Community Foundation of Greater Flint

“The executive committee may exercise all powers and authorities of the board in management of the business and affairs of the foundation during intervals between meetings of the trustees provided, however, the executive committee shall not be empowered: (a)to sell, lease, or exchange all or substantially all of the foundation's property and assets; (b)to dissolve the foundation or revoke a dissolution; (c)to amend these bylaws; (d)to fill vacancies on the board; (e)to remove any trustee; (f)to authorize grants in excess of 1% of the foundation's corpus and/or the expenditure of moneys of the foundation in excess of 10% of the current year's operating budget.”

“A draft of form 990 is reviewed by the director of finance and evp & coo. Management reviews the 990 with the audit committee, and the audit committee recommends acceptance to the board of trustees. Upon the committee's recommendation, the 990 is shared with the board, which votes to accept the recommendation.”

“Community foundation trustees and staff complete a conflict of interest disclosure annually, and report conflicts as required. These conflicts are verbalized within meetings and documented. Trustees are required to abstain from discussion and voting where conflict exists.”

“Ceo - independent compensation study performed and presented to executive committee. The executive committee approves president's salary annually. Other officers & key employees - each year, community foundation senior leadership reviews sector compensation data provided in national and regional guides for grantmaking organizations, including community foundation-specific data. The data is shared with the chair of the board of trustees, and the president and ceo reviews all staff compensation with the executive committee annually. The process described here was last completed in 2023.”

“The community foundation makes available for public inspection the last three years of its tax documents, including internal revenue service forms 990, 990t (if applicable), the community foundation's application for tax exemption, irs form 1023, the cfgf bylaws, the conflict of interest policy and the audited financial statements. If the request for any of these documents is made in person, the requested documents will be provided on the day of the request, if possible. If the request is in writing (including email), copies will be provided within 30 days of the request. The requestor will be charged a reasonable fee for the cost of copying, plus postage. Additionally, these documents are available on the website at www.cfgf.org.”

“Community foundation of greater flint has filed an extension to file the 990-t. The foundation has not received all k-1s from its investments. An accurate 990-t cannot be filed until all k-1s have been received. Presently, the foundation is estimating to have unrelated business income passed through from its investments and has not reported any amounts on part i line 7a or 7b for ubi from k-1 investments.”

“Change in split-interest value -14,284. Prior year grants refunded 22,788.”