Bethesda Foundation

“Dan Vagle and Dale Turner have a family relationship. Dana Rasic, Nathan Merrill, Dale Turner, Daniel Vagle and Tom Workman serve as officers of a related corporate entity which creates a business relationship.”

“Certain officer functions for Bethesda Foundation are performed by management of Bethesda Associates under a cost-sharing practice.”

“The Form 990 is prepared by an independent CPA firm and is reviewed in detail by the CFO and Accounting Manager. The final version of the Form 990 is distributed via email to the organization's Board of Directors for review and comments over a two day period prior to filing. Management answers all questions and incorporates the changes, if necessary, into the Form 990 prior to filing. After two days, the review period is closed.”

“Conflict of interest forms are completed annually by officers, directors, and key employees and are presented to the board for approval. When a potential conflict arises during the year, the officer, director, or key employee is responsible for updating the conflict of interest form and the revised form is provided to the board for approval. If there are any conflicts of interest approved by the board, the individual with the conflict is precluded from participating in any discussions or decisions related to the organization.”

“The organization utilizes the services of Payscale,Inc. to perform regular independent compensation studies for all officers and key employees and the results are provided to the administrative committee of the board for review and approval. The approval process is documented in the minutes.”

“The organization's governing documents, conflict of interest policy, and audited financial statements are available upon request.”

“Many of the officers and directors provide services to affiliated organizations. The hours shown are specific to this organization but the compensation is total compensation for services provided to all of the affiliated organizations.”

“Independent Board Members Board members Daniel Vagle, Dale Turner, and Don Morgan were compensated solely for services provided in their capacity as members of the governing body. Therefore they are independent members of the board.”

“In accordance with the principles of FASB ASU 2016-14 (ASC 958), the organization has implemented required changes to its audited financial statements for the period ended 9/30/2019. The 2018 Form 990 and its associated schedules have not been updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Part X, Lines 27-29: Line 27 - Net assets without donor restrictions $13,997,867 Line 29 - Net assets with donor restrictions $0 Total net assets $13,997,867”

“Loss on interest rate swap -309,093.”

“The organization has a committee that assumes responsibility for the oversight of the audit of its financial statements and selection of an independent accountant. This process has not changed since the prior year.”