Ann Arbor Area Community Foundation

“A draft form 990 is prepared by an independent tax preparer, in conjunction with the organization's accounting and finance department; adjustments are made, as necessary. Prior to filing, a complete copy of form 990 (including schedule b) is provided to all members of the board of trustees. Additionally, the form 990 is also distributed to the investment and finance committee and the audit committee.”

“Before a staff, board or volunteer committee member begins his or her service with the foundation, he or she shall file with the ceo of the foundation a list of his or her principal business activities, as well as involvement with other charitable and business organizations, vendors or business interests, or with any other associations that might produce a conflict of interest. Any possible conflict of interest on the part of any member shall be disclosed to the chair of the board (in the case of trustees) or the chair of a committee and that committee's staff liaison (in the case of volunteers on a committee) or the ceo (in the case of staff members and other volunteers) and made a matter of record as soon as the issue in question is raised and a possible conflict is known. When the board, committee, or staff is to decide upon an issue about which a member has an unavoidable conflict of interest, that member shall physically absent herself or himself without comment from not only the vote, but also from the deliberation, unless directly requested by the chair of the board or relevant committee to provide factual information or answer factual questions that may assist the board or committee in making a wise decision. In no case shall that member vote on such matter or attempt to exert personal influence in connection therewith.”

“The trustee committee annually reviews the compensation of the ceo using comparability data, and contemporaneously substantiates its deliberations and decision. In addition, the trustee committee also annually reviews all other staff compensation. The trustee committee then presents its ceo compensation findings and recommendations to the board for approval. The ceo reviews the compensation of all other staff using comparability data. The general compensation pool available to the ceo for allocation to staff is reviewed and approved by the investment & finance committee and then the board as part of the annual budgeting process.”

“The governing documents and conflict of interest policy are made available to the public upon request. The organization's financial statements are available on the organization's website, www.aaacf.org.”

“Change in value of crut -93,151. Unrelated business income from partnerships 52,662. Assets held for others - adjustment for prior period -4,075,099. Write-off of prior year pledge -504.”