Porter Hills Foundation

“Porter hills foundation amended its governing documents during fiscal year 2019 to include the following changes: 1. Change the maximum number of voting board members from 30 to 40. 2. Add a ceo officer position to the board 3. Reflect a shared foundation president 4. Add an investment committee as a standing committee of the board”

“Porter hills presbyterian village is the sole member of the porter hills foundation.”

“All porter hills foundation board members need to be approved by the porter hills presbyterian village governing body.”

“As the sole member of the corporation, porter hills presbyterian village, inc. Approval shall be required: a. To appoint or remove regular and emeritus trustees of the corporation; b. To amend the articles of incorporation or bylaws of the corporation; c. For the following actions of the board of trustees to be effective: i. The adoption of and all material amendments to annual operating and capital budgets; ii. The approval of all capital expenditures in excess of $10,000 not reflected in a budget previously approved by the member; iii. The transfer of property having a value in excess of $50,000 to any individual or entity, other than the member or an entity the member controls directly or indirectly, for consideration which is less than the fair market value of such property, other than the provision of services to individuals unable to pay fully for such services or other activities undertaken for the benefit of the general public in the ordinary course of business of the corporation; iv. Participation in selection of the foundation president.”

“The form 990 is prepared by plante & moran and reviewed by the cfo and the vp of finance, before it is filed with the irs.”

“Officers, directors, trustees and key employees are required to annually disclose if they have any interest that may result in a conflict. The form which they sign requires them to promptly report any possible existence of a conflict of interest for themselves or anyone else subject to the policy. If a possible conflict was reported on the annual form or if notice was given after the annual disclosure, the information disclosed would be evaluated and if necessary, compliance would be enforced.”

“These documents will be given out to parties upon request to the business office.”

“Consultants: program service expenses 0. Management and general expenses 0. Fundraising expenses 97,336. Total expenses 97,336.”

“Change in present value of charitable gift annuities 10,108. Change in present value of pledges receivable 50,383. Change in pv of beneficial interest in charitable remainder trust 46,622.”

“There was no change in the process from the prior year.”