Jackson County Library Foundation

“A draft of the form 990 is reviewed by a third party accounting firm. Once any recommended changes are reviewed and accepted, an updated draft of the form 990 is submitted to the finance committee of the board of directors, chaired by the treasurer. Once the finance committee approves the draft, a copy is then provided to the entire board of directors 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. Annually, all board members and officers review, sign, and date the foundations conflict of interest policy.”

“The foundation's governing documents are filed with the oregon 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, and financial statements. The foundation also provides a copy of its form 990 on its website.”

“This explanation refers to details entered in schedule d, part v. A board-designated endowment was left off of this schedule on previous 990s - see schedule d, part ix for a description of this asset. Additionally, previous 990s included a bequest of $200,000 mistakenly recorded as a permanent endowment which, upon review of documenation, has been reclassified as a temporarily restricted contribution and no longer appears on schedule d part v as an endowment.”

“All funds granted to the jackson county library district will show as grants & other assistance to domestic organizations on line 1 of the statement of functional expense. In previous years, these funds have been reported as other expenses on line 24 of the statement of functional expense. The foundation's practice of granting funds to the library district has not changed, only the policy for reporting on the 990.”

“A bequest in the amount of $200,000 made in 2002 was reported as permanently restricted on previous 990s. Upon a recent review of the donor's will, it has been determined that the funds are not permanently restricted, but temporarily restricted for a specific purpose, .”