Foundation Realty

“A copy of form 990 is provided to all directors prior to filing. Upon receiving the copy of form 990, directors are given a specified time period during which they can contact the organization's chief financial officer to question or comment on any aspect of the form. The form is also reviewed by the audit committee before filing.”

“On a yearly basis, every employee, director, committee member and/or officer ("disclosing party") completes a disclosure statement which addresses possible conflicts of interest. The disclosing party must state all business relationships in to which that party or that party's immediate family member(s) have entered that might give rise to a possible conflict with the foundation. The disclosing party must also set forth all relationships with potential grantees by listing all charitable or civic involvement in which the party holds an official position such as a director or trustee, and all charitable and civic involvements in which the party holds an unofficial role such as a volunteer, advisor or advocate. The disclosing party is also reminded that if at any time he or she becomes aware of any conflict of interest, that conflict must be disclosed and abstention from voting should follow if appropriate. A list of disclosed possible conflicts of interest of both directors and staff members is distributed at the board of directors regularly scheduled meetings to serve as a reminder to all present. Further, if a business relationship conflict of interest exists pursuant to policy definition, the disclosing party, if a director, may not be present for debate and must abstain from voting on any action relating to that relationship. If a conflict of interest exists with a potential grantee, the disclosing party, if a director, may be present for debate but shall abstain from voting on any action relating to that grantee. If a conflict with a potential grantee exists between a potential grantee and staff member, that staff member may not serve as program officer in relation to that grant and the directors shall be informed of the conflict at the time the grant application is being considered.”

“Audited financial statements and form 990 are available for viewing on the hampton roads community foundation's website (www.hamptonroadscf.org). Our governing documents as well as conflict of interest policy, are available for public viewing.”

“Financial information for foundation realty is included in the consolidated audited financial statements of hampton roads community foundation. The process has not changed from the prior year.”