Waco Foundation

“The director of finance emails to the board of trustees a copy of the completed, unfiled form 990, with an explanation of the most important items of interest on the form. The board is given two weeks to review the form 990 and ask questions about its contents.”

“Conflicts of interest are determined and reviewed on the levels of executive director, committee members and board members. If there is reason to believe that a member has failed to disclose any actual or possible conflict or duality of interest, they will be given an opportunity to explain. Upon further investigation, the board or committee may take appropriate disciplinary and corrective action, which may result in the removal of that person from their board position, or termination of employment, if an employee. If a member discloses a conflict or duality of interest, they are allowed to remain in the board meeting during discussions, but are required to abstain from voting on the subject.”

“In determining the executive director's salary, the board uses the council on foundation's salary survey, which has information on executives from other foundations and includes comparison data related to similar asset size and differences in wage rates based on geography. Waco foundation considers for comparison community foundations in the 50 to 100 million asset range and that are located in the southwest region of the united states. A compensation packet, which includes information on executive performance, is reviewed by the executive committee prior to the board's vote on salaries, and is maintained as a part of the organizational records. Input from the full board is obtained through formal online surveys of objective criteria or through the chairman's polling of board members via telephone calls and meetings. This process is performed annually. The process for setting all other employees' salaries is based on the same salary survey and an annual performance review. All salaries are approved by the board.”

“The foundation's form 1023 is available upon request. Our most recently filed form 990 is available on our website, on guidestar and upon request.”

“The organization's governing documents and financial statements are available upon request. The conflict of interest policy is not made available to the public.”

“The greater waco community education alliance and summit programs spun off from waco foundation in june of 2014 to form their own 501(c)(3) charity.”

“This amount represents partnership distributions from a publicly-traded limited partnership. The k-1 for 2014 reflects business losses, which creates a book-tax difference between the amount received and the amount that is considered unrelated business income.”