The Recompense Fund

“The board reviews the 990 before it is sent to the irs.”

“The organization has regular conversation during board meetings informing compliance with conflict of interest policy.”

“The board has granted broad authority to the executive committee to act on behalf of the entire board. Between meetings with the provision that all such actions are documented in minutes and disclosed at the next regular board meeting.”

“On july 8, 2020 the recompense fund previously a named fund underthe auspices of the 501(c)3 maine community foundation (mcf), filed for and was granted its own 501(c)3 status. At that time, funds that had accumulated over a number of years ($736,814.83) and were under the management of mcf, were received by the recompense fund and deposited in the recompense fund account at the norway savings bank on october 28, 2020. On november 5, 2020, the recompense fund board then chose to re-deposit those funds ($736,814.83) at mcf as an agency fund so as to continue to enjoy mcf's professional investment management services. As of december 31, 2020 the recompense agency fund at mcf had unrealized capital gains of $83,087.15. Part iii, 4d: the recompense fund granted to 501(c)3 chebeague united methodist church an amount of $8,000 to support free covid-19 testing on chebeague island. The recompense fund granted to 501(c)3 island commons (chebeague resource center) an amount of $7,000 for the renovation of space for covid-19 supplies as well as the covid-19 supplies themselve. The recompense funds annual report which describes all 2020 grants can be found at: https://08596dc9-076a-40ae-8094-68f1cb27288a.filesusr.com/ugd/a62927_159 b27de63774a04920a6d5c898cb427.pdf”