Mq Foundation Inc

“The board hereby designates an executive committee, which shall have and may exercise all the powers and authority of the board in the management of the business and affairs of the foundation except that the committee shall not have the power or authority to amend the certificate of incorporation, adopt an agreement or merger or consolidation, remove directors, effect the sale, lease or exchange of all or substantially all of the foundation's property and assets, effect a dissolution of the foundation or a revocation of dissolution, or amend the bylaws of the foundation;.”

“The organization's bylaws were amended to add a grant making policy.”

“The audit committee of the board of directors oversees the preparation and filing of the form 990, which is prepared by an external accounting firm. The audit committee meets for the purpose of reviewing and commenting on a draft version of the complete form 990 prior to filing. In addition, the executive director reviews and comments on the form 990 during the preparation process. After the form 990 is approved by the audit committee, a copy of the final return (without schedule b, which is redacted to maintain donor anonymity) is made available to each member of the board of directors before it is filed with the irs.”

“All members of the board and the executive director sign a questionnaire annually. The executive director collects the questionnaires and maintains them in the files. To stay current, the chairman also asks about coi at every meeting as a standing item.”

“A four-person search committee comprised of trustees of the organization was created to search for the organization's first full-time executive director. The committee determined that the organization was so small and too recently organized to find any study of compensation paid by comparable organizations. For that reason, the committee engaged two independent outside consultants to assist it with the search: a traditional search firm that specializes in the placement of executives of nonprofit organizations, and a retired ceo of a large social service organization who had extensive experience in hiring nonprofit executives. Although the committee did not rely on any formal comparability study for the reasons described above, the committee believed that both independent consultants has considerable experience in the marketplace and were familiar with compensation levels for executives with similar responsibilities. The committee interviewed numerous candidates, and once a preferred candidate was identified, the committee negotiated a comprehensive employment agreement with the candidate and her attorney. Both of the committee's consultants advised the committee that, in their experience, the compensation negotiated with the candidate was reasonable and not excessive for the responsibilities to be undertaken by the new executive director. After reviewing the compensation and other terms of employment contained in the employment agreement, the committee unanimously recommended to the full board of the organization that the employment of the candidate on the terms contained in the letter agreement. The board unanimously accepted the committee's recommendation. The process described here was last completed in 2022.”

“The organization makes all the information avaliable upon request.”

“Other professional fees: program service expenses 9,267. Management and general expenses 67,529. Fundraising expenses 10,115. Total expenses 86,911.”