David Lynch Foundation for Consciousness -Based Education and World Peace

“Board members chris joseph and shruti joshi have a family relationship.”

“The foundation has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, reviewed by management and is ready to be filed with the internal revenue service, it is sent to the board of directors for any comments. Any comments are then summarized and provided to the outside accountants. Each issue is documented and addressed until the return is finalized and approved for filing.”

“The organization has a conflict of interest policy applicable to all board members, officers and members of a committee with governing board delegated powers, who has a direct or indirect financial interest. All applicable individuals are required to sign a conflict of interest agreement annually, disclosing the existence of the financial interest and are given the opportunity to disclose all material facts to the directors and members of committees with governing board delegated powers considering the proposed transaction or arrangement. After disclosure of all material facts, and after any discussions with the interested person, he/she leave the board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining disinterested board members decide if a conflict of interest exists by a majority vote. The chairperson of the governing board appoints a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. Persons having actual or apparent conflicts must recuse themselves from deliberations and voting on matters giving rise to such conflict. Deliberation and decisions are recorded in the minutes of the board.”

“The process for determining compensation for the top executive, the chief executive officer (ceo), is first conducted at the board level, with the vice chairman, in coordination with the finance committee and the chief operating officer (coo). The coo then assesses the market rate of the ceo's salary with a third-party independent compensation consultant. In addition, other comparable organization's form 990 and nonprofit compensation reports and studies are reviewed. While there is not a compensation committee in place, the vice chairman consults with other board members during the closed-door executive session. In this session, the board members vote and approve the ceo's salary. Compensation for the executive vp and coo is assessed using comparability data, then approved and documented during the executive session of the board of directors' year-end meeting. Approval is conducted annually and documented through the adoption of the fiscal year budget. The last review process took place in 2018; however, salary adjustments were made in july 2020, and again in january 2021 due to covid-19.”

“The foundation makes its form 990, governing documents, conflict of interest policy and financial statements available to the public upon request. The form 990 and financial statements are also available on the foundation's website.”

“Board members chris joseph and shruti joshi share one vote on the governing board.”

“The secretary: william goldstein was compensated in the capacity of an independent contractor (providing legal services).”

“Uncollectible pledge write off -515,000.”

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