Harbor Fund Inc

“The board acted as a whole on all matters during the fiscal year.”

“The board of directors engaged a public accounting firm to review the organization's financial statements and prepare irs form 990. The draft form 990 was presented to the president and the organization's independent accountant for review. A revised form 990 was distributed to the board of directors for review and approval prior to filing.”

“On an annual basis, the organization distributes a conflict of interest policy and questionnaire to all covered persons which include the organization's officers, directors, trustees, and key employees. The questionnaire requires the covered person to affirm the organization's conflict of interest policy and list any existing or potential conflicts. If a conflict is identified, the covered person is required to disclose the material facts of his or her interest to the transaction in question, and the conflicted covered person is excluded from participating in deliberations and decisions concerning the matter. Procedures for addressing a conflict of interest: if the board of directors or committee determines that a covered person has a financial interest, then: 1. If appropriate to protect the interests of the corporation, the chair of the board of directors or a majority of the disinterested directors shall appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement; 2. After exercising reasonable due diligence, the disinterested directors or committee shall determine whether the corporation could obtain a more advantageous transaction or arrangement with reasonable efforts from a person or entity that would not give rise to a conflict of interest; and 3. If a more advantageous transaction or arrangement is not reasonably attainable, the board of directors or committee shall determine by a majority vote of the disinterested members whether the transaction or arrangement is in the corporation's best interests and for its own benefit and whether the transaction is fair and reasonable to the corporation and shall decide as to whether to enter into the transaction or arrangement in conformity with such determination. If the chair of the board or a majority of the disinterested directors determine that it is not necessary to investigate alternatives to the proposed transaction or arrangement to protect the interests of the corporation, the board or committee shall determine the extent to which such covered person shall recuse himself or herself from further involvement in the proposed transaction or arrangement. If a covered person is recused from further involvement in the proposed transaction or arrangement, such covered person is also prohibited from any attempt to influence improperly the deliberation or voting on the proposed transaction or arrangement.”

“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 guidestar and the financial statements, conflict of interest policy, articles of incorporation and by-laws are also available upon written request at 3 bethesda metro, suite 960, bethesda, md 20814 or by calling the organization directly at (301) 761-4433.”

“The accounting method used to prepare the form 990 is the modifed cash basis of accounting. Under the modified cash basis of accounting, revenue is recognized when collected rather than when earned, and expenses are recognized when paid rather than when incurred. Investments are stated at fair value, with unrealized appreciation (depreciation) reported as a component of revenue, which is a modification of this policy. The modified cash basis of accounting is a basis of accounting other than accounting principles generally accepted in the united states of america ("u.s. Gaap").”

“The board of directors of the organization selected independent accountants to review the organization's financial statements for the year ended december 31, 2019. The full board of directors has assumed responsibility for oversight of the financial statement review.”