Lexington Industrial Foundation Inc

“Form 990 is prepared by a cpa firm hired by the organization. The treasurer reviews the completed form and presents it to the board. The board approves the information as presented in form 990.”

“In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the directors and members of committees with governing board delegated powers considering the proposed transaction or arrangement. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the governing board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists. To ensure the organization operates in a manner consistent with charitable purposes and does not engage in activities that could jeopardize its tax-exempt status, periodic reviews shall be conducted. The periodic reviews shall, at a minimum, include the following subjects: a. Whether any compensation arrangements and benefits are reasonable, based on competent survey information, and the result of arm's length bargaining. B. Whether any partnerships, joint ventures, and arrangements with management organizations conform to the organization's written policies, are properly recorded, reflect reasonable investment or payments for goods and services, further the purposes of the organization and do not result in inurement, impermissible private benefit or an excess benefit transaction.”

“The organization makes its governing documents, financial statements and conflict of interest policy available to the puplic upon request and at the discretion of the board of directors and management.”