Volusia County Council on Aging Living Gifts Foundation Inc.

“The foundation is related to council on aging of volusia county, inc. (council) the council governs all activities of the foundation through it's existing board of directors. The foundation's board of directors are selected by the council's board of directors. All policies and procedures governing the council are subjected to the foundation. Both related entities are 501(c)(3) organizations. For financial statement reporting purposes, the foundation is combined with the council.”

“Form 990 is review by management, and approved by the finance committee before filing.”

“At the end of each fiscal year, all board of directors, all key employees and departments managers, are required to complete and respond to any related party activities engaged in during the fiscal year operating cycle. Any discovery is discussed and acted upon by the board of directors. The inquiry is conducted using positive confirmation questionairs, and are required to be returned even when no related party activities occured. The board of directors have updated the current conflict of interest policy to cover additional conpliance issues not previously addressed.”

“Key employee compensation levels are determined by the board of directors, with written annual evaluations and salary level determination work schedules. The foundation has a common paymaster arrangement with council on aging of volusia county, inc. Relative to payroll reporting and required payroll infomation returns. Salary and wage expenses and all related payroll costs are allocated to the foundation based on the direct personnel costs associated with the operations of the foundation. However, all employees of the foundation are included in the council on aging of volusia county, inc.'s payroll information returns.”

“Governing documents are made available to the public upon request. Tax return infomation is made available through guidestar information services.”

“Primarily, to receive and maintain real or personal property, or both, and, subject to the restrictions and limitations set forth in the articles of incorporation, to use and apply the whole or any part of the income therefrom and the principal thereof exclusively for charitable, religious, scientific, literary, or educational purposes either directly or by contributions to organizations that qualify as exempt organizations under section 501(c)(3) of the internal revenue code.”

“Revenues from fundraising activities to cover costs 37,216 direct costs of fundraising activities -37,216”