the assistant secretary to the board distributes conflict of interest forms to each board member and key employee. Completed forms are then submitted to the assistant secretary to the board who monitors and discloses to the board if any changes occur. Board members are restricted from voting on issues where conflicts have been identified.”

“Process for determining executive, officer, and key employee compensation every three years, the organization and the board of trustees retains an independent global professional firm to review and provide feedback on compensation. Their report includes comparable market compensation data of similarly qualified persons in functionally comparable positions at similarly situated organizations. The most recent report was presented and reviewed by the board in june 2017. Human resources keeps written records of all compensations arrangements as well as all documentation related to the outside compensation studies.”

“The organization's governing documents, conflict of interest policy, and financial statements are made available upon request.”

“Lender: bank of america original amount: $17,539,284 interest rate: 3.550000 date of note: 06/29/17 maturity date: 08/01/24 repayment term: annual principal & monthly interest payments security provided: all business assets purpose of loan: acquisition of integrity music, inc. And acquisition of standard publishing and gospel light assets beginning balance due.............$13,139,284 ending balance due................$12,039,284 total beginning mortgages and other notes payable $13,139,284 total ending mortgages and other notes payable $12,039,284”

“Foreign currency exchange adjustment 116,975. Actuarial change in pension benefits -209,987. Foreign currency exchange translation adjustment to equity 118,143.”