Beckman Endowment Fund

“Each contributor to the Beckman Catholic Endowment Fund shall be considered a voting shareholder regardless to the amount of the contribution; entitled to one vote per family. Family shall include husband and wife and children under the age of 18. Each shareholder is entitled to participate in the annual meeting of the corporation.”

“Each of the five parishes of the Beckman School system; St. Francis Xavier, Dyersville; St. Boniface, New Vienna; St. Joseph, Earlville; St. Paul, Worthington; Sts. Peter & Paul, Petersburg shall be entitled to at least one member on the Board of Directors. If a system parish is unable to provide a parishioner to fill such seat at the time of election, such seat shall be filled as an at-large seat for said term. The Pastoral Coordinator (formally known as Executive Coordinator) of Beckman Catholic High School shall be entitled to appointment as a member of the board of directors. The remaining directors shall be considered at-large positions.”

“The Organization does not have committees with authority to act on behalf of the governing body.”

“The Form 990 is reviewed by the Treasurer and Board of Directors at their board meeting prior to filing. The 990 presented to the Board of Directors does not include the names on Schedule B as some of the individuals wish to remain anonymous.”

“The policy is reviewed and completed on an annual basis. The full board will review any potential conflict whether through the annual reporting or when a conflict arises. Any board member with a conflict will not be able to vote on the matter and may be asked to leave the meeting.”

“The Organization's governing documents, conflict of interest policy, and financial statements are made available to the public upon request.”

“Beckman Endowment Fund uses a modified cash basis method of accounting. Under the cash basis method of accounting, revenue and the related assets are recognized when received rather than when earned. Certain expenses are recognized when paid rather than when the obligation is incurred year end reporting of fixed assets, depreciation expense, capital leases, and notes payable result in the modified cash basis method of accounting.”

“The Organization's Board of Director's assumes the responsibility for oversight of the compilation of its financial statements and selection of an independent accountant.”