The Pegasus Project

“The president/ executive director of the organization distributes a pdf copy of 990 return to all finance committe members for initial review and comment. After the finance committee has approved the form 990 draft, the complete form 990 is presented to the board by the organizations lead officers with responsibility over the form 990s review thereafter, questions are taken and the form, its preparation, and its public relation impact is discussed before the form 990 is filed with the irs.”

“At each board and committee meeting, if there is a discussion of selecting or engaging a vendor or service provider, all in attendance are asked to recuse themselves from this discussion if there could be a perceived conflict. Annually, the organization reviews and discusses the conflict of interest policy and requests that each board member list and acknowledge any known conflicts.”

“The organization does not currently have any paid officers or key employees. However, a compensation policy is in place that provides for executive and staff compensation to be determined by performance, skills, competencies and developmental growth of the organization. Adjustments to salary are based on changes in the marketplace and job performance, along with structured performance evaluations. Comparative information will be used to determine appropriatness of marketplace compensation, based on the compensation of individuals in like positions , in comparable organizations using forms 990, compensation studies, and other available data. The board or committee would then approve any changes to the compensation agreement based on this information.”

“The organization will provide in a timely manner, copies of all governing documents including its conflict of interest policies and financial statements when requested in writing or in person.”

“The board of directors have assigned members to an finance committee to oversee the financial statement review and select the independent auditor.”