Kentuckianaworks Foundation Inc.

“The form 990 is reviewed by internal management. A copy of the form 990 is provided to the entire governing body prior to filing.”

“Annually, board members must complete a financial disclosure statement and return it to the louisville metro government. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the governing board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists. After exercising due diligence, the governing board or committee shall determine whether the kentuckianaworks foundation can obtain with reasonable efforts a more advantageous transaction or arangement from a person or entity that would not give rise to a conflict of interest. If a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the governing board or committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the kentuckianaworks foundation's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination it shall make its decision as to whether to enter into the transaction or arrangement.”

“No compensation is paid by the organization to the executive director. Debbie lindsey, executive director of kcac, is paid by metro louisville government and her compensation is transferred to the organization. The ceo and the cfo to the organization are paid by the parent organization, kentuckianaworks, which is an agency of metro louisville government. The methodology for determining the compensation for the ceo, cfo and the executive director of kcac do meet the requirements outlined in this question.”

“The organization does not make its governing documents, conflict of interest policy, or financial statements available to the public upon request.”

“Degrees work is the adult college degree completion for the greater louisville area and is dedicated to encouraging working adults with some college credit to complete an associate's or bachelor's degree.”

“Contract labor: program service expenses 859,155. Management and general expenses 38,816. Fundraising expenses 0. Total expenses 897,971. Miscellaneous fees: program service expenses 288. Management and general expenses 19. Fundraising expenses 0. Total expenses 307. Administration: program service expenses 79,718. Management and general expenses 5,088. Fundraising expenses 0. Total expenses 84,806. Other services: program service expenses 20,686. Management and general expenses 0. Fundraising expenses 0. Total expenses 20,686.”

“During the year ended june 30, 2016, the foundation determined contributions and grants and grants receivable from others was overstated by $61,728 as of and during the year ended june 30, 2014. As a result, temporarily restricted net assets as of june 30, 2015 and 2014 was decreased by $61,728 to correct.”