The Weld Trust

“The organization has an executive committee which is able to exercise authority of the board when the board is not in session except as such authority is limited by statute or by resolution creating or otherwise controlling the executive committee. The membership of the executive committee shall include the chair and president of the board of the corporation, the vice president(s), if any, the secretary, the treasurer and the immediate past president. The chair and president of the board of the corporation shall serve as chair of the committee. The executive committee shall not have the authority of the board in reference to (i) appointing, removing or filling vacancies in the membership of the board, board committees or officers of the corporation; (ii) amending the articles of incorporation; (iii) restating the articles of incorporation; (iv) adopting a plan of merger or consolidation with another corporation; (v) authorizing the sale, lease, exchange or mortgage of all or substantially all of the property and assets of the corporation; (vi) authorizing the voluntary dissolution of the corporation or revoking proceedings therefor; (vii) adopting a plan for the distribution of the assets of the corporation or (viii) amending, altering or repealing any resolution of the board which by its terms provides that it shall not be amended, altered or repealed by such committee.”

“The chief executive officer and the finance committee will review a copy of the draft form 990 and then present it to the board of directors for approval prior to filing the final copy.”

“The conflict of interest policy covers the board of directors. The board of directors receives the conflict of interest policy at the annual meeting. The board executive receives the responses and forwards them to the general counsel of the board. If there are any items that come up for discussion in which a conflict of interest is present, the board member excuses him or herself and abstains from voting. The board has the option to allow the member to be part of the discussion.”

“The board of directors annually evaluates and reviews the chief executive officer's compensation using compensation surveys and comparability salary data for similar positions at similarly situated organizations. The chief executive officer and the board of directors use a similar comparability study to review and evaluate compensation for other officers and employees, which is then approved and set by the chief executive officer.”

“The general public is allowed to view the documents on premises but not allowed to make copies and take them off of the premises.”

“Individuals listed on form 990, part vii, line 1a, which includes the chief executive officer, chief financial officer, and chief operating officer, perform services for both the weld trust and weld legacy foundation, a related tax-exempt organization. Compensation and benefits paid to these individuals reported on form 990, part vii, section a, line 1a, represents only the portion of compensation and benefits paid to these individuals for services to the weld trust.”

“The weld trust has a client service agreement with concurrent hro, an unrelated organization. Concurrent hro is a professional employer organizations(peo). As a result, the peo is the employer for the purpose of paying wages and benefits. The weld trust inputs and approves all employee time and wages into the peo's online system and the peo processes the payroll and administers all benefits on behalf of the weld trust. The peo also remits all taxes and file all returns under their name and employer identification number. The salary, benefits, and payroll tax expenses shown on form 990 line 5, 7, and 10 of part ix represent amounts paid by the peo as part of the client service agreement. In addition, the weld trust is reporting paid employees on form 990, part v, line 2a because of the relationship with the peo as stated above.”

“Book/tax adjustment for grant payments 5,000,000.”