Polk State College Foundation Inc

“The executive committee shall consist of the officers of the board, the representative of the district board of trustees, and the president of the college (or the president's designee). The chair of the board shall be chair of the executive committee. A majority of the executive committee present at a meeting shall constitute a quorum for the transaction of any business that may come before them. All resolutions shall be determined by a majority vote. The executive committee shall meet at the call of the chair of the board. The executive committee shall have and may exercise all powers and authority of the board subject only to the restrictions or limitations specified by the bylaws; however, the executive committee shall not have the authority to alter, amend, or repeal the bylaws or to suspend or terminate the membership of any directors.”

“The form 990 is prepared by the organization's public accounting firm based on data supplied by the organization. Once a review is performed by management of the organization, the form 990 is presented to the board of directors for their final review and approval.”

“1. Presumed conflicts of interest: for purposes of this policy, a conflict of interest is presumed to arise when the foundation has or is considering a transaction or other business relationship with a director a director's family member (defined to include a spouse, child or household member) or with an outside entity in which the director or family member has a material financial interest. A financial interest is presumed to be material if it entails: any ownership or investment interest (including stock, options, a partnership interest or any other ownership or investment interest) valued at more than $10,000, except equity in a publicly traded company amounting to less than a five (5) percent ownership interest in the company; receipt of non-dividend compensation (including salary, consulting fees, royalty payments or other remuneration) of more than $10,000 in any 12-month period in the past three years, or the expectation of such compensation in the future; real property, personal property, intellectual property or any other interest valued at $10,000 or more; a position of real or apparent authority in an outside entity, such as director, officer, director, or partner. A director is not deemed to have a material financial interest in a publicly traded entity by reason of an investment in that entity by another publicly traded entity, such as through a mutual fund, of which the director does not control investment decisions. A conflict of interest may also arise when a director or family member has or is considering an investment in an entity, such as a fund or partnership, that is not publicly traded and in which the foundation has or is considering an investment. Because such parallel investments may create at least an appearance that the director is benefiting from the foundation's participation in the entity, directors should promptly disclose to the board any material financial interest in any such entity in which the director otherwise knows the foundation has or is considering an investment. Ordinarily, the director should not participate in any decision of the board or of any board committee regarding such investment by the foundation; such participation may, however, be permitted upon a finding, by vote of two-thirds of the directors present at a duly constituted board meeting, that the interests of the foundation fully warrant such participation. 2. Disclosure of financial interests: a director who has a known material financial interest in a pending or proposed transaction or business arrangement involving the foundation shall promptly disclose to the board the existence of the interest and other material information that the director may have regarding the transaction or arrangement. In addition, each director shall annually sign and submit to the secretary of the foundation a statement disclosing all material financial interests, known to the director, of the director or a family member, in any outside entity with which the director knows the foundation has or is considering a transaction or other business relationship, or affirming that the director knows of no such interests. 3. Determination whether conflict of interest exists: the secretary shall review annual disclosure statements to determine whether a material financial interest has been disclosed. If a material financial interest has been disclosed, the secretary shall promptly submit to the chair of the board finance committee or, if the interests involve the chair of the finance committee, another member of the finance committee, such disclosure forms together with any additional information about the current or proposed transaction or business relationship that may give rise to a conflict of interest that the secretary in consultation with the finance committee believes may be informative. The finance committee shall review the matter and determine whether there is a conflict of interest. If the interests being reviewed involve a member of the fin”

“The foundation makes its governing documents, financial statements, tax returns, and other information available to the public upon request. Normally, the foundation emails the information to the person or organization requesting it. The information may be viewed in the foundation offices or mailed, if preferred by the requesting parties.”

“Beneficial interest in trust 14,127.”