Friends of the Orphans

“The audit committee reviews the form 990 per the board of directors' instruction. Subsequent to this review, the form 990 is sent to the board of directors and management. The audit commitee responds to the board of directors' questions and resolve all issues prior to filing.”

“Conflict of interest disclosure forms are completed by all board members annually, and are reviewed and signed by the board chair. Conflicts of interest disclosure forms are also completed annually by management staff and reviewed and signed by the ceo. It is the continuing responsibility of the board, officers, and management employees to scrutinize their transactions and outside business interests and relationships for potential conflicts and to immediately make such disclosures and update their annual disclosures. At the beginning of every board meeting, the chair asks members to disclose whether they have any conflict of interest pertinent to the meeting agenda. If any are disclosed, the member is excused so that the board can discuss and determine whether the conflict is material enough to preclude the board member's participation in the discussion and/or vote. Transactions with parties with whom a conflicting interest exists may be undertaken only if all of the following are observed: 1. The conflicting interest is fully disclosed at the meeting, prior to the discussion. 2. The person with the conflict of interest is excluded from the discussion and approval of such transaction. 3. A comparative bid or comparable valuation exists; and 4. The board or a duly constituted committee thereof has determined that the transaction is in the best interest of the organization. Disclosures of conflicts involving staff are made to the ceo (or if she or he is the one with the conflict, then to the board chair), who shall bring the matter to the attention of the board chair, (or if she or he is the one with the conflict, then to the board vice-chair) who shall bring these matters to the board or a duly constituted committee thereof. The board or a duly constituted committee thereof shall determine whether a conflict exists and in the case of an existing conflict, whether the contemplated transaction may be authorized as just, fair, and reasonable to friends of the orphans. The decision of the board or a duly constituted committee thereof on these matters will rest in their sole discretion, and their concern must be the welfare of friends of the orphans and the advancement of its purpose.”

“The independent board of directors is responsible for approving compensation of the ceo based on a recommendation by the human resource committee (hr). Hr collects comparative data annually to determine reasonableness. Hr evaluates the ceo's compensation and develops ceo goals annually and evaluates performance annually and semiannually. The board of directors documents compensation approval in writing. Other officer salaries are determined by the ceo.”

“The organization does not make its governing documents nor its conflict of interest policy available to the public. The organization's financial statements are made available online and through a public filing.”

“Change in value of perpetual trust 204,912.”

“The organization's board of directors assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. This process has not changed from the prior year.”