Saint Therese

“The executive committee is entirely composed of the governing body members. The executive committee shall have the authority of the board of directors in the management of the business of this corporation in the interval between meetings of the board of directors, and the executive committee shall at all times be subject to the control and direction of the board of directors.”

“The form 990 was reviewed and approved by the finance committee of the board of directors prior to being filed with the irs.”

“All directors, officers and key management employees are annually required to disclose any conflicts of interest. The disclosures are reported to the board of directors, who determine the level of potential conflict. Potential conflicts of interest for the organization include any contract or transaction between (a) one or more of its directors, officers, or key employees, (b) a director, officer, or key employee of a related organization (within the meaning of minnesota statutes, section 317a.11, subd. 18), or (c) an organization in which or of which a director, officer, or key employee is also a director, officer, or legal representative or has a material financial interest; unless the material facts as to the contract or transaction and as to the party's interest are fully disclosed in writing to the board of directors prior to any action, and the board of directors authorizes, approves, or ratifies the contract or transaction in good faith by the affirmative vote of a majority of the directors. Individuals assessed as having material conflicts of interest are asked to refrain from voting on any action that may be influenced by the conflict, which is reflected in the board minutes.”

“The procces of determining the compensation of the president & ceo, cfo and other key employees includes review and approval by a compensation committee of the board of directors, with the help of an independent compensation consultant and salary surveys. This process was last completed in 2020.”

“The organization does not make its governing documents or conflict of interest policy available to the public. The financial statements are provided to the bond trustee, who distributes them to the electronic municipal market access system.”

“Professional services: program service expenses 642,334. Management and general expenses 0. Fundraising expenses 50,969. Total expenses 693,303.”

“Change in restricted net assets 223,175.”

“The process for selection and oversight of an independent accountant has not changed from the prior year.”