Rural Alaska Community Action Program

“The completed form 990 is reviewed by the controller and members of the executive team including the cfo for accuracy prior to filing. The completed form is also provided to the governing board in subsequent board meetings.”

“The conflict of interest policy covers members of the rural cap board of directors and members of committees with board-delegated powers. Each covered person shall annually sign a statement which affirms such person has received a copy of the conflicts of interest policy, has read and understands the policy, has agreed to comply with the policy, and understands that in order to maintain its federal tax exemption rural cap must engage primarily in activities which accomplish one or more of its tax-exempt purposes. The procedure for addressing any potential conflict of interest includes: 1) an interested person may make a presentation to the board, after which the interested person shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest; 2) the chair of the board shall appoint a disinterested person or committee to investigate alternatives to the proposed transaction; 3) the board shall determine whether rural cap can obtain with reasonable efforts a more advantageous transaction or arrangement from a person that would not give rise to a conflict of interest; and 4) if a more advantageous transaction or arrangement is not reasonable possible the board shall determine by majority vote of the disinterested directors whether the transaction or arrangement is in rural cap's best interest, for its own benefit, and whether it is fair and reasonable.”

“The salary of the ceo is determined by the board of directors. Meetings are arranged to discuss compensation which is based on a contract determined by the board. The board meets and discusses terms during the final quarter of the 3-year contract period, or as needed. This process last occurred in october 2023. Compensation of other officers is reviewed annually and approved by the ceo.”

“Will provide copies upon request.”

“Executive committee has authority.”

“Exclusion of ree investment 1,828,875. Dividend received -1,650,000.”

“The process has not changed from the prior year.”