The STEM Connection

“An independent accounting firm prepares the form 990. The stem connection finance committee conducts a detailed review of the form 990 before the form 990 is emailed to the executive committee of the board of directors for review and approval at an executive committee meeting. The form 990 is emailed to the full board for their review and comment. The form 990 is then submitted to the irs.”

“The conflict of interest policy is reviewed by all board members and the executive director annually. The policy requires any board member or the executive director to notify the board if any conflict should develop. Should this occur, the board member or executive director is required to recuse himself or herself from discussion and/or any voting pertaining to the conflict of interest.”

“Under the direction of the board, the finance committee gathers independent market data, including the salary study by charitable advisors llc, and provides it to the executive committee for review and use in determining the executive director's salary. Key executive team employee compensation is reviewed by the executive director annually. The executive director and finance committee determine an amount for the merit budget based on tsc financial performance and satisfaction reported by surveys of those we serve. The exectuive director then determines the amount of each individual merit increase using comparative data from a salary study compiled by charitable advisors llc and by looking at comparative salary data from similar non-profit organizations.”

“Form 990 is available on the tsc website. Governing documents, conflict of interest policy, and financial statements are available upon request.”

“Outside contracted services: program service expenses 65,757. Total expenses 65,757. Outside contracted services: management and general expenses 2,814. Total expenses 2,814. Outside contracted services: fundraising expenses 5,268. Total expenses 5,268.”

“The stem connection prepares its financial statements on the accrual basis. The income tax returns are prepared on the cash basis, as elected in the initial 2014 form 990. Adjustments are made in the tax return to convert the accrual basis financial statements to cash basis. For 2021, the net adjustment from accrual to cash basis increased net income by $9,674”