Anne Ray Foundation

“Anne ray foundation shared operations with margaret a. Cargill foundation (mac foundation), a related organization, in pursuit of their shared vision in order to maximize assets available for charitable grantmaking. As part of the shared operations, all staff and directors listed in part vii also serve as staff and directors of mac foundation. Officers, key employees, and board members listed in part vii are deemed to have a business relationship with each other as defined by form 990 reporting standards.”

“Anne ray foundation has two members who also serve as directors of the organization. Members' rights cover governance and oversight as described in the explanation statement provided for form 990, part vi, section a, line 7b. Members are not reserved any rights that would result in a personal benefit to the member.”

“The articles and bylaws provide that the two members shall have the authority to designate directors. The members will seek input from other directors on the designation and act on their recommendations according to the articles and bylaws.”

“Anne ray foundation's ("anne ray") organizing documents reserve certain rights for the members, specifically the right to amend the bylaws, appoint committee chairs, nominate committee members, approve domain definitions, and oversee winding up the affairs of the organization. Anne ray's board of directors established two committees that support its grantmaking, the anne ray program committee and the akaloa program committee. The anne ray program committee provides oversight on anne ray's grantmaking strategies and programs by: approving grants not otherwise delegated to staff or to subcommittee(s) for approval, advising on learning and evaluation to assess impact, participating in funding allocation discussions, evaluating progress against anne ray's strategic priorities and recommending revisions to those priorities to the anne ray board of directors. The akaloa program committee is a standing committee of the anne ray program committee. This committee assists the anne ray program committee by supporting the programmatic work of anne ray's akaloa program. This committee is authorized to recommend or approve grants within the budget for the akaloa program as provided by the anne ray board of directors.”

“The return was reviewed by the cfo and independent cpa paid preparer. Before filing with the irs, board members and officers review and discuss copies of the complete form 990.”

“All officers, directors, key employees, and other staff members are required to sign a conflict of interest disclosure annually. Any disclosures are first reviewed by the legal department. If necessary the ceo/president or board chair further reviews, determines whether a conflict exists, and determines how to resolve such conflict. Any director found to have a material conflict is restricted from voting on related matters and anne ray foundation's general counsel, in consultation with the president/ceo or board chair, determines whether other actions are required to neutralize the potential conflict.”

“Form 990, part vi, section b, line 15: anne ray foundation is related to margaret a. Cargill foundation (mac foundation). Mac foundation is the employer of all staff responsible for providing services to mac foundation and anne ray foundation. Anne ray foundation reimburses mac foundation for its allocable share of the staff costs related to services provided to anne ray foundation. The anne ray foundation board and mac foundation board established a joint compensation committee. Membership in the compensation committee is limited so that all committee members are independent. The anne ray foundation board and mac foundation board engage an independent consultant to analyze relevant comparability data and advise the organizations on the reasonableness of proposed total remuneration. The compensation committee is responsible for: - recommend and/or approve compensation for executives; - periodically review compensation and benefits offerings and philosophy; - ensure that compensation approvals are documented in writing in contemporaneous committee meeting minutes. In determining compensation to be paid for the 2022 tax year, the organizations hired an independent consultant to analyze the reasonableness of compensation to be paid to directors, executives, and certain key employees. The report was based on published survey data as well as form 990 data for comparable organizations. The consultant communicated the results of the report directly to the compensation committee. The committee approved compensation to certain executives and key employees, noting the approval was based on the committee's determination that compensation was reasonable. The committee then made a recommendation for review and approval by the boards for compensation to be paid to certain other executives. After considering recommendations from the compensation committee, the anne ray foundation board and mac foundation board approved compensation to board directors and certain executives, noting the approval was based on the boards' determination that compensation was reasonable. When necessary, board members were recused from approving compensation in accordance with the organizations' conflict of interest policy.”

“The organization posts its form 990 and audited financial statements to its website for public access. The organization also shared its form 990 and audited financials directly with each designated supported organization.”

“Book/tax difference in net income from investments 37,324,626. Other book/tax difference in expense 2,135,675. Return of grant funds -29,650.”