Csbs Education Foundation

“All members of the Foundation's Board of Trustees are chosen by the Conference of State Bank Supervisors, Inc., a related 501(c)(3) organization.”

“The annual budget and any proposed changes to the bylaws are reviewed and approved by the CSBS Board of Directors.”

“The Foundation's Form 990 is thoroughly reviewed by the management team before the return is signed and filed. The Foundation also posts the 990 on the Board's website and emails the members of the Board on how to access it.”

“Each year, all employees and trustees are required to complete disclosure forms regarding any potential conflicts in vendor relationships, or relationships with other organizations, or any family relationships with vendors, other employees or other organizations. The organization also has policies in place to require bids before vendors are selected when contracts are over the amount of $10,000, and the bid summary form requires disclosure of any personal or family relationship with a bidder.”

“Csbs education foundation does not have its own employees; instead, employees of the conference of state bank supervisors (csbs) are contracted out to work on foundation activities, and the foundation reimburses csbs for these employees at cost. Thus, employees working on foundation activities are subject to csbs' formal policy for determining compensation, which states that the process for determining the compensation of its officers and key employees shall include (1) review and approval by the compensation committee of csbs, (2) use of data as to comparable compensation, and (3) contemporaneous documentation and recordkeeping. The personnel and compensation committee of the csbs board of directors has been established in its bylaws as a standing committee, which defines that the committee's purpose is to recommend salary ranges and compensation for csbs staff to the board of directors for approval and to conduct an annual performance appraisal of the president/ceo.”

“Csbs education foundation does not issue separate audited financial statements; rather, it is consolidated within csbs' audited financial statements. Csbs does not make its audited financial statements available to the public in any form outside of the form 990. Csbs education foundation also does not make its governing documents or conflict of interest policy publicly available. However, csbs education foundation would consider any requests received from the general public for such documents.”

“The audit review process has remained unchanged from the prior year.”