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 an opportunity 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 guidestar and upon request, and our most recently filed form 990t is available 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.”

“Waco foundation worked with staff at the texas hunger initiative (now baylor collaborative on hunger and poverty) to launch a nonprofit capacity building/noprofit management and training support initiative for a cohort of area nonprofits.”

“Other changes to net assets include: 1) 120,567 which represents partnership distributions from publicly-traded limited partnerships. The k-1s for 2019 reflects business losses, which creates a book-tax difference between the amount received and the amount that is considered unrelated business income. 2) -381,068 which represents a prior period adjustment for unusual gifts received in fiscal year end 2019.”