The Marc Foundation

“Board director Wilford A. Cardon and Board director Craig A. Cardon are related, as defined by the IRS definition of a relative.”

“The filing organization contracted with one of its related organizations, COPA Health, Inc. COPA, for management services. COPA provides the CEO and CFO for the filing organization and they were paid 12,247 and 5,339 by COPA respectively during the fiscal year for the services they provided to the filing organization. As COPA and the filing organization are related organizations, the 2021 calendar year related party compensation and benefits for the CEO and CFO are reported on Form 990, Part 7, Section A, columns E F, and Sch J, Part II, row ii of line 1 2.”

“COPA Health, Inc COPA is the sole member of the filing organization. Under this arrangement, the full Board of Directors and officers of COPA act as the full Board of Directors and officers for the filing organization.”

“The following acts require approval from the Sole Member 1 Amendments to the Organizations Bylaws, and 2 Borrowing money from any lender.”

“Copies of the 990 and all related schedules are sent to the Board of Directors for review after being reviewed and approved by the Audit Committee. Any questions the Board might have are directed back to the Chief Financial Officer. The 990 is then discussed at a full board meeting and approved by the Board of Directors.”

“Enforcing agency policy on conflicts of interest is the responsibility of the Enterprise Risk, Audit, and Finance Committee of the Board of Directors. This committee dedicates one meeting per year to 1 Ensure all conflict of interest statements have been received, 2 Ensure conflicts are fully understood and implications discussed and disposition agreed upon, 3 Ensure that board members with conflicts, if any, follow policy with respect to voting on matters that they may have a conflict with, and 4 Recommend enhancements to existing forms, policies, and training related to conflicts of interest.”

“The Organization does not currently have any paid officers or employees. However, a compensation policy is in place that would require the Board as a whole, as the Executive Committee, to review the compensation of all officers by comparing their compensation to compensation of individuals in like positions, in like organizations using Form 990, compensation studies, and other available data. The Board or Committee would then approve any changes in compensation based on this information.”

“The Organization will provide in a timely manner, copies of all policies, procedures, annual financial audits, and Forms 990 when requested in writing or in person.”

“Prior year tax return adjustments not reflected on the books - 4,416 investment adjustment and 11,840 prepaid adjustment.”

“The Board of Directors has an Enterprise Risk, Audit, and Finance Committee that is tasked to oversee the consolidated financial statement audit and select the independent auditor. There have been no changes to the selection and oversight process from the prior year.”