Community First Foundation

“The form 990 is prepared by the foundation's professional tax preparer and reviewed in detail by the foundation's cfo and accounting manager. A guided detail review is then presented to the foundation's audit and compliance committee by the foundation's professional tax preparer. Upon approval by the audit and compliance committee, the form 990 is presented to the foundation's board of directors, by the professional tax preparer. After presentation to and approval by the board of directors, the form 990 is filed with the internal revenue service.”

“The foundation has conflict of interest policies that require officers, directors, trustees, and all employees ("interested parties") to disclose any conflicts of interest. Interested parties must disclose conflicts to one of the board of directors (or specifically the chair of the board of directors), members of committees with board-delegated powers considering the proposed transaction or arrangement, or the ceo of the foundation if the conflict relates to a matter that does not require approval of the board of directors or a committee of the board. Depending on the person to whom the conflict of interest was reported, the foundation has a defined process to address the conflict with the appropriate decision making body. This process also prohibits the interested person from participating in discussion or voting on such matters.”

“President/ceo: the board of directors of community first foundation periodically commissions a salary study by a compensation and benefits consultant, on a schedule recommended by the independent consultant. In addition, the board reviews facts and circumstances of the foundation to evaluate the need to update the salary study on an interim basis. That salary study is used to establish the salary ranges for the president/ceo. At the beginning of each year, the executive committee of the board of directors and the president/ceo work to establish specific goals for the president/ceo and the organization within a framework established by the benefits consultant. Interim discussions related to monitoring progress and any modifications to the goals are held with both the executive committee and with the full board of directors. At the end of the year the president/ceo and the executive committee review performance against those established goals. Total annual compensation, which is benchmarked against the board-approved salary ranges, is then discussed and recommended to the board by the executive committee, based upon the actual performance of the president/ceo relative to the performance targets. The board deliberates on the recommendation of the executive committee and then determines total annual compensation of the president/ceo. No compensated individual is present during the deliberations. The board of directors maintains a contemporaneous written record of the compensation process including the data that was relied upon, a declaration of any conflicts in this deliberation and the results of this deliberation. The terms of the annual compensation package are documented in a written employment contract with the president/ceo. Senior management: the board of directors of community first foundation periodically commissions a salary study by a compensation and benefits consultant, on a schedule recommended by the independent consultant. In addition, the board reviews facts and circumstances of the foundation to evaluate the need to update the salary study on an interim basis. That salary study is used to establish the salary ranges for the senior management. Salary ranges are approved by the board, and the authority to set specific salaries within the approved ranges is delegated to the president/ceo. At the beginning of each year, the executive committee of the board of directors and the president/ceo work to establish specific goals for senior management and the organization within a framework established by the benefits consultant and approved by the board of directors. At the end of the year the president/ceo reviews performance of senior management against those established goals. Total annual compensation, which is benchmarked against the board-approved salary ranges, is then determined, based upon the actual performance of the senior management relative to the performance targets. The board of directors and the president/ceo maintain a contemporaneous written record of the compensation process including the data that was relied upon, a declaration of any conflicts in this deliberation and the results of this deliberation.”

“Forms 1023, 990 and 990t are available to the public upon request, in accordance with section 6104. The organization follows federal and state laws regarding public disclosure of other governing documents, conflict of interest policy and financial statements.”

“The executive committee shall consist of no less than five members, all of whom shall be members of the board of directors. The chair of the board of directors shall be the chair of the executive committee. The executive committee shall have the power to transact all regular business of the corporation during the period between meetings of the board, subject to any prior limitation imposed by the board, by the bylaws or by law. When action is taken by the executive committee, it will be reported to the board at the next meeting of the board. The executive committee shall periodically review, in keeping with standard corporate policy, the compensation and benefits of the president and such other officers of the corporation as designated by the board of directors. The executive committee shall also nominate persons to serve as directors, members of board committees and officers of this corporation.”

“Agency contributions -30,359,687. Agency grants 29,885,465. Unrelated business income/loss -85,171. Change in value of cash surrender policy 67,200.”