Ipd Breakthrough Fund

“There are two classes of members in the bylaws for the organization. The first class is designated to the foundation member and the second class is designated to the donor member. The foundation member has the exclusive authority to elect the foundation director class of the board of directors and is entitled to two votes in all voting matters. The donor member has the exclusive authority to elect the donor class of the board of directors and is entitled to one vote in all voting matters.”

“The foundation member is able to elect the foundation class of the board and the donor member is able to elect the donor class of the board.”

“The decisions of the organization are subject to the approval of seattle foundation.”

“The entire board is provided a copy of the return prior to filing. Sufficient time is allowed for review and questions before the return is filed. The foundation member is designated to review and sign the return.”

“Conflict of interest policies are signed yearly by all board members and trustees. See procedures for compliance below: a. The supporting organization maintains a list of all persons and entities who are substantial contributors or disqualified persons with respect to the supporting organization. The secretary of the supporting organization is responsible for reviewing these lists for accuracy on an annual basis, updating the lists as needed, and providing seattle foundation with these lists and all updates. B. The supporting organization ensures that prior to distribution of any funds, an agent of the supporting organization confirms that the distribution does not result in a prohibited distribution under the conflict of interest policy. C. Any payment by the supporting organization to a substantial contributor, related persons or entities that is not prohibited by the conflict of interest policy must be approved by seattle foundation's director of philanthropic services, or their designee. D. The supporting organization requires that prior to making any payment or providing any non-incidental benefit to a disqualified person other than a substantial contributor or related person or entity, such payment or benefit must be approved by the supporting organization board of trustees as if such disqualified person were a "covered person" in accordance with the supporting organization's conflict of interest policy.”

“Seattle foundation, the supported organization, maintains copies of these documents and makes them available for inspection during the regular business hours at seattle foundation's principal office. Seattle foundation also complies with all requests (written or verbal) for copies of these documents.”

“All officers and management officials are uncompensated by the reporting organization. The reasonableness of the compensation paid to these persons by the related organization is determined by the board of the related organization. The organization has no key employees.”

“The net loss represents loss on sales of securities. All securities are held in trusts and the large number of transactions prevents the taxpayer from detailing the selling prices and cost of each individual sale. Therefore, the net losses have been reported on form 990, part viii, line 7 with no cost basis.”

“There are three volunteer board members. Board members assist with the operations of the organization.”