National Archives Foundation

“The draft form 990 was prepared by the outside accountants and reviewed by the executive director and the director of finance. Upon the determination of the accuracy of the draft, it was sent to the audit committee for approval. Once approved by the committee, the final form 990 was distributed to the entire board of directors and then filed with the irs.”

“The conflict of interest policy is reviewed by each member of the board of directors and a conflict of interest compliance statement is signed annually. The employees review the policy and sign a complinace statement upon hire and during an annual performance review. Upon the first knowledge by an interested person that naf, the board or a committee is considering or has considered a transaction or arrangement with an entity or individual with which the interested person has an interest, the interested person discloses the existence and nature of his/her interest to the committee. The interested person also recuses himself/herself from voting on this matter.”

“The executive director and the director of finance conduct salary research on comparable industry and similar-sized nonprofit organizations. The findings of these results are presented to officers of the board for recommendations and the process is documented. A similar process is conducted annually by the executive director for the director of finance of the organization, along with other directors of the foundation. All reviews are documented and placed into the respective personnel file. The last salary review took place in june 2020.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Design services: program service expenses 1,700. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,700. Facility and security: program service expenses 27,065. Management and general expenses 0. Fundraising expenses 61,337. Total expenses 88,402. Other professional fees: program service expenses 544,460. Management and general expenses 43,293. Fundraising expenses 61,317. Total expenses 649,070.”

“On may 5, 2020, the foundation received loan proceeds in the amount of $457,255 under the paycheck protection program. The promissory note calls for monthly principal and interest payments amortized over the term of the promissory note with a deferral of payments for the first six months. Under the coronavirus aid, relief, and economic security act (cares act), the promissory note may be forgiven by the small business administration in whole or in part. The foundation intends to use the proceeds for purposes consistent with the paycheck protection program and believes that its use of the loan proceeds will meet the conditions for forgiveness of the loan. The foundation intends to apply for forgiveness after completing the 24 week period. If forgiveness is granted, the foundation will record revenue from debt extinguishment during the period that forgiveness was approved. Subsequent to year-end, the loan was forgiven.”