The Naval Institute Foundation Inc

“The naval institute foundation is a type i supporting organization whose governing body is appointed by the board of directors of the institute, the supported organization.”

“The board of directors of the institute, the supported organization, is responsible for filling vacancies for both trustees and officers, the removal of trustees (if necessary), the appointment of the chair and vice-chair, and the amending of bylaws.”

“The form 990 is completed on an annual basis with copies being provided to the trustee board, the audit committee of the board of directors of the institute, and the ceo of the organization for review. Once all necessary changes are made, it will be signed by the treasurer and dated and submitted by the filing deadline. A final copy of the approved form 990 will be provided to all officers and directors at the time it is filed.”

“The naval institute foundation has adopted the conflict of interest policy of the united states naval institute which covers any director, officer, member of a committee with board-delegated powers, or key employee. In connection with any actual or possible conflicts of interest, an interested person must disclose the existence of his or her financial interest, the nature of such interest, and all material facts to the board of directors of the institute (the "board") or to any special committees with board delegated powers (e.g., conflicts or compensation committees) considering the proposed transaction or arrangement. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, the interested person shall excuse himself or herself from the board or committee meeting while the determination of whether a conflict of interest exists is discussed and voted upon. The remaining board or committee members shall determine whether a conflict of interest exists. An interested person may make a presentation at the board or committee meeting, but after such presentation, the interested person shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement that results in the possible conflict of interest. The board or the committee shall undertake, or appoint a disinterested person or committee to undertake, an appropriate due diligence investigation, including an analysis of all material facts related to the possible conflict of interest, collection of data on comparable arrangements or transactions, and the development and investigation of alternatives to the proposed transaction or arrangement. After exercising due diligence, the board or committee shall determine whether the institute can obtain, with reasonable efforts, a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. If a more advantageous transaction or arrangement is not reasonably attainable under circumstances that would not give rise to a conflict of interest, the board or committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the institute's best interest and for its own benefit and charitable purposes and whether the transaction is fair and reasonable to the institute, and shall make its decision as to whether to enter into the transaction or arrangement in conformity with such determinations. The minutes of the board and any special committee with board delegated powers shall contain the following: the names of the persons who disclosed or otherwise were found to have a financial interest in connection with an actual or possible conflict of interest, the nature of the financial interest, any action taken to determine whether a conflict of interest was present, and the decision of the board or committee as to whether a conflict of interest exists; the names of the persons who were present for discussions and votes relating to the transaction or arrangement, the content of the discussion, including any alternatives to the proposed transaction or arrangement, and a record of any votes taken in connection therewith.”

“Governing documents: available to members of the institute on the website, all others upon request. Conflict of interest policy: by request financial statements: available to members of the institute on the website, all others upon request.”

“Reserve for pledges -34,424.”