Sco Foundation

“Directors shall be appointed by the affirmative vote of a majority of the board of directors of sco family of services ("sco"), a new york not-for-profit corporation.”

“Officers may be removed with or without cause at any time by the affirmative vote of a majority of the entire board or a majority vote of the sco board of directors.”

“The form 990 is prepared by an outside accounting firm in conjunction with the organization's financial department. The draft form 990 is reviewed by the organization's cfo and executive director and then provided to all members of the board of directors in draft via electronic mail with an opportunity for them to comment or make inquiry before it is filed with the internal revenue service.”

“The conflict of interest policy shall include, at a minimum, the following provisions: (a) a definition of the circumstances that constitute a conflict of interest; (b) procedures for disclosing a conflict of interest to the corporation's board of directors and the audit and compliance committee of sco; (c) a requirement that the person with the conflict of interest not be present at or participate in board or committee deliberation or vote on the matter giving rise to such conflict; (d) a prohibition against any attempt by the person with the conflict to influence improperly the deliberation or voting on the matter giving rise to such conflict; (e) a requirement that the existence and resolution of the conflict be documented in the corporation's records, including in the minutes of any meeting at which the conflict was discussed or voted upon; and (f) procedures for disclosing, addressing, and documenting related party transactions in accordance section 715 of the new york not-for-profit corporation law. Prior to a director's initial election to the board, or an officer or key employee's employment at the corporation, and thereafter on an annual basis, all directors, officers, and key employees shall disclose in writing to the secretary of the corporation: (a) any entity of which such person or a relative of such person is an officer, director, trustee, member, owner, or employee and with which the corporation or sco has a relationship; (b) any financial interest such person may have in any corporation, organization, partnership or other entity which provides goods or services, including professional services, to corporation or sco for a fee or other compensation; and (c) any position or other material relationship such director, officer, key employee, or relative of such person, may have with any entity with which the corporation or sco has a business relationship. A copy of each disclosure statement shall be kept in corporation's files and made available to any director, officer, or key employee upon request.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is posted on organization's wesbite, new york state attorney general website, guidestar.org and other similar types of websites. In addition, governing documents and conflict of interest policy are also available upon written request at 1 alexander place, glen cove, ny 11542 or by calling the organization directly.”

“Transfer of investments from sco family of services 59,399,047.”

“The organization has a committee that is responsible for the oversight of the audit of its financial statements and selection of an independent accountant. The process has not changed from the prior year.”