Lakeshore Foundation

“The president, chief financial officer, chief program officer and other employees review the return for completeness and correctness. The form 990 is provided to the board for review before the return is filed.”

“Annually, the board members sign the disclosure statement. According to board policies, if a conflict of interest is noted, the board will examine the underlying transaction to determine whether it is fair, reasonable and in the best interest of the organization.”

“The president's compensation is based on the results of an outside compensation review. Annually, the president presents the foundation's accomplishment of goals to the compensation committee and chairman of the board who develop a recommendation related to compensation. Subsequent to the meeting of the compensation committee, the recommendation is presented for review and approval to the executive committee. A compensation review is performed every three years by an outside consultant. The review is based on information from a number of compensation surveys and form 990's of similar organizations. For employees reporting to the president, the president recommends their merit increase and bonus based on completion of a performance review and goals established at the beginning of the year. Their compensation is also based on the results of an outside compensation review. The overall amount is approved by the compensation committee and board during the budget process.”

“All written requests to review the organization's governing documents, conflict of interest policy and financial statements are acted upon on a case by case basis.”

“Purchased services: program service expenses 195,055. Management and general expenses 283,302. Fundraising expenses 6,805. Total expenses 485,162. Contract labor: program service expenses 6,430. Management and general expenses 515. Fundraising expenses 0. Total expenses 6,945.”

“The organization's finance committee of the board of directors assumes the oversight responsibility of the financial statement audit and the selection of the independent auditor. The board of directors reviews and approves the recommendations of the finance committee. There was no change to the oversight or selection process during the year.”

“Because lakeshore's investment and rental income cover all management and general and fundraising expenses, all contributions directly support program expenses.”