Children First Foundation

“Two board members had a business relationship. However,”

“the members comply with the organization's conflict”

“of interest policy and, if an issue would arise where”

“there might be a potential conflict, one or both would”

“abstain from voting.”

“The 990 draft was emailed to board members with a”

“request that each member respond during a comment period”

“with either an approval or with additions/corrections.”

“Responses, if any, were then summarized and any changes”

“forwarded to the tax preparer for inclusion in the final”

“return.”

“Board members and key employees receive the conflict of”

“interest policy. The policy is reviewed along with the”

“organization by-laws annually in October. The Board”

“monitors and enforces compliance if a conflict exists”

“at any time.”

“The Board of Directors determines salaries and hourly”

“wages based on the United Way of Greater St. Louis”

“Nonprofit Wages and Benefits survey. The first board”

“meeting in the fiscal year is February, and salaries and”

“wages are decided at that time as is the budget for the”

“year. The Board also reviews the financial state of the”

“organization and compares budget trends for the previous”

“two years.”

“Our governing documents and 990's are available to the”

“public on request.”

“Although the organization's outside CPA does not prepare”

“compiled financial statements, she completes a thorough”

“review of the accounting transactions for the year,”

“prepares the year-end financials needed for the Board”

“and the 990, and prepares the 990. She consults with”

“staff during the year about accounting and other”

“business issues. The executive committee is responsible”

“for the oversight/review of the organization's internal”

“statements and for the selection of the independent CPA”

“and the statements she prepares.”

“Pt. IX, col. D -”

“The main source of revenue is from two IL counties, the”

“one in which the office is located and an adjoining one.”

“The revenue is relatively consistent with a minimal amount”

“of time involved in applying for and receiving the funds.”

“Consequently, the amount of expense allocated to”

“fundraising is much lower than for most organizations.”

“Sch. A, Pt.III, 7a -”

“Due to adequate funding from the two counties and other”

“souces, neither board members nor key employees contribute”

“to the organization. If funding becomes inadequate at”

“some point in the future, new guidelines and goals for”

“contributions will be determined for them.”

“License fees computer costs scholarship fees moving costs”