Ncfc Education Foundation

“The foundation has a board of trustees, the majority of which are elected or appointed by the ncfc council. The remainder of the board is appointed by board members themselves. In the event of the death, removal from office, or resignation of a trustee elected or appointed by the board of ncfc or its designee, a successor to fill such vacancy shall be designated by the board of directors of ncfc, or by such officers of ncfc, acting in their official capacity, as the board of directors of ncfc shall so designate. Successor trustees for trustees not elected or appointed by ncfc or its designee shall be designated by the board of trustees of the corporation. Any trustee may at any time be removed from office with or without cause by the entity authorized to designate the successor to such trustee.”

“There is no committee with authority to act on behalf of the governing body.”

“The form 990 is prepared by an outside public accounting firm based on information provided by management. Once a draft of the filing is available, the return is reviewed by the treasurer, audit committee, and board members prior to submission to the irs.”

“The conflict of interest policy of the organization covers all trustess and officers of the organization. In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the trustees considering the proposed transaction or arrangement. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the governing board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining trustees or committee members shall decide if a conflict of interest exists. When a conflict of interest is identified, an interested person may make a presentation at the governing board or committee meeting, but after the presentation, he/she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. The chairperson of the governing board or committee shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. After exercising due diligence, the governing board or committee shall determine whether the foundation 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 possible under circumstances not producing a conflict of interest, the governing board or committee shall determine by a majority vote of the disinterested trustees whether the transaction or arrangement is in the foundation's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination it shall make its decision as to whether to enter into the transaction or arrangement.”

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