South Tower Community Land Trust

“The organization does not issue stock and has no stockholders. The organization is a nonprofit entity and has members as defined under its bylaws. Members do not have any proprietary interest in the organizations assets or income. They have limited rights, such as the ability to vote on the election of board members or changes to the bylaws, depending on the structure established in the bylaws. All members will have equal rights and privileges, including voting rights (if provided), and no class of membership will receive preferential treatment or financial benefit from the organizations earnings or assets. No member will receive any distributions upon dissolution of the organization, and”

“Decisions of the organizations governing body are not subject to the approval of members, other individuals, or outside organizations. The board of directors has full authority to make all policy, operational, and financial decisions on behalf of the organization in accordance with its bylaws and governing documents.”

“Prior to filing, a complete draft of the Form 990 is provided to all members of the governing body for review. Board members are given the opportunity to ask questions and provide comments. The review process is documented in the board meeting minutes or through email confirmation. This ensures that the governing body is informed and has oversight of the organizations annual IRS filing.”

“The organization requires each director, officer, and key employee to annually review the conflict of interest policy and complete a written disclosure of any potential conflicts. At the start of each board meeting, members are reminded to disclose any conflicts related to items on the agenda. If a conflict is disclosed, the affected individual is recused from discussion and voting on the matter. The board documents all disclosures and recusals in the meeting minutes. This process ensures that the organization consistently monitors and enforces compliance with the policy.”

“The organization determines compensation for the Executive Director and key management officials by conducting an annual review. The process includes: Reviewing compensation data for comparable positions at similarly sized nonprofit organizations (e.g., Form 990s, salary surveys). Documenting the basis for compensation decisions, including the sources of comparability data.”

“The organization uses a process similar to that used for the Executive Director to determine compensation for other officers and key employees. This includes: Reviewing compensation levels for similar roles in comparable nonprofit organizations, using sources such as Form 990s, compensation surveys, or industry benchmarks. Ensuring that compensation decisions are approved by individuals without conflicts of interest.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”