Maine Academy of Natural Sciences

“The Organization's bylaws were updated to reflect that Good Will Home Association and Maine Academy of Natural Science separated formally. Maine Academy of Natural Science is a sole entity without any legal association with Good Will Home Association as of 7/1/2023. Good Will Home Association is no longer the sole corporate member.”

“The Form 990 is presented to the Board via electronic format. The Board is given 2 weeks to review and comment. Board members are asked to respond to the e-mail stating they have reviewed even if they have no comment. After an appropriate period of time (typically a couple of weeks), the review is closed, and the CPA is contacted letting them know if questions or changes are needed. If everything is fine the 990 is released for submission.”

“The bylaws adopted by the Maine Academy of Natural Sciences Board of Directors require Directors and Officers to sign a statement on an annual basis, which affirms such person has agreed to comply with the conflict of interest policy. To ensure the Organization operates in a manner consistent with charitable purposes and does not engage in activities that could jeopardize its tax-exempt status, periodic reviews shall be conducted. The periodic reviews shall at a minimum include the following: 1. Whether compensation arrangements and benefits are reasonable, based on competent survey information, and the result of arm's length bargaining. 2. Whether partnerships, joint ventures, and arrangements with management organizations conform to the corporation's written policies, are properly recorded, reflect reasonable investment or payments for goods and services, further charitable purposes and do not result in inurement, impermissible private benefit or in an excess benefit transaction. When conducting the periodic reviews, the Organization may, but need not, use outside advisors. If outside experts are used, their use shall not relieve the Board of its responsibility for ensuring periodic reviews are conducted.”

“The Board of Directors periodically reviews compensation packages and decides any pay adjustments.”

“The Organization makes its governing documents, conflict of interest policy, and Form 990 available to the public upon request, and via their website. The Organization also holds public meetings in which the finance committee shares financial reports and data with the public.”

“Section 1.263(a)-3(n) Election: Maine Academy of Natural Sciences 13 Easler Road P.O. Box 158, Hinckley, ME 04944 EIN 45-5132214 Maine Academy of Natural Sciences is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n).”