Lawrence Public Library Friends And

“Each year when the finance committee meets to review the third quarter performance of the library foundation endowed funds, it will recommend distributions of up to 5% for the following year. Projections for annual distributions will be based on third quarter performance and then adjusted when the year-end statement is received. The finance committee will make these projections based on a 12-quarter rolling average for each fund as the data becomes available.annual distributions from the library foundation's unrestricted endowment will consist of up to half of the accumulated annual gain. This policy will be reevaluated once the unrestricted fund reaches $2 million in assets. In years for which there is no annual gain, the library foundation board has the discretion to make a distribution based on the needs of the library.”

“The finance committee reviews form 990 and the library foundation board approves it.”

“The Lawrence Public Library Foundations conflict of interest policy requires board members and staff to disclose any conflict they might have with people or organizations that may reasonably affect the decision making process of the Lawrence Public Library Foundation. Each board member and senior staff must sign a Disclosure and Confidentiality Statement when they join the Foundation which accepts his/her duty to disclose any actual or potential conflict of interest and protect confidential information. Board members are required to disclose the nature of the conflict to the board or Executive Director. If the board determines there is a conflict, the affected board member shall not participate in the discussion. The policy also outlines a process if a board member does not disclose his/her conflict of interest.”

“The kansas annual report is posted on the website. Www.lawrencepubliclibraryfoundation.org”

“The process for reviewing the audited financial statements has not changed from the prior year.”

“The Executive Director is a full-time employee of the Lawrence Public Library, an unrelated organization. The board considers a merit based bonus each year for the Executive Director, paid directly to the library as a compensation reimbursement. The amount of reimbursement for the Executive Director's management compensation is shown on Part IX Line 11a column (C).”