South Jersey Aquatic Club

“Peter holcroft, shawn watson and scott peters, directors, have a business relationship.”

“There are no committees of the board for which meeting minutes would be kept.”

“The 990 is prepared by an outside accountant and the draft is reviewed by peter holcroft (board president), shawn watson (board treasurer), and kristen holcroft (business administrator) after changes are made and the draft is approved, a copy is sent to the full board for their review and approval prior to filing.”

“An interested person must disclose any actual or possible conflicts of interest and must be given the opportunity to disclose all material facts to the directors. All directors and employees have a continuing obligation to disclose any actual or potential conflicts of interest whenever such situations arise. Each director and officer as well as every employee, member of an advisory team, and consultant holding a position of responsibility and trust on behalf of the organization shall annually review, and if necessary update, their disclosures. After disclosure of the actual or possible conflicts of interests and all material facts, and after any discussion with the interested person, the directors shall determine whether a conflict exists. In the event a director is the interested person, the interested person shall abstain from participating in any decision where the conflict is involved. (a)an interested person may make a presentation to the directors either at a directors' meeting or in such other manner as may be requested by the directors. If such presentation is made at a directors' meeting, such person shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement or contractual agreement that gives rise to the actual or possible conflict of interest. (b)the directors shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction, arrangement, or agreement. (c)after exercising due diligence, the directors shall determine whether the organization can obtain a more advantageous transaction, arrangement, or agreement with reasonable efforts from a person or entity that would not give rise to a conflict of interest. (d)if a more advantageous transaction, arrangement, or agreement is not reasonably attainable under circumstances that would not give rise to a conflict of interest, the directors shall determine whether the transaction, arrangement, or agreement is in the organization's best interest and for its own benefit and whether the transaction is fair and reasonable to the organization. The directors shall make a decision as to whether to enter into the transaction, arrangement, or agreement in conformity with such determination. If a director is an interested person, such director shall abstain from participating in such a determination.”

“The president's compensation was based on what local competitors are paying. The compensation amount was discussed and approved by the board.”

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