Keweenaw Community Foundation

“Organizations process to review Form 990: Reviewed by Treasurer, Finance Committee, and Executive Director and presented to the full board for approval.”

“The Conflict of Interest Policy applies to trustees, volunteer committee members, professional advisory council members and foundation staff. Questionnaires are completed annually describing business, association, or organizational relationships as well as any actual or proposed business dealing with the foundation which could create a conflict of material interest or appearance of conflict. The Board is responsible for reviewing potential conflicts, but anyone covered by the policy is required to disclose the existence of, or potential, conflict of interest with any transaction and refrain from personally influencing board action on such a transaction, and recuse themselves from discussion or decisions on the subject transaction.”

“Compensation process for top official (Executive Director): The compensation policy o the foundation includes the review and approval by the board of compensation committee, the use of data on comparable compensation for similar positions and geographic areas, and documentation of the executive director's review and compensation decisions. The foundation follows a yearly review process for other staff members - non of which fall under the IRS definition of "key employee."”

“Governing Documents Disclosure Explanation: All policies, governing documents, financial statements and Form 990 are available to the public upon request.”

“Notable Events during the past year: During the Fiscal Year 2022 (4/1/21 - 3/31/22) there was a change in ownership of most of the assets of the Keweenaw Community Foundation. An Affiliation Agreement between the Keweenaw Community Foundation ("KCF") and the Community Foundation of the Upper Peninsula ("CFUP") was executed on 9/1/21. As of this date, most of the KCF assets transferred to CFUP. The only assets not transferred to CFUP were the cash accounts and the annuity investment portfolio. This is the reason that very few assets appear on the year-end books of KCF and on the tax return/ The assets that transferred to CFUP will appear on the 990 of CFUP beginning 9/1/21 and beyond. The total net assets transferred as of 9/1/21 was $9,512,513 which were the audited net assets as of 4/1/21. There was also audits completed on the books of KCF, as of the fiscal years 2021 (ending 3/31/21) and 2020 (ending 3/31/20). The adjustment shown on page 12, Part XI of the 990 is the cumulative adjustment for the two years. The adjustment was not material at $31,165. See Schedule N for further explanation of the Affiliation Agreement.”

“During this fiscal year on 09/01/2021, the Keweenaw Community Foundation (KCF) entered into an affiliate agreement with the Community Foundation of the Upper Peninsula (CFUP) (EIN: 38-3227080). At that point KCF transferred the majority of its assets into a component fund held at CFUP. It is through this KCF component fund held at CFUP that most programming activity now occurs that was previously done at KCF. See additional information on Form 990 and Schedules for continued program activities at KCF.”

“Assets transferred to the Community Foundation of the Upper Peninsula (EIN: 38-3227080) due to undergoing an Affiliation Agreement”