Sonoma Land Trust

“Management oversees the preparation of the form 990, and reviews its content in detail. A final draft is turned over to the audit committee of the board for their review prior to dissemination to members of the board of directors. The final version is sent, via email or by hard copy, to all board members. Shortly thereafter (within one week) the form 990 is then filed with the irs.”

“Conflicts involving board members, the executive director and the chief financial officer 1) disclosure upon hiring, election or appointment. Upon or before election, hiring or appointment, each board member and staff member will sign a statement acknowledging that they have read and understood the policy and their duty to disclose potential conflicts of interest as they arise. This acknowledgement will be reaffirmed annually, in the course of meetings or activities, board and staff members will disclose any interests in a transaction or decision where they, their family and/or significant other, employer or close associates will receive a benefit or gain. 2) steps in evaluating potential conflicts. When an slt principal thinks he or she may have an actual or potential conflict of interest or the appearance of a conflict of interest, the slt principal shall disclose all material facts to the chairman of the board and/or the executive director. If following such a discussion the person with whom the board member or officer spoke believes there may be a conflict of interest and the slt principal wishes to proceed with the transaction or decision, the issue shall be brought before the full board or a committee thereof appointed for such purpose if the full board is unable to meet. The slt principal shall leave the board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide: (i) if the transaction or decision is in slt's best interest and for slt's benefit; (ii) if the transaction is fair and reasonable to slt; and (iii) whether or not slt will enter into the transaction or decision. If the board or committee (with the person in question not voting) concludes that proceeding with the transaction or decision would in any way be detrimental to the interest of slt, the slt principal shall either (a) not proceed with the transaction or decision, or (b) resign from the board or his or her position of employment. Conflicts involving other employees or volunteers when a volunteer or an employee other than the executive director and chief financial officer thinks he or she may have a conflict of interest or there is the potential for a situation where there may be an appearance of a conflict of interest, such person shall discuss the issue with the executive director. The executive director shall decide on the appropriate resolution of the transaction or decision consistent with the best interest of slt, its bylaws and applicable laws.”

“The governing board of directors, made up entirely of independent members, reviewed and approved the compensation of the executive director. They researched the compensation of the chief executive of other similar organizations, and looked at salary data from websites. They documented their deliberations and decisions of the board meeting where the determination and approval was made.”

“Governing documents, conflict of interest policy and audited financial statements are available to the public upon request.”

“Change in value of beneficial interest in trust assets 5,491.”

“Explanation: no change in the audit committee's oversight process.”