Kohala Institute

“Before the form 990 is filed, a detailed review is conducted by management, including all supporting schedules and in comparison with the audit report. The chairman and board and finance and operations committee then conduct an overall review. The remaining board members conduct a high level review of the return, which may occur before or after the return is filed.”

“Each director, principal officer and member of a board committee shall annually sign a statement which affirms that such person: (a) has received a copy of the conflicts of interest policy, (b) has read and understands the policy, (c) has agreed to comply with the policy, and (d) understands that the corporation is a charitable organization and that in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax-exempt purposes. Persons covered under the conflict of interest policy are required to disclose any potential conflicts of interest to the board. After disclosure of the financial interest and all material facts, the interested person shall leave the board or board committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or board committee members shall decide if a conflict of interest exists, and the resolution. The proceeding will be documented in minutes of the board or board committee meetings.”

“Compensation for the executive director is determined by the board of directors. Compensation for key employees is determined by the board president and executive director. In determining compensation, the organization considers its fiscal resources/limitations and uses data from comparable positions in non-profit organizations with similar revenues and responsibilities. The process is documented in the employee personnel file. The review process was undertaken in 2017.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Other professional fees : program service expenses 213,813. Management and general expenses 84,249. Fundraising expenses 21,062. Total expenses 319,124. Payroll admin expense : program service expenses 5,327. Management and general expenses 2,098. Fundraising expenses 525. Total expenses 7,950. Contract fees : program service expenses 24,104. Management and general expenses 9,498. Fundraising expenses 2,374. Total expenses 35,976.”

“Difference in book/tax k-1 income 672,918.”