Arab Gulf States Institute in Washington

“The form 990 was reviewed prior to filing by the institute's cfo, president and the board of directors.”

“Annually the board and management provides representations regarding conflicts of interest with respect to agsiw. Each director, principal officer and member of a committee with governing board delegated powers annually signs a statement that affirms such person has received a copy of the conflicts of interest policy, read and understands the policy, and has agreed to comply with the policy. In connection with any actual or possible conflict of interest, an interested person discloses the existence of the financial interest and is given the opportunity to disclose all material facts to the directors and members of committees with governing board delegated powers considering the proposed transaction or arrangement. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she leaves the governing board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members decide if a conflict of interest exists. An interested person makes a presentation at the governing board or committee meeting, but after the presentation, he/she leaves the meeting during the discussion of, and the vote on, the transaction or arrangements involving the possible conflict of interest. The chairperson of the governing board or committee, if appropriate, appoints a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. After exercising due diligence, the governing board or committee determines whether the corporation can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. If a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the governing board or committee determines by a majority vote of the disinterested directors whether the transaction or arrangement is in the corporation's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination it makes its decision as to whether to enter the transaction or arrangement. If the governing board or committee has reasonable cause to believe a member has failed to disclose actual or possible conflicts of interest, it informs the member of the basis for such belief and affords the member an opportunity to explain the alleged failure to disclose. If, after hearing the member's response and after making further investigation as warranted by the circumstances, the governing board or committee determines the member has failed to disclose an actual or possible conflict of interest, it takes appropriate disciplinary and corrective action.”

“The organization periodically reviews whether compensation arrangements and benefits are reasonable, based on comparable compensation survey information, and the result of arms length bargaining and determine whether contractual arrangements with management organizations conform to the organization's written policies, are properly recorded, reflect reasonable investment or cost, further charitable purposes and do not result in inurement, impermissible private benefit or in an excess benefit transaction. The contracts for the initial year were reviewed and approved by an independent member of the board of directors. The last compensation review for the president was may 2019.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available upon request. Requests can be made to [email protected].”

“The institute adopted the asu using a retrospective approach and accordingly adjusted the balances as previously reported for 2018. In accordance with asu no. 2018-08, the institute determined that a contribution that was previously recognized as deferred revenue in the fiscal year ended december 31, 2018, with a fair value of $40,000, should be reported as a contribution and a corresponding increase in net assets with donor restrictions in the statement of activities and change in net assets. As such, the prior year balances were restated in accordance with the asu.”