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 2020.”

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

“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 2020. 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. For remaining employees, every three years (base year 2019) the ed will consult, compile and analyze benchmark information and data on comparable positions in similar nonprofit organizations in kansas city and may include elsewhere. The organization will gather salary information on corresponding positions within organizations in the christian science community. The ed will submit his recommendation for a total compensation adjustment for existing staff to the hr committee. The hr committee will make a unanimous recommendation to the board at the fall meeting. Once the total salary adjustment fund amount is approved by the board, the executive director will determine the salary adjustments for each staff member. It is recognized that, in the final analysis, there is no other organization like tpf. Although the organization values relevant information, final decisions will be made primarily on the basis of the metaphysical work of the executive director and board members. Tpf seeks to model inspired decision-making by letting god, infinite mind, guide us in every respect.”

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

“Transfer to the principal foundation extended services -312,187.”

“No changes from the prior year.”