Capital Region Community Foundation

“Form 990 is prepared by an independent outside certified public accounting firm based on information obtained during the annual audit and supplemented by additional information supplied by management. The completed form 990 is reviewed in detail by the president and chief financial officer. Once approved, a copy of the complete form 990 is provided to each individual member of the board of trustees, including the chair of the audit committee who specifically acknowledges receipt and approval. After any concerns presented by the board are addressed, the president signs and files the return.”

“Prior to taking a vote at board meetings, trustees are provided the opportunity to recuse themselves from voting on matters where there is a conflict of interest, a potential conflict of interest or its appearance as stated in the written conflict of interest policy. Those who recuse themselves are so noted in the board minutes.”

“The executive committee of the board of trustees also acts as the compensation committee which annually reviews the job performance of the president and ceo. Compensation changes for the president and ceo are based on the results of the performance review, budgetary considerations, and compensation surveys, and are approved by the board's executive committee. A total budget amount for employee compensation that is approved by the board as part of the budget approval process is then allocated by the president and ceo along with the executive vice president among the employees based upon performance reviews and compensation surveys.”

“Our forms 990 and financial statements are available on our website. Those documents, as well as our bylaws, articles of incorporation, form 1023, irs determination letter, and conflict of interest policy, are available upon request. In addition, guidestar provides copies of our forms 990, financial data, mission objectives and legitimacy information on its website. Our forms 990 and audited financial statements are also public information available through the michigan attorney general's office.”

“Except as restricted by law, or by action of the board of trustees, the executive committee of the board may exercise any or all powers and authority of the board in the management of the business and affairs of the foundation during the interim period between board meetings. Pursuant to michigan law, the executive committee does not have the power or authority to amend the foundation's articles of incorporation; adopt an agreement of merger or consolidation; amend the bylaws of the foundation; fill vacancies in the board; or fix compensation of the trustees for serving on the board or on a committee.”

“Change in value of gift annuity 6,634.”

“Prior period adjustment for beginning balance of funds held in agency endowments.”