The Mainstay Foundation

“The Foundations financial statements are first reviewed by an independent accountant, Bahiya Fawaz CPA, who prepares a review report. A first draft of the form and necessary schedules is prepared by the Foundations retained accounting firm, Paramount Accounting, in accordance with the independently reviewed financial reports. The form is then sent to the Foundations internal accountant and Secretary of the Board of Trustees for review. The secretary is currently Mr. Mohamed Ali Banoon, an attorney with experience in tax exempt entity regulations and compliance. After any changes, the form and accompanying schedules are sent to the Foundations Executive Director for review. The Executive Director, Mr. Abathar Alkudari, is also an attorney with experience in tax exempt entity regulations and compliance. The form is filed after completion of the review process.”

“It is the responsibility of all Trustees and employees of the organization to familiarize themselves with the Foundations Conflict of Interest policy and to comply and to ensure compliance of related parties with it. In addition to the disclosures required by this policy, annually each Trustee and office is provided with a statement to complete and return indicating that they have read, understand and are in compliance with this policy. Trustees who knowingly or unknowingly violate this policy are subject to censure or removal, at the discretion of the Board of Trustees. Employees who knowingly or unknowingly violate this policy will be subject to disciplinary action, including possible dismissal.”

“The Foundation does not currently compensate its Executive Director, top management officials, officers, or key employees. Most services rendered by such individuals are rendered on volunteer basis. The Foundation may compensate such individuals in the future, and will abide by legal requirements and best practices in this regard. This may include review and approval by independent persons, comparability data, and contemporaneous substantiation of the deliberation and decision.”

“The Foundation does not currently compensate its Executive Director, top management officials, officers, or key employees. Most services rendered by such individuals are rendered on volunteer basis. The Foundation may compensate such individuals in the future, and will abide by legal requirements and best practices in this regard. This may include review and approval by independent persons, comparability data, and contemporaneous substantiation of the deliberation and decision.”

“The Foundations governing documents, conflict of interest policy, and financial statements are available at the Foundations primary office location. The Foundation will make such documents available for inspection upon request in accordance with applicable law, the bylaws, and any other applicable rules of governance.”

“Part XI Line 9 The organization received a contribution during fiscal year ended December 31, 2017 for its Grants Program in the amount of $29,615 of which $5,000 has been expended for this program during the current fiscal year ended December 31, 2018. Temporarily Restricted net assets consist of $24,615 as of December 31, 2018. Temporarily restricted net assets are contributions for the grant program with restrictions that have not been expended in the current reporting period. When the expenditures are incurred that meet the restriction, temporarily restricted net assets are released to unrestricted net assets. The remaining adjustment of $2,266 was a prior period adjustment.”

“Contract Services $20,396Bank and Merchant Fees $3,397Printing Postage and Publishing $11,288Transportation $4,638Misc $934Merchandise $4,011”