Young Mens Christian Association of the Virginia Peninsulas

“Our board of directors consists of local business professionals. The industry mix consists of banking, investment, law, construction, and local government to name a few. It is probable that a majority of the members patronize the businesses represented on the board. However, we are not aware of any relationship where one individual would be able to exercise influence over another when dealing with the business of our ymca. To add, independent committees are utilized to determine recommendations to the board regarding financial and legal matters.”

“Board review of form 990 the audit & finance committee is charged with monitoring and guiding the financial activity of the peninsula metropolitan ymca. The committee reviews the balance sheet and income statement of the organization on a monthly basis, and reports to the full board regularly. This committee is responsible for engaging an accounting firm to audit each fiscal year's financial statement and prepare the related tax returns. Each member of the board of directors receives a copy of the audited financial statements and a draft copy of the form 990. An audit & finance committee meeting is scheduled and held. All members of the board of directors are invited to this meeting to answer questions regarding the tax return. During a portion of the meeting, representatives from the accounting firm as well as staff of the peninsula metropolitan ymca answer questions on the previously received draft tax return. The tax return is filed once the audit & finance committee is satisfied and accepts the draft.”

“Conflict of interest: monitoring compliance our conflict of interest policy and whistleblower policy are disseminated to the board of directors on an annual basis. A follow up survey documenting policy receipt as well as any conflict of interest disclosures is used to track the specifics of member acknowledgement. The executive committee of the peninsula metropolitan ymca reviews the compiled output of this survey on an annual basis. During board of directors meetings, the question of conflict of interest is asked before a vote is called.”

“To ensure that the peninsula metropolitan ymca remains in compliance with irs rules on intermediate sanctions/excessive compensation, the ymca's board of directors has appointed an executive compensation committee. This committee conducts an independent review of the total compensation of senior executives and other "disqualified persons", if any. Compensation committee structure: members are appointed by the ymca's board of directors members have a predetermined rotation on the committee committee is comprised of four (4) independent directors free from any conflict of interest members are free of any relationships with the ymca or its management that may impair the committee member's ability to make independent judgments, e.g.: employment relationships business relationships close personal relationships between executives and board members meeting is held annually after senior executives' annual review and compensation change. Materials/documentation are provided to committee members one week prior to the meeting to provide adequate time for review. Members are provided with: salary history benefit history rank and file salary increases comparability data of like-sized organizations locally and regionally, e.g., sullivan cotter ymca survey, guidestar compensation report members review: executive's performance and recommendation of the executive committee for ceo compensation and benefits. Organization's performance including financial and mission related performance. Ceo's salary recommendations for other key positions, including the coo and cfo. The decision making process is documented at the time of approval and complete documentation package/minutes are filed in the hr department. Committee provides committee report to the board of directors.”

“Our audited financial statements and irs form 990 are available on our website. Our governing documents and conflict of interest policy are available to the public upon request. Requests are accepted via telephone, email, and our website. Requests made at the branch level are forwarded to the corporate office, where they are fulfilled. Our ymca also provides this information to granting organizations, government entities, and financial institutions on a regular basis.”

“Unrealized gain on hedged interest rate swap 110,151.”

“One of the duties of the audit & finance committee is to engage an accounting firm to audit each fiscal year's financial statement and prepare the related tax returns”