Bomazeen Land Trust

“Mali-agat obomsawin, board member, and tagwongo obomsawin, treasurer, have a family relationship.”

“Bylaws were amended during the year to extend officer terms to two years, clarify officer duties and finance committee responsibilities, add a new dissolution article specifying charitable asset distribution, and formalize advance meeting-notice and agenda procedures.”

“The organization does not have any committees.”

“The organization has its form 990 prepared by an outside accounting firm. A copy of the form 990 is provided to the board for review at the board meeting. After examing and making all necessary edits, the board votes to approve and submit the form 990.”

“The organization has a written conflict of interest policy that applies to any director, principal officer, or member of a committee of the organization who are required to disclose annually any interest that could give rise to conflict. The organization regularly and consistently enforces compliance with the conflict of interest policy. Any director, principal officer, or member of a committee of the organization with governing board-delegated powers, who has a direct or indirect financial interest, is an interested person. A person has a financial interest if the person has, directly or indirectly, through business, investment, or family: a. An ownership or investment interest in any entity with which the organization has a transaction or arrangement, b. A compensation arrangement with the organization or with any entity or individual with which the organization has a transaction or arrangement, or c. A potential ownership or investment interest in, or compensation arrangement with, any entity or individual with which the organization is negotiating a transaction or arrangement. An interested person must disclose the existence of the financial interest and be 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 the financial interest and all material facts, and after any discussion with the interested person, he/she/they shall leave the governing board or committee meeting while the determination of a conflict-of-interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict-of-interest exists. If a conflict-of-interest exists, an interested person may make a presentation at the governing board or committee meeting, but after the presentation, he/she/they shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict-of-interest. The chairperson of the governing board or committee shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. After exercising due diligence, the governing board or committee shall determine whether the organization 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.”

“The organization makes its form 1023 and form 990 available for public inspection as required under section 6104 of the internal revenue code. The organization makes its governing documents and conflict of interest policy available upon request.”

“During 2024, the organization demolished a structure that was partially depreciated. The net book value of $12,461 was reported as a change in net assets under part xi, line 9.”

“Loss on disposition of fixed asset -12,461.”