Boulder Chamber Foundation

“The foundation entered in to a shared service agreement with the boulder chamber of commerce to provide administrative and management services.”

“The boulder chamber of commerce has the authority to appoint board members to the bcf board by selecting from the current board roster of the chamber. These board members are referred to as bcc appointed members. The number of appointed members will always serve to create that the bcc appointed members form a majority of the total bcf board members. This number can vary as long as that number causes the bcc appointed directors to be a majority of the total.”

“The organization does not have any committees with authority to act on behalf of the governing body.”

“The 990 return is prepared by the organizations independent accounting firm, with information provided by management. The return is provided to the management team prior to filing the return.”

“Annually, all directors, officers, managers, key employees or committee members with powers delegated to them are required to sign the conflict of interest statement that notes they have read, agreed to, and abide by the policy. An interested person with a potential conflict may make a presentation to the board, but after the presentation, they shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. After exercising due diligence, the board or committee shall determine whether the foundation can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. If a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the board or committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the foundation's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination it shall make its decision as to whether to enter into the transaction or arrangement. Board and committee meeting where conflicts are presented document the interested person, and their interest, as well as all of the other persons who were present for the discussion and vote on the conflict.”

“The organizations governing documents are available upon request.”

“Contract fees: program service expenses 1,828. Management and general expenses 280. Fundraising expenses 43. Total expenses 2,151. Other service fees: program service expenses 68,915. Management and general expenses 10,540. Fundraising expenses 1,622. Total expenses 81,077.”

“Restatement of net assets in reviewed financial statements -108,328.”

“The process for overseeing and selecting an independent accountant has not changed from the prior year.”