The Denver Institute

“Meetings by individual committees were not documented or recorded.”

“The Organization has provided a complete copy of this Form 990 to all members of its governing body before filing the form.”

“The conflict of interest policy is reviewed periodically. Officers and directors of the board are required to disclose any interests that could give rise to conflicts. Any potential conflicts of interest are discussed and resolved by the board of directors.”

“The board chair formally evaluates the CEO annually, based on achievement of organizational goals and any other specific goals that the board and the CEO have agreed upon in advance. This includes a 360 review of the CEO from all employees, the CEO's own written self-evaluation, and comments from all board members after they have reviewed the self-evaluation. After meeting with the CEO, the board chair reviews the evaluation with the board, including recommendations on the CEO's compensation, which the board then acts upon. The CEO also presents data from the Colorado nonprofit association biennial salary and benefits survey to the board for review and consideration. Approved compensation amendments take effect upon the start of the new budget cycle. The CEO performs an annual evaluation of all VPs in the organization and determines the annual salary based upon the evaluation and comparison to the biennial Colorado nonprofit association salary and benefits survey. Ultimately, the board approves the annual budget, which includes those salaries.”

“The organization's governing documents, conflict of interest policy, and financial statements are made availiable to the public upon request.”

“The percentage of program expenses increased in the current year due to an adjustment in the allocation of personnel time. Staff hours were more accurately designated toward program-related activities, reflecting the organization's ongoing focus on mission-driven work. This change resulted in a higher proportion of expenses being classified under program services. Professional fees were allocated 100% to General and Administrative expenses for the current year, as all expenses related solely to accounting services.”

“The financial statements of the Organization have been prepared on the modified cash basis of accounting, modified to record assets or liabilities with respect to cash transactions and events that provide a benefit or result in an obligation that covers a period greater than the period in which the cash transaction or event occurred. This method of accounting represents a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America ("US GAAP"). This basis of accounting differs from US GAAP primarily because certain revenue and related assets (such as accounts receivable and revenue for billed or provided services not yet collected) have been recognized when received rather than when earned, and certain expenses and related liabilities (such as accounts payable and expenses for goods or services received but not yet paid) have been recognized when paid rather than when the obligations were incurred.”

“The process has not changed from the prior year.”