Lake Union Child Care

“All families of current students are members.”

“All members have equal voting rights for the board of directors. The members elect the Board of Directors members, then the Board of Directors elects who among them will be officers.”

“An external accounting firm prepares the 990, with input from the organization, and provides it to the finance committee and/or board in advance of an upcoming meeting. At that meeting members vote to approve or reject the form.”

“The organization regularly and consistently monitors and enforces compliance with the conflict of interest policy. It is the duty of all board members and staff to be aware of this policy, to identify conflicts of interest and situations that may result in the appearance of a conflict, and to disclose those situations/conflicts/or potential conflicts to (i) the employee's supervisor (ii) the ED, or (iii) the President of the Board... Board members and administrative staff will, upon appointment or hire and annually thereafter, disclose and promptly update any disclosures on an Annual Conflict Disclosure Questionnaire form provided by the organization. This form requests them to identify conflicts or perceived conflicts of interest, such as a list of family members, substantial business or investment holdings, and other transactions or affiliations with businesses and other organizations or those of family members as well as other nonprofit organizations... Board and staff are also urged to disclose conflicts as they arise as well as to disclose those situations that are evolving that may result in a conflict of interest. Advance disclosure must occur so that a determination may be made as to the appropriate plan of action to manage the conflict.”

“The organization's board of directors reviews and authorizes the executive director's compensation on an annual basis. Upon the Executive Director's hire, a compensation study was consulted to determine the starting compensation, and standard cost-of-living increases have been done since then. This process was last conducted in June 2024. The organization does not have any other officers or key employees.”

“Lake Union Child Care's Form 990 is available to the public upon request. In addition, Form 990 is available on public websites including Candid.org.”

“Loss on disposal of fixed assets”