Saint Francis School

“If any officer, director, trustee, or key employee has a family relationship or a business relationship with any other officer, director, trustee, or key employee the Conflict-of-Interest policy must be followed. All decision-making should be documented. Proper documentation ensure that all meetings have the proper board members to satisfy quorum. Any family member should abstain from voting whenever an interest in the outcome that directly affects any related party personally or monetarily, in a manner not shared by the other members of the group. The person should not participate or be present at any meeting during which the discussion of the possible conflict of interest takes place.”

“All board members received a draft of Form 990 in advanced and were provided a reasonable period of time to examine and provide feedback in the final preparation and relay pertinent information back to the full board.”

“The school monitors and reviews the Conflict-of-Interest policy by: (1) Reviewing the annual disclosure forms; (2) The organization is required to ask vendor or service provider to disclose any relationship with any of the organization's directors, officers, employees or volunteers. (3) The organization undertakes a periodic review of transactions involving any significant expenditure. (4) Annually reviews of employee salary to ensure any compensation paid continues to be reasonable. If a possible conflict is identified, the organization is committed to following the procedures in its conflict-of-interest policy.”

“The organization uses comparability data from K-12 school located in Puerto Rico, in relation with the job position, to establish a just and reasonable compensation. Ultimately the Board of Directors must review and approve the compensation, including any bonuses and benefits, of the Officer, to ensure that the payment is just and reasonable, based on the comparability data. The Conflict-of-Interest policy must be consulted.”

“Net Assets or fund balance at the beginning of the year.”

“Category E under the Federal Emergency Management Agency (FEMA) refers to public assistance for the repair, restoration, reconstruction, or replacement of public buildings and equipment that are damaged or destroyed by a major disaster. This category includes, but is not limited to, schools, libraries, police and fire stations, public office buildings, and other municipal buildings. Assistance under this category helps restore public services and ensure the proper functioning of public institutions after a disaster.”