Gulf Coast Community Foundation Inc.

“The organization's amended and restated bylaws were recommended by a governance committee motion passed on april 6, 2017 and adopted by the board of directors on april 18, 2017. Added: section 1.3. Corporate purpose. In addition to the purposes described in the corporation's articles of incorporation, the corporation is organized exclusively for charitable, scientific or educational purposes within the meaning of section 501 (c) (3) of the internal revenue code of 1986, as amended (or the corresponding provision of any future united states internal revenue law) (the "internal revenue code"), and, in furtherance of these purposes, the corporation may: a) raise funds from the public and from all other sources available; receive and maintain such funds and expend principal and income there from; and b) establish, operate, promote, or make grants for various programs designed to fulfill the charitable, educational, scientific, religious, and cultural needs of the city of venice and the surrounding communities. Section 3.1 has been revised in regards to board members who begin thir term on march 1, and now reads: section 3.1. Number, qualifications and term of office. The board of directors shall consist of not less than nine and not more than 19 persons, including the president | ceo who shall serve as a non-voting ex-officio member. The number of directors may be increased or decreased from time to time by vote of a majority of the directors. If a director is elected to a term that begins on march 1, that director, except one appointed to fill a vacancy, shall be elected to serve a three-year, four-month term or until his or her successor shall be elected and shall qualify, or until his or her earlier resignation, removal from office, or death. No individual elected to a term that begins on march 1 may serve more than nine years and four months as a director of the corporation. If a director is elected to a term that begins on july 1, that director, except one appointed to fill a vacancy, shall be elected to serve a three-year term or until his or her successor shall be elected and shall qualify, or until his or her earlier resignation, removal from office, or death. No individual elected to a term that begins on july 1 may serve more than nine years as a director of the corporation. Description of the duties of the board chair has been revised to include establishing committees as needed and assigning committee members.”

“After the form 990 is prepared it is posted to the board message center for all board members for review. The form 990 is reviewed by the cfo before being presented to the finance committee for approval.”

“All employees and board members are required to complete conflict of interest disclosure statements, which are reviewed annually by the chief of staff.”

“There is a compensation committee that annually reviews the compensation of the ceo and all key employees and compares it to market studies prior to making a recommendation.”

“The organization makes its governing documents, conflict of interest policy and audited financial statements available on the foundation's website and upon request.”

“Volunteers assist the staff with site visits after a grant has been completed to help in determining the success of the grant. Volunteers also assist in the scholarship application review process. In addition, the foundation has 16 independent, volunteer board members.”

“Change in value of split interest agreements -330,549. Net agency fund activity reported as a change in liability per the fs's -16,871. Net investment (income) loss reported on schedule k-1's received -51,493. Impairment of amounts due from related organizations -12,283,810.”

“An audit committee is charged with general oversight of the audit process. Recommendations are made on selection of audit firms with overall approval made by the board.”