Acmg Foundation for Genetic and Genomic Medicine

“The form 990 was prepared by the outside accountants and reviewed by the senior finance manager. A copy of the form 990 was sent to the board of directors prior to filing with the irs.”

“Conflict of interest forms are annually completed by all employees, directors and committee members. The president and committee chairs ask for disclosures at meetings. If a director has a disclosure, s/he is asked to leave the room during discussion of a conflicted issue.”

“The executive director's salary is reviewed each year by the president of the acmg, the president of the acmg foundation, and the immediate past president of acmg. They recommend salary increases to the board of directors for approval. The director of administration's salary is recommended by the executive director, approved by the three presidents and sent for board approval. The board approves the entire salary pool for acmg/acmg foundation during the budget approval process each year. The executive director has a written employment contract which is signed every three to five years. In the salary review process, the executive committee compares the executive director's salary to those in the genetics industry as well as to salaries in similar organizations through salary reports and 990s. The three presidents are chairs of their departments and/or deans and have comparable salary information from their universities that are also used. Correspondence is sent to acmg/acmg foundation's human resource department for filing in salary records. The last compensation review took place in january 2018.”

“Copies of the organization's governing documents, conflict of interest policy and financial statements are available upon request.”

“On may 14, 2020, the foundation received loan proceeds in the amount of $643,467 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 ten months after the last day of the covered period. 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 applied for forgiveness after completing the 24-week period. On march 9, 2021, the foundation received full forgiveness of this loan.”