Foundation for Advanced Education in the Sciences Inc.

“Faes has an executive committee (ec), audit committee (ac), and investment committee (ic). The executive committee is composed of the five officers of the governing board, and makes decisions needing board guidance/input, but not a full board vote, such as the review and approval of the chief executive officer's salary. The audit committee is composed of the treasurer and a mix of board directors and outside (non-board, non-employee) members with relevant experience/expertise. In fy2019, the ac had 6 members including the treasurer, 1 director and 4 outside members. The ac oversees the audit process, including selection of an audit firm. The ac reviews the audited financial statements, auditor communication letters, and the form 990. The investment committee is composed of 3 officers (president, treasurer, and 1 vice president), 1 board director, and 3 outside (non-board, non-employee) members with relevant experience/expertise. The ic oversees investment assets, including selection of an investment firm, determination of investment policy/strategy, and execution of investment decisions.”

“Membership in the faes consists of board directors, ex-officio members and all members of the faes advisory committees. Only board directors have voting authority, outside of election voting.”

“All members have voting privileges to elect the board of directors and officers.”

“Faes hires an independent accounting firm to prepare the federal form 990. The draft federal form 990 is reviewed by the executive director, the controller, and audit committee. Copies of the federal form 990 are also provided to the board of directors before filing with the internal revenue service.”

“Every director, principal officer and member of a committee with board delegated powers are asked to sign a statement on an annual basis which affirms that he/she has received a copy of the conflict of interest policy, reads and understands the policy, agrees to comply with the policy, and understands that faes is a charitable organizations who must engage primarily in activities which accomplishes its tax-exempt purpose. To ensure that faes operates in a manner consistent with its charitable purposes and that it does not engage in activities that could jeopardize its status as an organization exempt from federal income tax, periodic reviews are conducted. If the board or committee members determine that a conflict of interest exists, they recuse themselves from that conversation.”

“On an annual basis, the executive committee reviews and approves compensation for officers and key employees based on performance reviews and comparable data which includes compensation surveys, studies, and the form 990 of other organizations. The president's compensation for substantially participating in the management of the organization and its programs is approved by the executive committee and permitted in the faes by-laws. Any officer or employee on the executive committee is recused from the discussions and decisions regarding their own compensation. The executive committee ensures contemporaneous substantiation of the deliberation and decisions.”

“The audited financial statements, conflict of interest policy, and other governing documents are available upon request.”

“Bad debt expense -119,846.”