Galt Foundation

“Leslie meingast and peter meingast are married”

“A completed copy of the annual form 990 and all related schedules shall be provided to all board members prior to filing with the irs. The board shall review these documents and indicate approval of filing either through a vote at a formal board meeting or in writing via paper or electronic documentation.”

“The policy requires that a conflict of interest questionnaire be completed annually by board members, officers and executives and that these individuals also sign off on a pledge of personal commitment to adhere to the policy. When a covered person becomes aware of a proposed covered transaction, he or she has a duty to take the following actions:a) immediately disclose the existence and circumstances of such covered transaction to the foundation's board in writing; b) refrain from using his or her personal influence to encourage the foundation to enter into the covered transaction; c) physically excuse himself or herself from any discussions regarding the covered transaction except to answer questions, including board discussions and decisions on the subject.”

“The board shall establish a compensation package for the executive director and shall review and approve all requests for compensation increases. Compensation decisions shall be based on the review of comparable data (i.e.compensation packages from agencies of similar size, revenue, and mission), experience and degree of individual under consideration, and, in case of compensation increases, the actual job performance of the employee being considered and agency goals attained. Information used to formulate compensation decisions and the deliberation process shall be documented in the minutes of the board meeting(s).”

“Galt foundation reviews requests for information on governing documents and financial statements, beyond the information contained in public irs documents, on a case by case basis.”

“Client Note 1 - THE ORGANIZATION'S CERTIFIED PUBLIC ACCOUNTANT AND AUDITOR ELECTED TO FILE THE FORM 990 ON PAPER, CONSISTENT WITH THE REQUIREMENT FOR THE STATE AGENCIES. NEITHER OF THE STATE AGENCIES WHERE THE TAX RETURNS ARE FILED ALLOW ELECTRONIC FILING, NOR DO THEY HAVE THE ABILITY TO RECEIVE AN ELECTRONICALLY FILED TAX RETURN FOR NON-PROFIT ORGANIZATIONS. IT WAS DEEMED LESS CONFUSING TO THE TAXPAYER TO FILE ALL OF THE TAX RETURNS ON PAPER. THE TAXPAYER IS ELECTRONICALLY FILING THIS TAX RETURN AND REQUESTS THE TAX RETURN BE ACCEPTED AS TIMELY FILED FOR THE FOLLOWING REASONS: 1. THE ORGANIZATION RELIED ON THEIR CERTIFIED PUBLIC ACCOUNTANT 2. THIS WAS THE FIRST TIME THE ORGANIZATION WAS REQUIRED TO BE FILED ELECTRONICALLY 3. THEIR ACCOUNTANT BELIEVED PAPER FILING ALL INCOME TAX RETURNS WOULD BE LESS CONFUSING TO THE TAXPAYER BECAUSE NEITHER STATE AGENCY REQUIRING TAX RETURNS ALLOWED OR HAD THE CAPABILITY TO RECEIVE ELECTRONICALLY FILED INCOME TAX RETURNS 4. THE PAPER FILED TAX RETURN WAS TIMELY FILED; THEREFORE, THE TAXPAYER REQUESTS THE ELECTRONICALLY FILED INCOME TAX RETURN BE ACCEPTED AS TIMELY FILED BECAUSE OF THEIR RELIANCE UPON THEIR CERTIFIED PUBLIC ACCOUNTANT 5. THE PAPER FILED TAX RETURN CONTAINS EXACTLY THE SAME INFORMATION AS THE ELECTRONICALLY FILED INCOME TAX RETURN, WITH THE EXCEPTION OF THIS STATEMENT OF EXPLANATION 6. PAPER FILING THE FEDERAL TAX RETURN WAS NOT AN INTENTIONAL DISREGARD FOR THE RULES, IT MERELY PROVIDED CONSISTENCY IN FILING THEIR FEDERAL AND STATE INCOME TAX RETURNS DUE THE STATE LIMITATIONS 7. ALL FUTURE FORM 990'S AND RELATED SCHEDULES WILL BE ELECTRONICALLY FILED”