Vallourec Employees Disaster Recovery Fund

“The review process for form 990 includes a review of all bank accounts by the fund treasurer and a reporting of the overall financial standing at regularly scheduled board meetings. Regular reviews of donations and revenues are made to ensure recording for financial statements using cash basis accounting methodology. Finally, formation documents, EIN, and tax-exempt status determination, and review of procedure are all used to complete the form 990.”

“In addition to a written conflict of interest policy, the Organization takes significant steps to ensure no conflict of interest can exist between its officers, directors, and how it conducts financial assistance review and awards. First, an independent Selection Committee is appointed to carry out the task of review and recommendation for any assistance to be paid directly to the Board Members for approval. The applications for any assistance are shared without the personal data that would distinguish the applicant so that the applications reviewed by the Selection Committee are effectively anonymous. Once the Selection Committee has reviewed fully the applicants, the recommendation must be presented and voted on by the Board at a scheduled Board meeting with appropriate notice and minutes. Once any award recommendations are satisfactorily accepted by the Board, the Organization has designated Officers and Directors with the ability to disburse company funds as per the Board authorization.”

“The Fund will make organizing documents, conflicts of interest policy, and financial statement available to the public based upon request. The fund does not maintain a website.”

“The Corporation is a nonstock, nonprofit corporation organized exclusively for the charitable purpose of providing financial assistance to past, current, and future employees of companies directly or indirectly controlled by Vallourec S.A. that are part of Vallourec North America who are in need.”