Tb12 Foundation Inc.

“The foundation's board voted by written consent on november 11, 2024 to amend the articles & by-laws to state "the corporation shall have no corporate member".”

“The form 990 is prepared by the external auditors and reviewed by management. Once all are satisfied with the form, it is finalized and a copy is sent to all board members. At the subsequent board meeting, the members are asked if they have any questions or comments and a general review of the form is conducted by management. Revisions, corrections etc are made as necessary. Subsequent to this meeting, the form is submitted to the irs. The foundation filed its first tax return in 2015.”

“Each year the organization's conflict of interest policy is provided to all officers, directors and key employees. These people are asked to review the policy and sign a statement indicating that they understand the policy and have reported all potential conflicts during the past year in accordance with the policy and will report all potential conflicts during the coming year. All potential conflicts are evaluated by the board to determine if a conflict actually exists. In those instances where the potential transaction is a conflict, the board examines the transaction and a vote is taken (with those involved recusing themselves) as to whether the organization will enter into the transaction.”

“The annual process for determining compensation is as follows: tb12 foundation's board of directors will annually evaluate the executive director on his/her performance, and ask for his/her input on matters of performance and compensation. The executive committee will obtain research and information to make a recommendation to the full board for the compensation of the executive director (and other highly compensated employees or consultants) based on a review of comparability data. To approve the compensation for the executive director the board must document how it reached its decisions, including the data on which it relied, in minutes of the meeting during which the compensation was approved.”

“The organization makes its governing documents (articles of incorporation and by-laws), its conflict of interest policy and financial statements available upon request. The organization will mail copies upon request or provide copies to those who come to the administrative offices during normal business hours. The organization charges for the copies in accordance with irs regulations.”