Seattle Public Library Foundation

“The form 990 detailed supporting financial information is provided by the chief financial officer to a third party accounting firm, where the form 990 is initially drafted by said accounting firm, who works jointly with their audit team to complete a full tax and audit engagement. The draft form 990 and source documentation is then reviewed by the chief executive officer and chief financial officer. After any necessary revisions have been made, the draft form 990 is provided to the finance committee of the board of directors, chaired by the foundation treasurer. The committee ensures the financial information in the form 990 agrees with the audited financial statements during the review of the draft. Any questions or concerns are discussed with the chief executive officer and chief financial officer. Once the finance committee approves the draft, a copy is provided to the entire board for review prior to filing with the irs.”

“The foundation's conflict of interest policy covers all members of the board of directors, who have a duty to disclose any actual or possible conflicts of interest to the board of directors, or to a committee of the board with delegated powers over the transaction or arrangement. Annually, all board members review, sign, and date both the foundation's conflict of interest policy as well as the irs form 990 questionnaire. These forms are reviewed for any conflicts/interested person concerns by the foundation's governance committee. After gathering relevant information on which to base their decision, the board or committee determines whether a conflict of interest exists. Deliberation by the board or committee takes place without the board member in question. The board or committee takes appropriate disciplinary and corrective action whenever it determines a conflict of interest exists. The governance committee is responsible for maintaining the conflict of interest policy and irs form 990 questionnaire, reviewing the disclosure forms, and taking appropriate action on potential conflicts of interest.”

“Compensation for the chief executive officer, director of development, director of strategy, senior director, intiatives and advancement, and the chief financial officer is established and/or overseen by the compensation sub-committee of the board of directors. In making its recommendation, the compensation committee considers information drawn from a market survey of comparable employers and positions with similar levels of responsibility. The most recent compensation review was completed 11/30/2017.”

“The foundation's governing documents are filed with the washington secretary of state and are available for public inspection. In addition, the foundation makes available upon request copies of its governing documents, conflict of interest policy, audited financial statements, and form 990. The foundation also provides a copy of both its form 990 and its audited financial statements on its website.”

“The number of volunteers is based on board of directors membership, none of whom receive any compensation for their efforts. Our dedicated board members participate in extensive committee work of the board, attend and work at various foundation-sponsored and library-sponsored functions, and provide special expertise for various foundation projects in such areas as finance, investments, legal matters, etc. Additionally, the foundation is able to tap a ready pool of volunteers who support the library itself when projects and opportunities come up that call for more volunteer support for foundation work.”