Catholic Community Foundation of Minnesota

“The executive committee includes the vice chairperson of the board of directors and one or more other directors with voting rights appointed by the board of directors. Except as otherwise limited by the board of directors from time to time, the executive committee shall have all the powers and authority of the board of directors of this foundation during the intervals between meetings of the board of directors, subject always to the direction and control of the board of directors.”

“The form 990 was prepared by an independent accounting firm and reviewed by staff and the finance committee. After review, the finance committee recommended the form 990 for approval to the full board of directors. The board of directors approved the form 990 prior to filing with the irs.”

“Each individual covered by the organization's conflict of interest policy is required to complete an annual disclosure form identifying relationships, positions or circumstances they are involved in that might give rise to a conflict of interest. The policy is reviewed by the board of directors once every three years or more frequently if needed. Any changes in the policy will be communicated immediately to all responsible people. If an individual has a potential conflict, the relationship and material facts are disclosed to the board or committee for determination. Conflicted individuals may not participate in any discussion or vote on the transaction and are not counted for determining the presence of a quorum. All proceedings related to conflicts of interest are noted in the meeting minutes. Covered individuals that are not members of the board of directors or a committee thereof who have a potential conflict of interest with respect to a contract or transaction are required to disclose the conflict to the board chair or the chair's designee who will determine if a conflict exists. The conflicted individual is required to refrain from any action that may affect the organization's participation in the contract or transaction.”

“For the president of the organization, the executive committee determines compensation utilizing comparability data. This process is undertaken annually. This process was last undertaken during fiscal year 2016 for the current president, anne cullen miller. For other officers, the president of catholic community foundation reviews comparability data when determining compensation levels. The president then reports the results of this process to the board of directors. All of the salary and benefit levels are approved within the budgetary process with the budget being approved by the board of directors. This process was last undertaken during fiscal year 2016 for all staff as a part of the budgetary process.”

“The foundation's governing documents and conflict of interest policy are available upon request. The financial statements are available on the foundation's website.”

“Loss in value of split-interest agreements -539,767.”