Twelveacres Incorporated

“The executive committee has the power and authority to carry out business between full board meetings. The executive committee does not set policy. The executive committee members are also members of the board; their names and titles are: 1) francesca karpel, president; 2) gene debolt, vice-president; 3) tim ames, treasurer; 4) jean wehren, secretary; jeannie l'heureux, director.”

“Board review procedure of form 990:-the audit committee has the responsibility for reviewing the organization's form 990, including all pertinent schedules, before it is filed with the internal revenue service.-a draft of the form 990 will be ready for review by the audit committee no later than one month prior to the filing deadline.-after the draft of the form 990 has been obtained by the audit committee, they will have no more than two weeks to complete their review.-in conducting their review of the draft copy, it is preferred that the audit committee shall conduct a top-level or big-picture type of review. However, if the audit committee desires or deems it necessary to conduct a more detailed review, they should then contact the form 990 preparer and request which copies of the relevant detailed tax return workpapers they would like to see.-once the audit committee has completed its inital review of the form 990, a meeting or conference call will be scheduled with the form 990 preparer to discuss any questions, comments, and suggested revisions identified by the audit committee.-the form 990 preparer should then make any revisions to the return as soon as possible to ensure that the form 990 is filed with the internal revenue service on a timely basis.-all of the questions, comments and suggested revisions set forth by the audit committee shold be documented, along with any responses from the form 990 preparer, if applicable.-after the form 990 has been reviewed by the audit committee, the audit committee will make a presentation at the next full board of directors meeting to update the full board regarding its review of the form 990. If necessary, the form could be filed with the irs and sent to the full board (in a hard or soft copy) prior to their meeting. When meeting with the full board of directors, it is not required for the audit committee to review all of their questions, comments and suggested revisions; a summary of their more important points will be sufficient.-unless the board agrees otherwise, the full board will review the form 990 before it is filed with the irs.”

“Officers, directors or trustees, and employees with reportable salary of $150,000 or more will fill out and sign a form regarding conflict of interest issues once a year.”

“Governing documents, conflict of interest policy, and financial statements are available to the public upon request.”

“The auditor selection process includes review of proposals and personal interviews with local firms. A qualified independent cpa firm is selected from the applicants. A change was made in the selection of an audit firm during this tax year.”