Point Foundation

“This question is not applicable since the organization did not have any executive commitee during the fiscal year.”

“The first draft of the form 990 is reviewed by the cfo. The 990 is then forwarded to the audit committee. The audit committee reviews the 990 and supporting documents and discusses the 990 and annual audit with the independent auditors. The audit committee submits the 990 and the annual audited financial statements to the board of directors (bod) with a recommendation of accepting the form 990 or not. After discussion at a bod meeting, the bod votes to accept or reject the 990. Once accepted, the final version of the 990 is filed with the irs.”

“At the beginning of each fiscal year, directors, trustees and employees read and sign-off on point's conflict of interest policy, stating that they will avoid activities or outside interests that conflict with the best interests of point foundation. The policy also requires that they file a conflict of interest statement with the executive director & ceo of point each year disclosing any anticipated or possible conflict situations prior to any discussion or negotiation of the transactions. Point's chief of staff collects, tracks and reviews these signed forms. A list of businesses and/or organizations gathered from the forms is given to the cfo to track financial dealings throughout the year.”

“The executive director/ceo's compensation is negotiated at the beginning of the term of each multiyear contract renewal; at that time, the board of directors does a full review of other like organizations' salaries, using irs 990s, which review informs its offer and approval of the employment agreement. Annual increases are determined by the terms of the employment agreement; annual bonuses are determined by a performance review completed by the board of directors at the end of every fiscal year. Form 990, part vi, section b, line 15b the executive director/ceo, along with the chief of staff, use comparable data to review and approve the compensation of other employees, including the cfo. The overall compensation increase is approved by the finance committee and board of directors as part of the annual budget approval process.”

“The following policies are available on the organization's website: conflict of interest policy for directors, trustees, staff, alumni and scholars; non-discrimination policy; and privacy policy. The audited financial statements, form 990 and the annual report are also available on the organization's website.”

“Loss on write-off of uncollectible pledges receivable -15,910.”

“No changes were made to the oversight process or selection process during the tax year, as compared to the prior tax year.”