Gamma Iota Sigma Foundation

“The executive committee, comprised of the officers of the corporation, has all the powers to transact business between meetings of the board of trustees. The committee's function is to handle such matters as extend beyond the scope of responsibility of any officer acting alone.”

“Gamma iota sigma foundation amended its grand chapter code of regulations to include a dissolution clause to article i and an addition to article ii.7 on when a trustee may be removed from the board. The dissolution clause states that upon dissolution of this organization, assets shall be distributed for one or more exempt purposes within the meaning of section 501(c)(3) of the internal revenue code, or corresponding section of any future federal tax code, or shall be distributed to the federal government, or to a state or local government, for a public purpose. The addition to article ii.7 states that a trustee may be removed from the board should they leave their role at the sponsoring company, or their company chooses to end its partnership with gamma iota sigma at which point termination would be effective when the partnership ends or the individual leaves the sponsoring company.”

“The board of trustees overlaps with that of gamma iota sigma (gis), a related non-profit organization (see schedule r). Trustees appointed to, or removed from, the gis board are simultaneously appointed to, or removed from, the foundation board.”

“Form 990 is reviewed by the board president and treasurer prior to filing.”

“The foundation follows the whistleblower policy and written document retention and destruction policy of gamma iota sigma, a related non-profit organization (see schedule r, part ii).”

“The executive director is compensated by gamma iota sigma (gis), a related non-profit organization (see schedule r, part ii). The gis compensation committee utilized a compensation consultant to establish compensation. The committee makes recommendations to the executive committee for approval.”

“The organization's governing documents are made available to the public upon request.”

“Consulting: program service expenses 5,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 5,000. Photographer fees: program service expenses 9,335. Management and general expenses 0. Fundraising expenses 0. Total expenses 9,335.”

“The foundation is included in the consolidated financial statements of gamma iota sigma (gis). The gis finance and audit committee, appointed by the members of the executive committee, is responsible for oversight of the consolidated financial statement audit and selection of the independent accountant. The committee also provides input and guidance around financial reporting and internal controls, along with financial ethics and compliance.”