Florida Keys Educational Foundation Inc

“The investment/finance committee is responsible for developing an investment policy to guide and monitor foundation investments. Additionally, this committee may review the budget prepared by the executive director and monitor the actual revenue and expenditures to the budget. The investment/finance committee also serves as the audit review committee and, as such, is responsible for reviewing the audit results and presenting these results and/or recommendations to the board of directors for action. The nominating and governance committee is responsible for evaluating the board and identifying opportunities to make the board maximally effective. This committee identifies and nominates potential new directors who will positively contribute to the board's mission. This committee reviews attendance and performance of directors and recommends officers and committee directors on an annual basis to the board of directors for action. The committee annually reviews the policies and procedures of the foundation and periodically reviews the bylaws to recommend appropriate revisions to the board of directors for action. All committees are composed of members of the governing body.”

“The form 990 is prepared by an outside accounting firm. The form is then distributed to the executive director and treasuer for review. Once approved, it is presented to the entire board for approval prior to filing.”

“In case of any such conflict or the appearance thereof, affiliated persons are expected to disclose the conflict in advance. Once such a disclosure has been made, either the disinterested directors or the executive director (assuming he or she is disinterested) or the chair (assuming he or she is disinterested) of the foundation shall determine whether or not there is a potential conflict of interest. If it is determined that there is a potential conflict of interest, the affiliated person involved shall abstain from voting and shall not participate in the discussion of the matter at issue except to state briefly his or her position in the matter and to answer specific questions of other affiliated persons. Whenever any person abstains from voting or recuses himself or herself as a result of a conflict of interest or the appearance thereof, the minutes of the meeting or the proceedings of the foundation shall reflect the abstention or recusal.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available upon request.”

“BAD DEBT EXPENSE -4,013.”