Lincoln County Foundation

“The bylaws were updated to current legal requirements and to add article 1 on non-voting general members; the number of directors changed from 9 to a minimum of 5 and a maximum 15; new board positions may be created and filled at any meeting and will serve until the next annual meeting; removal of a board director for cause procedures requires a 2/3 majority of the board at a meeting held for that purpose; an annual financial statement audit, review, or compilation, rather than an annual audit; new section 14 on telecommunications and electronic meetings allowed; new section 15 on voting by mail or email; section 16 requires at least 4 meetings each year rather than 2; duties of officers were expanded upon; article iv section 10 allows for employment of an executive director and staff; the board of directors may establish board-level and non-board level committees to carry out assigned work; article vi section 4 investment policy has been removed from the bylaws and replaced by the ability to contract with one or more financial advisors. The articles of incorporation were updated to current legal requirements and to establish a new registered agent (article iii), new mailing address (article iv), article xi moves the indemnification of officers to the articles from the bylaws.”

“Board members have the opportunity to review the form 990 prior to filing. The filing is approved at the next available board meeting.”

“The board of directors or committees functioning under board jurisdiction follow the approval by disinterested vote rule. This rule involves a favorable vote by directors or committee members not involved in the conflict of interest. Board directors or committee members involved in the conflict of interest may participate in the discussion of the issue but may not be involved in the final decision.”

“Board directors are volunteers who manage and execute all aspects of lcf operations and programs.”

“Lcf hired a part-time executive director in 2020. His compensation was determined by reviewing his qualifications, ability to work part-time, and comparison to wages at similar organizations as approved by the board of directors.”

“Governing documents and financial statements are made available upon request. Form 990 is also available at guidestar.org.”

“The lincoln county foundation is an agency established to receive, administer and disburse funds and other property to assist the people of lincoln county, oregon; particularly the young people through grants and scholarships.”