Fremont Area Community Foundation

“The foundation is organizied in corporate form comprised of members. Members serve in their capacity due to the specific positions that they hold within the community such as school superintendents, judges, mayors, cpa, etc. The members meet annually and elect the board of trustees to their positions.”

“Members serve in their capacity due to the specific positions that they hold within the community such as school superintendent, judge, mayor, cpa, lawyer, elected official, etc. There is only one class of members. The members elect the board of trustees and approve amendments to the bylaws.”

“The 990 filing is prepared by the finance department and provided to manangement and a tax accountant to review before filing. A copy of the 990 is presented to the board and audit committee prior to filing by e-mail, hard copy by mail, or by online board portal. The 990 is not always discussed at a meeting depending on the timing of the completion of the 990. The board is provided with a timeline for comments and questions, after which comments or corrections noted by the board are considered prior to filing the 990. The audit committee approves the 990 at a meeting before it is filed with the irs.”

“The written policy regarding conflict of interest and duality of interest is shared with each board and committee member annually. Each board/committee member is requested to disclose potential conflict/duality of interest on the conflict/duality of interest disclosure form which is updated on an annual basis. Board/committee members are requested to disclose conflict/duality of interest during any board or committee meeting. After such disclosure the interested party shall leave the board/committee meeting while the disinterested parties deliberate and take action on the proposal.”

“Staff collects data from local, regional and national surveys of similar organizations for positions comparable to the key positions as well as economic data relevant to the area and presents it to the executive committee of the board. The executive committee acts on recommendations of the ceo for other key staff positions but deliberates within itself to establish the compensation for the president and ceo. The committee documents the process in their meeting minutes. Compensation for the ceo is reviewed annually on the ceo's anniversary date.”

“The community foundation makes statements on its website that financial statements, form 1023, form 990 and policies are available upon request.”

“(Expenses $ 519,149 including grants of $ 473,934) COMMUNITY & ECONOMIC DEVELOPMENT: TO REDUCE & MAINTAIN THE UNEMPLOYMENT RATE BELOW THE NATIONAL AVERAGE WHILE PRESERVING OUR RURAL CHARACTER. INCLUDES THE ADMINISTRATION AND DISTRIBUTION OF FUNDS FOR CHARITABLE PURPOSES THROUGH GRANTS TO NONPROFIT ORGANIZATIONS THAT PROVIDE WORKFORCE DEVELOPMENT INCLUDING SMALL BUSINESS AND ENTREPRENEURSHIP DEVELOPMENT, DESIGNED TO HIRE UNEMPLOYED AND UNDEREMPLOYED RESIDENTS OF NEWAYGO COUNTY, MI. ALSO INCLUDES GRANTS THAT PRESERVE THE RICH NATURAL RESOURCES AND RURAL CHARACTER OF NEWAYGO COUNTY, MI AND THE SURROUNDING AREA OF WESTERN MICHIGAN.”

“(Expenses $ 58,495 including grants of $ 53,400) COMMUNITY PARTNER EFFECTIVENESS: INCLUDES THE ADMINISTRATION AND DISTRIBUTION OF FUNDS FOR CHARITABLE PURPOSES THROUGH TECHNICAL ASSISTANCE AND SERVICES TO NONPROFIT ORGANIZATIONS THAT ENHANCE THEIR IMPACT AND EFFECTIVENESS.”

“CHANGE IN VAULE OF SPLIT INTEREST AGREEMENTS - 76534; Donated catering - -765;”

“The organization's financial statements were audited by an independent accountant on a consolidated basis only. The organization has an audit committee that assumes responsibility for the oversight of the audit and the selection of an independent accountant. The process has not changed from prior year.”