Children First Foundation

“Two board members have a business relationship and two other members have a family relationship. One member is on a board where a conflict might arise. 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, the affected party/parties 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 additons/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 when they become affiliated with the organization. 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. At the first board meeting in the fiscal year,February, the salary of the E.D. is decided the budget for the year is approved.”

“Our governing documents and 990's are available to the public on request. The 990's are on Guidestar.”

“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 990, and prepares the 990. Funders do not request compiled statements, and the Board is confident the information on the 990 and internal financial statements is sufficient for their needs. The outside CPA 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 work she does.”

“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 earned revenue, 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.”

“At the February board meeting other salaries/wages are reviewed and determined for the year.”