Madison Rotary Foundation

“The organization receives administrative support from the rotary club of madison. For these services, the madison rotary foundation agrees to annually pay 27% of the administrative expenses budgeted for the rotary club of madison. These services include planning and executing budgets and financial operations and supervising exempt operations.”

“The organization changed how officers are elected.”

“Two of the most recently retired past presidents of the rotary club of madison who are still members of the club, shall each have a two year term.”

“The prepared form 990 is reviewed by the organization's governing body before the return is filed with the irs.”

“The board of trustees ("trustees") of the madison rotary foundation ("foundation") is conscious of possible conflicts of interest which may arise as the result of trustees or committee members serving on community boards and/or being intimately connected with applicants for grants and scholarships. The trustees are also conscious of possible conflicts of interest which may arise as the result of the relationships and business affiliations of trustees or committee members. At the same time, the trustees recognize that it is inherent in the process of the election of members of the trustees to select persons who are active in the community. Likewise, the trustees do not desire to deprive agencies or to penalize those agencies having active boards of their own, some of whose members may also serve on the trustees of the foundation. Any conflict of interest on the part of any trustee or committee member should be disclosed and made a matter of record, either through an annual procedure or when the interest becomes a matter of trustee or committee action. Any trustee or committee member having a possible conflict of interest on any matter should not vote on that matter, but shall be counted in determining the quorum for the meeting. The minutes of the meeting should reflect that disclosure was made and the abstention from voting. It shall be deemed that a trustee or committee member shall have a conflict of interest if the member's spouse and/or children are deemed to have such a conflict of interest. Trustees who have declared or been found to have a conflict of interest in any matter shall refrain from participating in consideration of the proposed transaction, unless for special reasons the trustees or committee requests information or interpretation from the trustee(s) involved. This policy shall be reviewed annually for the information and guidance of trustees and committee members. New trustees will be advised of the policy upon entering the duties of board of trustees membership.”

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