Rochester Area Community Foundation Initiatives Inc.

“The organization received grants from government funders over a period of many years. In 2019, racf became aware that some elements of the administration of this government-funded program may not have complied with the requirements of the grant agreements. As of the date the 2019 consolidated financial statements were available to be issued, the potential for a liability to those government funders existed, but the amount of such liability was not determinable. Therefore, no amounts have been recorded in the consolidated financial statements related to this potential non-compliance.”

“Our finance committee members are each emailed a copy of the form 990 prior to the 990 being filed. They are given approximately two weeks to review the document. During that time they ask the senior vice president and cfo any questions or concerns they have about the 990. The senior vice president and cfo addresses and resolves all questions and issues on the 990. The individual finance committee members submit their approval by email. Once approved by all finance committee members, the form 990 is emailed to the board of directors for their review. The form 990 is discussed at the next board meeting prior to the form 990 being filed. It is a separate agenda item for the board meeting, giving the members an opportunity to discuss any questions that they might have.”

“Officers, directors, key employees and staff are required annually to complete a conflict of interest form. This form asks the individual to disclose all current positions or relationships in which they are involved or which may pose a potential conflict of interest, and shall further disclose any subsequently established relationship that may be perceived to be a potential conflict of interest. It is our policy that throughout the year at board and committee meetings that all conflicts of interest, including potential interests, shall be disclosed, and that directors and committee members shall refrain from voting or participating in any board or committee action involving the entity with which there may be a conflict, by leaving the room during such vote or action.”

“The chair of the board of directors alerts board and management team that the vice president and ceo's performance review forms will be coming by email and should be returned to his/her attention. The vice president and ceo provides a memo on performance to date during the year. The chair secures updated review form from the vice president and ceo. The chair reviews the form and emails with vice president and ceo's memo to board and management team with instructions for returning to his/her attention. Chair will send follow-up emails as needed. The chair disseminates performance review summary to executive committee. The senior vice president and cfo provides compensation history for vice president and ceo to executive committee. The vice president and ceo provides salary/benefit comps from local and national peers to executive committee. An executive session of executive committee followed by a meeting with vice president and ceo to share summary ratings and performance review occurs; chair prepares vice president and ceo's salary recommendation for board of directors. Full board of directors ratifies salary recommendation; chair communicates in writing to vice president and ceo and senior vice president and cfo.”

“The organization's governing documents, conflict of interest policy and financial statements are available to the public on request. In addition, the organization's financial statements and form 990 are available on the website www.racf.org.”

“Transfer from affiliate 351.”

“The audit committee is responsible for the review and approval of the audited financial statements.”

“Reconciliation of revenue and expenses: rochester area community foundation initiatives, inc. Is an affiliate of rochester area community foundation. As such, a single financial statement audit is performed on rochester area community foundation and its affiliates. Therefore, the information provided is based upon rochester area community foundation initiatives, inc. As if a stand-alone financial statement of this entity was prepared.”

“Rochester area community foundation initiatives, inc. Is a not-for-profit corporation which is organized and operated exclusively for charitable and educational purposes by supporting activities that benefit rochester area community foundation (racf). The organization sponsors charitable projects and programs meeting community needs that are conceived and developed by persons from the community. The organization receives contributions and makes grants to qualified agencies and programs organized and operated for charitable, educational or other similar purposes.”