Boy Scout Trust Fund for the Central Fl Council Boy Scouts of America Inc

“The executive board of boy scouts of america inc. Central florida council (the council) having established and created the boy scout trust fund for the central florida council (the fund) shall be its governing body. The council has the power to appoint and discharge the trustee as it deems appropriate and, subject to the provision of the charter, bylaws, and rules and regulations of the boy scouts of america, gives broad powers to the trustee, as enumerated in the agreement of trust, to administer the fund.”

“Active members may elect the members of the governing body.”

“Active members of the council may elect members-at-large, regular members of the executive board, and officers of the council other than the scout executive.”

“Prior to filing each year, the trust fund's audit committee performs a thorough review of a preliminary draft of the fund's form 990 where it will recommend changes and/or corrections, if any, to the return preparer. When the changes have been incorporated in the return, the audit committee will recommend that it is presented to the entire board of directors for review. At that time, a complete copy of the trust fund's from 990 and schedule is emailed to each director, where he or she is invited to review the return.”

“The fund follows the policy of the council which is to, at least once a year, distribute a conflict of interest certification and disclosure form to its officers, directors, trustees, and professional employees. The covered persons are required to complete and sign the certification and disclosure form, which is retained in the council files. The certification and disclosure forms are reviewed no less than annually by the scout executive and treasurer. Additionally, the council compiles and maintains a list of potentially conflicted entities and individuals. Proposed transactions are then matched against the list as a means of identifying possible conflicts. The scout executive is ultimately responsible for maintaining the list and screening for possible conflicts of interest.”

“Each year the council president appoints an independent compensation and benefits committee whose responsibilities are to review the performance of the scout executive and to establish a compensation package for him or her subject to approval by the executive board. The compensation of the scout executive is reviewed and approved using data as to comparable compensation for similarly qualified persons in functionally comparable positions at similarly situated organizations. There is contemporeous documentation and record keeping with respect to the deliberations and decisions regarding the compensation arrangement. Form 990, part vi, line 15b - compensation review and approval process - officers & key employees during the annual budgeting process, the executive board reviews the reasonableness of the fees charged by the trustee based on the investment policy approved by the executive board to set a realistic target for income, and a benchmark and time line for comparison, to hold the trustee accountable.”

“The trust fund is included in the group exemption filing of the national council, boy scouts of america, and therefore, does not file form 1023.”

“The fund's policy regarding disclosure of governing documents, policies, and financial statements follows that of boy scouts of america, inc. Central florida council, which is that if the governing documents and policies of the council are subject to the federal public disclosure rules (or state public disclosure rules), these documents will be made publicly available as applicable law may require. Otherwise, the governing documents and policies will be provided to the public at the discretion of management.”

“The organization's audit oversight committee is responsible for the selection, monitoring and evaluation of an independent audit firm and oversight of the audit of its financial statements. There was no change in this process from prior year.”