Seg Foundation

“Section 3.1 of the bylaws state that, "the sole member of the foundation shall be the society of exploration geophysicists, an oklahoma not for profit corporation (the "society"). The society shall be represented in all matters relating to the foundation by the president of the society or, if the president is not available, a person designated by the executive committee of the society."”

“The president of the society, with the approval of the society board of directors, appoints each member of the foundation board of directors for a three year term from a list of candidates recommended by the foundation's board of directors.”

“The accounting staff working with the auditor provide and review the form 990 data and information. The managing director of finance reviews and approves the draft 990, then it is presented to the audit committee for review. Following their review, the audit committee provides a copy of the draft 990 to the governing board prior to filing.”

“The foundation issues a written conflict of interest policy to each new member annually. The member signs a statement he or she has received a copy of the policy, has read and understands and agrees to the policy, and understands the activities in which the foundation must engage to maintain the entity's tax-exempt status. Due to the volunteer nature of the foundation's governing body, all must disclose potential conflicts and the nature of the member's interest in potential transactions. The identified conflicts are circulated amongst the board of directors and statements filed with the executive director. Members of the governing body that are determined to have a conflict of interest are excused from the discussion and participation of managing those transactions. Employees of the sole controlling member review the conflict of interest policy upon hire and must sign a similar statement at that time. Employees of the sole controlling member must immediately disclose actual or potential conflicts of interest as they arise in accordance with policy.”

“The organization's irs form 990 and audited financial statements are available to the public on its website. The organization's conflict of interest policy and certain governing documents are available to the public upon request.”

“Contractual services: program service expenses 0. Management and general expenses 35,800. Fundraising expenses 163,361. Total expenses 199,161.”

“Losses on uncollectible pledges -5,688.”

“The process has not changed from the prior year.”