National Park Foundation

“THE ORGANIZATION IS NOT REQUIRED TO FILE A FORM 990 WITH THE INTERNAL REVENUE SERVICE PURSUANT TO ITS IRS DETERMINATION LETTER; HOWEVER, IN 2013, THE BOARD ELECTED TO BEGIN FILING ON A VOLUNTARY BASIS AND WILL CONTINUE TO DO SO IN THE FUTURE. THE 990 FORM DRAFTS ARE REVIEWED BY THE CEO, coo, CFO, AND CONTROLLER AS WELL AS SVP OF GRANTS AND PROGRAMS, SVP OF philanthropy, svp of partnerships, AND SVP OF MARKETING, COMMUNICATIONS AND CORPORATE PARTNERSHIPS. THE AUDIT COMMITTEE REVIEWS THE 990 AND SUGGESTS EDITS WHERE NECESSARY. ONCE APPROVED, THE 990 IS SENT TO THE FULL BOARD PRIOR TO SUBMITTING IT TO THE IRS. EACH MEMBER OF THE BOARD OF DIRECTORS WILL RECEIVE A COPY OF THE FORM 990 INCLUDING SIGNIFICANT SCHEDULES PRIOR TO THE SUBMISSION OF THE FORM TO THE INTERNAL REVENUE SERVICE. THE FORM 990 WILL NOT BE FILED UNTIL ALL MEMBERS OF THE BOARD HAVE REVIEWED THE COMPLETE FORM 990.”

“if an individual has a conflict of interest or potential conflict of interest in connection with any foundation transaction or matter, the individual must immediately notify the president, CHAIR OF THE BOARD, OR CHAIR OF THE GOVERNANCE center and disclose all the material facts concerning the actual or potential conflict of interest and his or her relationship to the transaction or matter at issue. If the conflict of interest arises in connection with the activities of any deliberative body (e.g., the board of directors, committee of the board), the individual with the conflict must immediately disclose the conflict to the other members of the body and the individual must not participate in the deliberation, consideration, or vote on the transaction or matter at issue. A notation must be made in the minutes of any meeting at which deliberation, consideration, or vote on the transaction or matter at issue is undertaken indicating that the individual with a conflict or potential conflict of interest was excused from the meeting during the time that consideration of the transaction or matter was undertaken, took no part in any discussion pertaining to the transaction or matter, and refrained from voting on the transaction or matter. The foundation has instituted a mandatory disclosure policy under which each of the following categories of individuals will be required on an annual basis to sign and submit a mandatory disclosure statement to the President or vice chair: 1. Board of directors. 2. Officers. 3. Other specific appointees as designated by the president or the board of directors. The president shall maintain and annually update a file of mandatory disclosure statements signed by each above-named individual.”

“the compensation committee regularly conducts reviews of compensation for the president/CEO. The committee uses various resources for determining comparable data during the deliberation and decision process.”

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

“The foundation accepted certain property during the fiscal year ended september 30, 2015 and transferred the title of the property to the national park service during the fiscal year ended september 30, 2016. The property was originally valued and recorded at $6,850,000. Prior to the issuance of the september 30, 2017 financial statements, management was informed that the contributed property included, in addition to land, several buildings and extensive land improvements with a fair value of $32,840,000 when received and $33,770,000 when transferred to the national park service. The fair values were based on independent appraisals. As a result, management increased temporarily restricted net assets as of september 30, 2015 by $32,840,000, and restated the accompanying statement of activities for the year ended september 30, 2016 for the effect of the revised valuations. There was no effect on the foundation's statement of activities for the year ended september 30, 2017. In addition, there was no effect on the foundation's statements of financial position as of september 30, 2016 and 2017.”

“The audit oversight process has remained unchanged from the previous year.”