Maac Foundation Inc.

“A draft copy of this Form 990 was provided to all members of the governing body for approval before Form 990 was filed.”

“Any director, officer, or member of a committee possessing powers delegated by the board, who has a direct or indirect financial interest, as defined below, is an "interested person". In connection with any actual or possible conflict of interest, an interested person must disclose the existence of such interest and present all the material facts related thereto to the Board of Directors to determine and rule as to when a conflict arises. The procedure in addressing a conflict of interest is as follows: After the disclosure of a possible conflict of interest, the presentation of the material facts related thereto and any discussion occuring in connection therewith, the non-interested party remaining members of the Board shall meet to determine and rule if a conflict of interest exists. A: The chairperson of the Board may appoint a disinterested person or committee to investigate alternatives to the proposed transaction or contractual arrangement. B: After excercising due diligence, the Board or appointed committee shall determine whether the Fountain can obtain, with reasonable effort, a more advantageous transaction or contract from an individual or entity which would not give rise to a conflict of interest. C: If a more advantageous transaction or contractual arrangement is not reasonable possible under circumstances which do not produce a conflict of interest, the Board or appointed committee shall determine by a majority vote of the non-interested members, whether the transaction or contractual arrangement is in the Foundation's best interests, for its benefit, and whether it is fair and reasonable. In conformity with the above determination the non-interested persons and members shall make their decision as to whether the transaction or contractual arrangement should be entered into. Non disclosure of a conflict of interest A: If the Board of Directors has reasonable cause to believe an interested person has failed to disclose an actual or possible conflict of interest, they shall inform the interested person of the basis for said belief and afford the interested person an opportunity to explain the alleged failure to disclose. B: If after conducting a further investigation, as warranted by the circumstances of the non-disclosure, the Board determines the interested person has failed to disclose an actual or possible conflict of interest, they shall take the appropriate disciplinary and corrective action.”

“Stewart McMillan, a member of the Board, had business relationship with Ward Barnett during 2017”

“There are no committees that have the authority to act on behalf of the governing body”

“The governing documents, conflict of interest policy and financial statements are available for inspection at the corporate office upon request.”