Hampton Roads Community Foundation

“A copy of form 990 is provided to all directors prior to filing. Upon receiving the copy of form 990, directors are given a specified time period during which they can contact the organization's chief financial officer to question or comment on any aspect of the form. The form is also reviewed by the audit committee before filing.”

“On a yearly basis, every employee, director, committee member and/or officer ("disclosing party") completes a disclosure statement which addresses possible conflicts of interest. The disclosing party must state all business relationships in to which that party or that party's immediate family member(s) have entered that might give rise to a possible conflict with the foundation. The disclosing party must also set forth all relationships with potential grantees by listing all charitable or civic involvement in which the party holds an official position such as a director or trustee, and all charitable and civic involvements in which the party holds an unofficial role such as a volunteer, advisor or advocate. The disclosing party is also reminded that if at any time he or she becomes aware of any conflict of interest, that conflict must be disclosed and abstention from voting should follow if appropriate. A list of disclosed possible conflicts of interest of both directors and staff members is distributed at the board of directors regularly scheduled meetings to serve as a reminder to all present. Further, if a business relationship conflict of interest exists pursuant to policy definition, the disclosing party, if a director, may not be present for debate and must abstain from voting on any action relating to that relationship. If a conflict of interest exists with a potential grantee, the disclosing party, if a director, may be present for debate but shall abstain from voting on any action relating to that grantee. If a conflict with a potential grantee exists between a potential grantee and staff member, that staff member may not serve as program officer in relation to that grant and the directors shall be informed of the conflict at the time the grant application is being considered.”

“The ceo's compensation is determined by the board in executive session after the board is presented with comparability data and has the opportunity to deliberate. In determining compensation for other employees, the president reviews comparability data and sets a total figure for compensation in connection with the budget process. The board's executive committee approves or modifies the budget which is then presented to the full board for consideration and adoption.”

“Audited financial statements and form 990 returns are available for viewing on the organization's web site. Our governing documents (articles of incorporation and bylaws), as well as our conflict of interest policy, are available for public inspection in our offices via a binder which is retained in a public space and labeled the "public access folder". Our offices are open generally 9:00 to 5:00 monday through friday. Staff members are aware of the location and availability of the public access folder.”

“Net assets released from restrictions -1,414,843. Changes in value of future interests 458,306. Current year change in funds held for others 289,315. Transfers - grant expense 468,000. New lease standard adjustment -55,631.”

“Part xii, line 1: the tax return is prepared using the modified accrual accounting method”

“Part xii, line 2c: process has not changed from prior year.”