Denver Metro Chamber Leadership Foundation

“In current year, bylaws were changed to increase the minimum number of board members from 45 to 50. Additionally, the immediate past chair, Denver Metro Chamber of Commerce President and Board Chair became ex-offio voting members (previously they were non-voting members).”

“The Form 990 is initially reviewed by the Director of Finance and Chief Operating Officer of the Denver Metro Chamber of Commerce, as well as the Manager of Finance and Operations and the Executive Director of the Foundation. The 990 is then distributed electronically to the Foundation Finance and Audit Committee for pre-read and then reviewed at a Finance and Audit Committee meeting. At the meeting, representatives from the audit firm present the 990 to the Committee. When the Committee is comfortable with the 990, the Committee will then recommend that it be presented to the Foundation Board of Directors for acceptance. A representative from the Finance and Audit Committee, typically the Chair, will present the 990 to the Board with assistance from representatives from the audit firm as necessary. If the Board votes to accept the 990, it is officially filed.”

“Each Conflict of Interest questionnaire is reviewed internally and summarized by the Foundation's Director of Operations. This summary, along with any disclosures, is reviewed by the Chamber's Chief Operating Officer to determine if there are concerns or if additional information is needed. The summary, along with any areas of concern, is then presented to the Finance and Audit Committee to determine if there are any conflicts. The Finance and Audit Committee presents a summary of their findings to the Foundation Board.”

“The organization reviews the total compensation of the Executive Director position using three sources - Mountain States Employers Council Salary Survey (MSEC), American Chamber of Commerce Executives Salary Survey, and Watson Wyatt Salary Survey or other comparable data sources to evaluate all salaries. In addition to utilizing these three independent sources, the organization also has a compensation committee consisting of three uncompensated Board members - the Chair of the Board, the Past Chair of the Board, and the Chair-Elect of the Board. The committee approves top management total compensation.”

“The Foundation has a written policy detailing how documents are made accessible to the public, which was reviewed and approved by the Finance and Audit Committee. The governing documents, conflict of interest policy, and financial statements are all available upon written or in-person request at Foundation headquarters, or upon email request to [email protected]”

“The finance and audit committee is responsible for selecting the independent auditors and reviewing the results of the audit. The finance and audit committee meets annually with the independent auditors to receive the audit report and internal control recommendations, if any. There were no changes to this process in the current year.”