Mathcounts Foundation

“The Foundation contracted with Insperity PEO Services, L.P. ("Insperity") as their professional employer organization. Insperity files all required federal employment returns.”

“The Executive Director submits a draft form 990 to the Board of Directors for review. The Board of Directors then votes on whether to file form 990 as is, or request changes.”

“Each year at the fall board meeting, the conflict of interest policy is discussed by the full board and each member is asked to review and sign the policy.”

“The Personnel Committee annually reviews the performance of the Executive Director, and then deliberates as a group to determine compensation. The Committee is provided with independent salary survey data to determine comparability of the compensation package.”

“MATHCOUNTS makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“In prior years, MATHCOUNTS reported the total amount paid to Insperity, a professional employer organization (PEO), in Part VII, Section B. This total included staff compensation, benefits and payroll taxes, in addition to the payroll administration and HR services. Since MATHCOUNTS is the common law employer, and compensation and benefits paid by the PEO are reported on Form 990, Part VII, Section A, and Part IX, Lines 5-10, it is more accurate to only include in Part VII, Section B fees paid to the PEO for payroll administration and HR services. The total amount paid for these services is under the $100k threshold for reporting in Part VII, Section B. Therefore. Insperity is no longer included in the listing.”

“The organization does not have any unrelated business income reported in Part VIII. As such, Line 7a is -0-. Federal Form 990-T was filed to report the increase in unrelated business taxable income from disallowed qualified transportation fringe benefits under the new Internal Revenue Code Section 512(a)(7). Line 7b reflects the net unrelated business taxable income reported on Line 34 of Form 990-T for these benefits between January 1, 2018 - July 31, 2018”

“Mathcounts has a Budget and Finance Committee tasked with reviewing and approving the audit, financial statements, and annual budget. The process has not changed from last year.”