Sco Foundation

“The organization contracted with the organization's parent organization, sco family of services to provide managerial and administrative services. All of the officers in part vii were compensated by the parent organization - their compensation is reported in part vii and schedule j. During fy2024, the organization incurred management and administrative fees of $39,562 to sco family of services.”

“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. Subject to their approval, the sco board of directors also has the power to: 1. To merge, consolidate, or affiliate the corporation with another corporation, organization or program. 2. To dissolve or terminate the existence of the corporation and to determine the distribution of assets upon such termination or dissolution.”

“The form 990 is prepared by an outside accounting firm in conjunction with the organization's financial department. A copy of the form 990 is reviewed by the organization's president & ceo and executive vice president, finance and administration, and then provided to all members of the board of directors 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 includes, 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 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 is kept in the corporation's files and made available to any director, officer, or key employee upon request.”

“The organization makes its form 990 and forms 1023 available for public inspection as required under section 6104 of the internal revenue code. The return is posted on the organization's website, the new york state attorney general website, guidestar.org and other similar types of websites. In addition, the governing documents and conflict of interest policy are also available upon written request or by calling the organization directly.”

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