Foresight Foundation for Economic Equity

“The cheif financial officer (cfo) provides a draft of the 990 to the board of directors and all officers. These representatives review the 990 and during the next scheduled board meeting the cfo presents a highlighted power point presentation of the 990. After discussion of the form, the cfo compiles all suggested revisions and submit them to the tax preparer”

“The cpa revises the form 990, to the extent deemed appropriate in their professional judgement and submit in final form to the cfo and the ceo for approval and signature. The final 990 form is made available to the board of directors for comment(s) prior to filing.”

“The conflict of interest policy is reviewed and approved annually by the board of directors. In addition, all board members, officers, and key person of foresight sign and acknowledge they have read the conflict of interest policy and agree to abide by it and asked to indentify any potential conflicts they may have. Should any potential conflicts of interest arise, they are referred to the board. The board may seek information from the director, officer or key person with the conflict prior to beginning deliberation and reaching a decision on the matter”

“However, a conflicted person shall not be present during the discussion or vote on the matter and must not attempt to influence improperly the deliberation or vote. Should evidence disclose that a conflict of interest exists, the appropriate disciplinary measures are implemented.”

“The objective of Foresight's executive compensation policy is to attract, retain, motivate, and reward executive officers who contribute to the foundation's success in fulfilling its mission. Accordingly, the foundation considers the following in setting executive compensation: 1. The foundation compensates”

“Executives and staff for performance, skills and competnecies, development, and growth, and effective visible commitment to the foundation”

“2) the board or authorized committee shall base approval of compensation on appropriate data, including compensation paid by comparable organizations for functionally similar positions, availability of similar services in the geographic area of the corporation, and compensation surveys compiled by independent firms.”

“3) board compensation: no compensation is paid to the director for the performance of his or her duties as director. This does not in any way limit reasonable compensation for payment for services provided to foresight by the director in any capacity separate from his or her responsibilities as a director,”

“Provided that there is full disclosure of the terms of such compensation and arrangement has been approved by the board. 4) officers compensation: the board shall have the power in its discretion to contract for and to pay officers rendering”

“Unusual or exceptional services to the foundation, appropriate to the value of the services, any payments made to an officer for any purpose shall be in accordance with the foundation's policy governing conflicts of interest.”

“The organization provides a paper copy of the financial statements upon request. The organization does not proactively provide copies of its governing documents or conflict of interest policy to the public”

“However if the organization receives a request from a donor or potential donor, the organization will consider the request and the circumstances surrounding the request in determining whether to provide the documents.”

“The organization booked a $20,477 charge to net assets due to a reconcilliation discrepancy that occurred in prior periods.”