Libraries Without Borders

“Form 990 is prepared by our outside auditor. Following the completion of a draft of the audited financial statements and a draft of form 990, the outside auditor meets with the full board of directors to review the finanical statements and form 990 to assure that all representations and answers to issues, comments, and questions are accurate.”

“The organization's conflict of interest policy requires that a director shall excuse himself or herself from any vote upon which such director, or any member of his immediate family, has a material financial interest. Prior to each vote on organization matters, directors are asked to abstain as appropriate, based on the conflict of interest policy. Any conflicts in application of the conflict of interest policy are referred to the compliance committee for resolution.”

“The organization's chief executive officer and president set compensation for all employees on an annual basis at time of budget preparation. Compensation is based on prior year compensation, organization and individual performance evaluations, local nonprofit compensation surveys, form 990s of similar organizations in their service area, and compensation information received from member industry associations. The budgeted compensation amounts are presented to the finance committee for review and approval, then to the board of directors for review and approval, the approval documented in the minutes of the board of directors. The approved compensation amounts are documented in each applicable employee's payroll file.”

“The organization's governing documents, conflict of interest policy and audited financial statements are available upon request.`”