Gcc Foundation Inc.

“The Board of Directors may, by resolution adopted by a majority of the directors then in office, designate two (2) or more directors of the Corporation to constitute an Executive Committee which, to the extent provided in such resolution and consistent with applicable law, shall have and exercise all of the authority of the Board of Directors in the management of the Corporation's affairs during intervals between the meetings of the Board of Directors. The Chair, by virtue of his or her position, shall serve as a member of the Executive Committee. The Executive Committee shall be subject to the authority and supervision of the Board of Directors.”

“Form 990 is prepared by an independent CPA firm and reviewed in detail by the organization's top management. The reviewed Form 990 is then provided to the board of directors prior to filing with the IRS.”

“The organization requires all officers and board members to annually complete and sign a conflict of interest questionnaire. The Board Chair is responsible for reviewing the signed statements and ensuring that interested persons are in compliance with the conflict of interest policy. Should any potential conflicts of interest be disclosed, the board member or officer would be asked to refrain from participation in any deliberation or decision with regard to matters affected by the relationship.”

“The organization does not compensate any officers or key employees. Therefore, these lines were answered no in accordance with the instructions.”

“The governing documents, conflict of interest policy, and financial statements are available upon request.”

“In accordance with the principles of FASB ASU 2016-14 (ASC 958), the organization has implemented required changes to its audited financial statements for the period ended 12/31/2018. To date, Form 990 and its associated schedules have not been updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Part X, Lines 27-29: Line 27 - Net assets without donor restrictions: $575,333 Line 29 - Net assets with donor restrictions: $0 Total net assets: $575,333”

“The organization's Board assumes responsibility for oversight of the compilation of its financial statements and selection of its independent accountant. This process has not changed since the prior year.”