The Principle Foundation

“The bylaws authorize the formation of an executive committee, to be comprised of at least three voting board members charged with implementing the policies and decisions of the board and may, in cases of necessity, exercise the full authority of the board. The formation of an executive committee was not deemed necessary in 2017.”

“An independent accounting firm prepares and reviews the form 990. The independent accounting firm then provides the organization's treasurer and accounting personnel a draft of the form 990 for comments and approval. All issues are resolved and a copy of the form 990 is then provided to the board of directors before filing.”

“The principle foundation conflict of interest policy covers the board, committees and staff. Actual or potential conflicts are required to be reported as they arise to the board president or the executive director as appropriate. In addition the board president and the executive director monitor proposed and ongoing transactions for potential conflicts. Once identified, these items are reviewed by the board. The individual in conflict cannot be involved in the decision and may be asked to recuse themselves; this does not preclude the board from requesting additional needed information. Decisions about restrictions are recorded in the board minutes.”

“The principle foundation had an independent board of directors approve the compensation for the executive director. The board of directors uses the tri-annual umkc non-profit salary survey to provide comparability data during the review process. An annual cost of living increase is also a consideration during the review. The compensation deliberation and final decision made by the independent board of directors was contemporaneously documented. This process last took place in 2017. Form 990, part vi, section b, line 15b: the organization does not have any other compensated individuals that fit the irs definition of officer or key employee. But all compensation is reviewed by the board of directors as described above.”

“The organization makes its governing documents and financial statements available upon request. The conflict of interest policy is not made available for public inspection.”

“In 2017, a disaster relief grant program was enacted to provide assistance to those effected by national disasters. Also in 2017, a philanthropy forum was enacted. Both new program areas are in direct alignment with the mission statement as noted on form 990, part iii, line 1. See form 990, part iii, line 4c and 4d for additional details.”

“No changes from the prior year.”