Chinese American Museum Foundation

“The board of directors reviews the form 990 before filing with the internal revenue service.”

“Board members regularly review the museums operations and compliance with the conflict of interest policy (in person or telephone). One board member also visits the office of the museum to review and discuss the museums operation at least once a month. To ensure the foundation operates in a manner consistent with charitable purposes and does not engage in activities that could jeopardize its tax-exempt status, periodic reviews shall be conducted. The periodic reviews shall, at a minimum, include the following subjects: a. Whether compensation arrangements and benefits are reasonable, based on competent survey information, and the result of arm's-length bargaining. B. Whether partnerships, joint ventures, and arrangements with management organizations conform to the foundation's written policies, are properly recorded, reflect reasonable investments or payments for goods and services, further charitable purposes, and do not result in inurement, impermissible private benefit, or an excess benefit transaction.”

“The process for determining the compensation of the executive director and the vice president includes review and approval by the board of directors, all of whom are independent. The board of directors uses compensation data from comparable organizations of similar size and type to evaluate reasonableness. The decision, including the data used and approval, is documented in the board meeting minutes at the time of the determination.”

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

“Consulting services: program service expenses 166,963. Management and general expenses 953. Fundraising expenses 20,050. Total expenses 187,966. Payroll fees: program service expenses 764. Management and general expenses 270. Fundraising expenses 15. Total expenses 1,049.”