The Schenectady Foundation Inc

“Michael ozimek is treasurer of the organization and has a business relationship to one of the institutional trustees of the affilitated entity. Mike is cfo and executive vice president of trustco bank and he is a member of the trust committee at the bank. The majority of the organization's affiliated entity's investments are currently held at trustco bank. Joseph tardi is secretary and a member of the board of directors of the organization and has a business relationship to one of the institutional trustees of the affiliated entity. Joe is a consultant to trustco bank. The majority of the organization's affiliated entity's investments are currently held at trustco bank.”

“The board of directors is composed of members of the distribution committee of the schenectady foundation.”

“As part of the annual audit, our independent certified public accounting firm prepares form 990 and related supporting schedules from our internal records. We designate an individual(s) with suitable skill, knowledge, or experience to oversee these services and we make all management decisions and perform all management functions. A copy of the form 990 is provided to the audit committee of the organization for review, revision, and signature. The final form 990 is sent to all board members for review and comment before being filed with the irs. We have reviewed, approved, and accepted responsibility for form 990 and the related schedules and believe they are adequately supported by the books and records of the schenectady foundation, inc.”

“The organization regularly and consistently monitors and enforces compliance with the conflict of interest policy. A written annual disclosure statement is completed and signed by all directors and staff. At each meeting of the board, directors are asked to review the current list of all potential conflicts of interest, update their list of conflicts, and disclose any conflicts they may have with planned agenda items.”

“The board annually negotiates employment terms, compensation, and benefits with the executive director based on the responsibilities of the position, and their annual performance evaluation. No member of the board of directors receives compensation. There are no key employees.”

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

“Consultant: program service expenses 100,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 100,000. Other professional fees: program service expenses 0. Management and general expenses 28,081. Fundraising expenses 0. Total expenses 28,081.”

“There has been no change in the process for reviewing audited financial statements or the selection of an independent auditor.”