Croatan Institute

“The process that croatan institute uses to review the form 990 is as follows: members of the joint board-staff finance committee review the draft form 990 for accuracy, and then after any needed modifications, the final form 990 is shared with all members of the board of directors prior to filing with the internal revenue service.”

“Croatan institute's conflicts of interest policy is incorporated into the bylaws of croatan institute, as article vii, where procedures for monitoring, review and compliance with the policy are specified. First, the policy is distributed annually to all directors and officers of croatan institute, each of whom certifies annually that the person has received a copy of the policy, has read and understands the policy, agrees to comply with the policy, understands that the policy applies to all committees and subcommittees acting with the authority of the board of directors, and understands that croatan institute is a charitable organization and that in order to maintain its taxexempt status, it must continuously engage primarily in activities that accomplish one or more of its tax exempt purposes. This signed statement by officers and directors is recorded in the minutes of the board of directors. All interested persons among officers and directors of croatan institute are caused to disclose the existence of any financial interest. Any such interested persons are given the opportunity to disclose all material facts to the board of directors, or members of any committee considering the proposed transaction or arrangement. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, the interested person shall leave the board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists.”

“The process for determining compensation of croatan institute's president includes a review and approval of a compensation proposal that includes independent persons, comparability data, and contemporaneous substantiation of the deliberation and decision. The compensation committee, comprising the independent directors of the corporation and not including the institute's president as required by the institute's conflict of interest policy, votes on the annual compensation plan at the annual board meeting. The contemporaneous substantiation of the board of directors' deliberation and decision is effected through recording the outcomes of the vote, the terms of the approved packages, including the compensation analysis, in the minutes of the board of directors. The executive compensation process is used to determine the salaries of other officers besides the president. Every october/november, the operations coordinator reviews the pnp staffing group's most recent salaries and staffing trends report and draws comparisons between the market range presented and the current croatan salary ladder. Based on the review, the operations manager makes an executive compensation salary recommendation and submits it to the board for review and approval. The process was last conducted in november 2024.”

“Croatan institute makes available its governing documents, conflict of interest policy, and irs forms 990 (including the financial statements incorporated therein) to the public upon request for the period of disclosure as set forth in section 6104(d).”

“Consulting services: program service expenses 210,804. Management and general expenses 0. Fundraising expenses 0. Total expenses 210,804. Affiliated fellow: program service expenses 32,327. Management and general expenses 0. Fundraising expenses 0. Total expenses 32,327. Senior fellow: program service expenses 9,136. Management and general expenses 0. Fundraising expenses 0. Total expenses 9,136. Payroll fees: program service expenses 3,498. Management and general expenses 1,405. Fundraising expenses 87. Total expenses 4,990. Staff development: program service expenses 908. Management and general expenses 365. Fundraising expenses 23. Total expenses 1,296. Honorarium: program service expenses 21,550. Management and general expenses 141. Fundraising expenses 9. Total expenses 21,700.”

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