Community Foundation of the Fox River Valley

“The executive committee meets quarterly in addition to all board meetings and reviews and approves all policies, operating budget, and compensation of president and ceo. Committee members are elected by the governing board and the members of the committee are officers and chairs of the other committees.”

“A draft of form 990 is reviewed by the president/ceo. The approved draft is then finalized and made available electronically to the audit committee and then the executive committee acting on behalf of the board of directors prior to filing.”

“In conducting the affairs of the foundation, duality or conflict of interest shall be presumed when a person to whom this policy applies or a member of his/her immediate family serves as a trustee, officer, staff member or holder of more than 10% of corporate stock of an affected organization or firm; has a formal affiliation or interest in an affected organization or firm; or could expect financial gain or loss from a particular decision. Before a staff, board or volunteer committee member begins his or her service with the foundation, he or she shall file with the president and ceo of the foundation a list of his or her principal business activities, as well as involvement with other charitable and business organizations, vendors or business interests, or with any other associations that might produce a conflict of interest. In addition to the disclosure required by the previous paragraph, each member is under an obligation to the foundation, to his or her fellow staff or volunteers, and to the community served by the foundation to inform the foundation of any position he or she holds or of any business or a vocational activity that may result in a possible conflict of interest or bias for or against a particular grantee, action or policy, at the time of the grant, action or policy is under consideration by the board or any volunteer committee of the foundation. Any duality or possible conflict of interest on the part of any member shall be disclosed to the chair of the board (in the case of volunteers) or the president (in the case of staff members) and made a matter of record as soon as the issue in question is raised and a possible conflict is known. When the board, committee or staff is to decide upon an issue about which a member has an unavoidable conflict of interest, that member shall physically absent herself or himself without comment from not only the vote, but also from the deliberation, unless directly requested by the chair of the board or relevant committee to provide factual information or answer factual questions that may assist the board or committee in making a wise decision. In no case shall that member on such matter or attempt to exert personal influence in connection therewith. Disclosure and abstention shall be recorded in the minutes of the meeting(s) at which the issue is discussed and decided. In any situation not specifically covered by the previous sections of this policy, members shall consider carefully any potential conflict of their personal interests with the interest of the foundation and refrain from any action that might be perceived as an actual or apparent conflict of interest.”

“The organization has an established compensation committee with a separate charter by which its role is identified and a part of that role is to review comparability data in order to determine appropriate executive compensation. This committee makes a recommendation to the executive committee. The executive committee then votes on the compensation each year. Key management positions are also included in the comparability data. The compensation committee requests recommendations from the president and ceo on the employee peformance and any increase in salary or bonus. Ultimately, the committee brings their recommendation to the executive committee.”

“The organization's governing documents, conflict of interest policy, and financial statements are available to the public upon written request at its administrative offices in aurora, illinois.”

“The finance committee adopted a new charter outlining roles and responsibilities in 2024.”