Sacramento Public Library Foundation

“The Audit Committee shall have the responsibility for reviewing the organization's Form 990 (including all pertinent Schedules) before it is filed with the Internal Revenue Service. In conducting their review of the draft of the Form 990, it is preferred that the Audit Committee shall conduct a top-level or big-picture type of review. However, if the Audit Committee desires or deems it necessary to conduct a more detailed review of the Form 990, then they should contact the preparer of the Form 990 to request copies of the relevant detailed tax return workpapers which they would like to see. Once the Audit Committee has completed its initial review of the Form 990, a meeting or conference call will be scheduled with the preparer of the Form 990 (regardless of whether the Form 990 is externally or internally prepared) to discuss any questions, comments, and suggested revisions identified by the Audit Committee. The preparer of the Form 990 should make any revisions to the Form 990 as soon as feasibly possible to ensure that the Form 990 is filed with the Internal Revenue Service on a timely basis. All of the questions, comments, and suggested revisions set forth by the Audit Committee should be documented, along with any responses from the preparer of the Form 990, if applicable. After the Form 990 has been reviewed by the Audit Committee and filed with the Internal Revenue Service, the Audit Committee will make a presentation at the next full Board of Directors meeting to update the full Board regarding its review of the Form 990. At this meeting with the full Board of Directors, it is not required for the Audit Committee to review all of their questions, comments, and suggested revisions; a summary of their more important points will be sufficient.”

“When conflicts arise, the board addresses the conflicts and if necessary votes to take action so that no conflict remains. Employees are protected under the fraud policy in the employee manual and are encouraged to bring conflicts to the board. If a conflict of interest is found to exist, the governing board will discuss and vote on the transaction or arrangement involving the possible conflict of interest. The person with the conflict is required to leave the board meeting during this discussion and vote. After exercising due diligence, the governing board will determine whether the Organization can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest.”

“The board reviews comparability studies and deliberates on performance to determine salary of Executive Director.”

“Governing documents, policies and financial statements are available upon request at the Foundation's office and at times available on the Organization's website.”