Foundation for Rural Service

“An executive committee may be appointed by the foundation's board of directors with the authority to manage the affairs of the foundation between meetings of the board. If appointed, the executive committee is comprised of the foundation's officers.”

“A copy of the 990 is reviewed by the foundation manager with the assistance of the chief financial officer, chief executive officer and director of finance prior to filing. After approval, it is signed by the foundation manager.”

“The foundation's conflict-of-interest policy is reviewed annually. All staff and the board of directors are required to sign off indicating adherence to the policy. Throughout the year, management is required to report any violations of the policy to the chief executive officer. When a person becomes aware of an actual or potential conflict, they disclose all relevant information to the board chair or vice chair, remove themselves from all discussions of the matter, and remove themselves from all votes on the matter. The board may vote to enter the transaction if it determines that the transaction is in the foundation's best interest. All relevant information is documented in the meeting minutes. If a person violates the foundation's conflict of interest policy, they inform the board chair and the foundation general counsel, who take appropriate action.”

“The chief executive officer's compensation is reviewed by an independent compensation consultant that does a comparison of like positions in the area and presents the study to the NTCA board for approval. This process is documented in the board meeting minutes. This process was last conducted in 2018. However, the annual salary increase and bonus for the CEO are approved by the board every year while the independent consultant study is being done once every five years. Other officers key employees' compensation is reviewed by a compensation consultant every five years. Changes in compensation are presented and approved by the chief executive officer. This process was last reviewed internally by the association in 2020.”

“The foundation's governing documents, conflict of interest policy and the financial statements are made available to the public upon request.”

“The compensated officers listed in Form 990, Part VII were compensated through National Telecommunications Cooperative Association. The hours per week indicated in Form 990, Part VII for these officers re for National Telecommunications Cooperative Association and its related entities and trust.”

“(Expenses $ 352,665 including grants of $ 169,472) Other Program Services”

“Other Adjustments - -551; Total - -551;”

“This process has not changed from the prior year.”