Education Advantage Foundation

“The return preparer emails a copy of the final version of form 990 to education advantage foundation's president and director prior to its filing with the irs. President and/or director make sure that the return is forwarded to the organization's designated trustees for their review and approval. Once approved by the board, president and/or director will email an acknowledgment back to the return preparer for final processing and filing.”

“Every individual trustee and senior administrator has the responsibility to ensure the entire board is made aware of situations that involve personal, familial, or business relationships that could create a real or perceive a conflict of interest. Thus, the board requires each trustee and institutional officer annually (a) to be familiar with the terms of this policy; (b) to disclose to the board chair any possible personal, familial, or business relationships that reasonably might give rise to a conflict involving education advantage foundation ("eaf"); and (c) to acknowledge by his or her signature that he or she is in accordance with the letter and spirit of this policy.in the event any financial transaction involving education advantage foundation also involves (a) a director, officer, employee or a member of their extended family, or (b) an organization with which any director, officer, or employee of eaf has any material financial interest, the director, officer, or employee having the affiliation or interest, at the first knowledge of the transaction, shall disclose fully the precise nature of the interest or involvement.each board member, officer, and employee of education advantage foundation shall be requested annually by education advantage foundation to submit a disclosure statement listing all organizations with which he or she is affiliated and describing the nature of the affiliation. In the event there is any material change in the information contained in any disclosure statement, the person who submitted it shall promptly submit written notification of the change.a director, officer, or employee is deemed to be affiliated with any organization that may be potentially related to the financial operation of education advantage foundation (a) of which he or she, or a member of his or her family, is a director, officer, trustee, partner, employee, or agent; or (b) in which he or she or members of his or her family receive direct financial benefit from sales or services; or (c) in which he or she or members of his or her extended family have a 35 percent or greater interest.a director or officer who has declared or has been found to have a conflict-of-interest in any proposed transaction or other matter shall refrain from participating in consideration of the proposed transaction or other matter, unless for special reasons the board of directors requests information or interpretation from the person or persons involved. In the case of a director, he or she shall not vote on the matter in question and shall not be present at the time of the vote. With respect to restraint on participation by staff, the president, or, where applicable, the chair shall take such action as is necessary to assure that the transaction is completed in the best interests of education advantage foundation without the substantive involvement of the person who has the possible conflict-of interest.any board member who is uncertain about possible conflict-of interest in any matter may request the executive committee to determine whether a possible conflict exists; the executive committee shall resolve the question by majority vote. If required, the question of potential conflict might be referred to counsel for an opinion prior to the executive committee vote.”

“This simple policy delegates responsibility for managing the performance review and compensation determination process to a committee that will work with an external consultant.the bylaws of education advantage foundation establish a compensation committee that has general oversight of the organization's human resource plan. Specific duties include yearly evaluation of the chief executive of the organization.a competent salary survey is used to benchmark compensation for the position utilizing industry- specific reports and other studies. The committee meets independent of the chief executive to discuss performance relative to the position description. During theses deliberations, the committee also considers input obtained from other board members, staff, professional advisors, granted recipients, and other informed community leaders.once a consensus is reached regarding performance, a similar discussion is held concerning compensation relative to annual benchmark and established objectives.the committee presents its finding and recommendations, in an executive session without the chief executive present, to the full board for review and approval. The committee and/or the board chair (a member of the committee) then meet with the chief executive to discuss and document strengths, weaknesses, and goals for the upcoming year. Compensation for the upcoming year is also discussed and documented.”

“The organization's bylaws, form 990, and any other financial information is provided to public upon request. Organization's policies and procedures are communicated to its employees and volunteers at least annually.”