Main Street Foundation

“Chris williston, julie courtney and ursula jimenez - business relationship (employees of ibat).”

“The bylaws of the organization were amended to: - change the number of directors from no less than nine (9) and no more than 15 to no fewer than three (3) and no more than seven (7); - allow directors to serve one additional three-year term; - allow directors to be eligible for appointment again after their two consecutive three-year terms by being off the board for 3 years; - remove the executive committee; - remove the position of vice president.”

“The board of directors has appointed an ad hoc committee who will conduct a formal review of the tax return with the cpa who prepared the return. A copy of the return will be provided to the board members before filing the tax return.”

“Each board member is required to complete, sign and return a disclosure policy at the beginning of every year. Periodic reminders occur at board meetings.”

“The president of main street foundation (msf) is a shared employee with the independent bankers association of texas (ibat). Her salary is reviewed by the msf board, but she is hired by the ceo of ibat. In addition, compensation of the ceo of ibat is determined by the budget, audit and compensation committee of ibat. The process for determining compensation of the ibat ceo includes a written employment contract, compensation study, approval by the budget, audit and compensation committee and then board of directors of ibat. Compensation for key employees and officers is determined by the ceo of ibat and reviewed by the budget, audit and compensation committee of ibat. The ibat organization participates in an association salary survey that compares position to the respective salary.”

“Upon written or oral request, copies will be provided in a timely manner and a resonable charge may be made. Any other requests for foundation records should be in writing and referred to the president.”

“Teach the teacher effort was not conducted for the year.”

“Main street foundation has shared employees with independent bankers association of texas. Total compensation to employees is reported on independent bankers association of texas' w-2s. Lines 5 & 7 represent allocated payroll costs to main street foundation.”