Foundation for Management Education in Central America

“The day-to-day operations of the organization are managed by slesinger management services, in consultation with the board. Larry slesinger, the proprietor of the management company, received $90,000 for his services.”

“No committees have the authority to act on behalf of the board.”

“The form 990 is prepared by an accounting firm, and the draft is reviewed by the administrator, the board president and treasurer. The updated draft is then forwarded to board members for review and comments prior to filing with the irs.”

“On an annual basis, each board member is to review and sign a conflict of interest form which discloses any known or potential conflicts. The signed form is collected by the administrator and reviewed by the board president and treasurer. Per the policy, if a conflict is identified, while the conflict is under review, the official may not debate, vote, or otherwise participate in the determination as to whether the conflict materially and adversely affects the interests of the foundation. The board shall determine an appropriate remedy which may include recusal of the conflicted official from participating in certain matters pending before the board or other foundation body. Slesinger management is responsible for collecting the conflict of interest forms on an annual basis and bringing any potential conflicts of interest as identified on the forms to the board's attention immediately. The board of directors will determine whether or not a conflict of interest exists, and whether or not such conflict materially and adversely affects the interests of fmeca. A covered official whose potential conflict is under review may not debate, vote, or otherwise participate in such determination. If the board of directors determines that an actual or potential conflict of interest does exist, the board shall also determine an appropriate remedy. Such remedy may include, for example, the recusal of the conflicted covered official from participating in certain matters pending before the board or other fmeca body.”

“Not applicable as there are no employees and the board officers do not receive any compensation. Larry slesinger, the deputy secretary and treasurer, acting through slesinger management services, is compensated for his managment duties, see separate note in schedule o. The board decides every three years how much to pay per year for management services. The board decides annually whether to continue the agreement for the following year, i.e. The agreement can be terminated at any time, despite having already determined the payments for a three-year period. The fee for the administrator's management services was confirmed most recently at the november 2023 board meeting.”

“Governing documents, conflict of interest policy, and financial statements are available to the public upon request.”

“Change in value of limited partnership 33,256.”

“During 2012, the foundation received as a gift an ownership interest in a limited partenership. The foundation did not initially record this investment on its books. The foundation is now correcting this error by increasing its beginning net assets by $781,687 to record the fair value of the partnership investment as of january 1, 2023.”