The Carmel Foundation

“The Finance Committee shall have 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 should be ready for review by the Finance Committee no later than one month prior to the filing deadline.After the draft of the Form 990 has been obtained by the Finance Committee, they will have no more than two weeks to complete their review.In conducting their review of the draft of the Form 990, it is preferred that the Finance Committee shall conduct a top-level or big-picture type of review, however, if the Finance Committee desires or deems it necessary to conduct a more detailed review of the Form 990, then they should contact the preparer of the Form 990 to request copies of the relevant detailed tax return workpapers which they would like to see.Once the Finance Committee has completed their initial review of the Form 990, a meeting or conference call will be scheduled with the preparer of the Form 990 (regardless of whether the Form 990 is externally or internally prepared) to discuss any questions, comments, and suggested revisions identified by the Finance Committee.The preparer of the Form 990 should make any revisions to the Form 990 as soon as feasibly 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 Finance Committee should be documented, along with any responses from the preparer of the Form 990, if applicable.After the Form 990 has been reviewed by the Finance Committee and filed with the Internal Revenue Service, the Finance Committee will make a presentation at the next full Board of Directors meeting to update the full Board regarding their review of the Form 990; at this meeting with the full Board of Directors, it is not required for the Finance Committee to review all of their questions, comments, and suggested revisions; a summary of their more important points will be sufficient.”

“To ensure the Foundation operates in a manner consistent with charitable purposes and does not engage in activities that could jeopardize its tax-exempt status, periodic review shall be conducted. The periodic reviews shall, at a minimum, include the following subjects:-Whether compensation arrangements and benefits are reasonable, based on competent survey information, and the result of arm's length bargaining-Whether partnerships, joint ventures, and arrangements with management or organizations conform to the Foundation's written policies, are properly recorded, reflect reasonable investment or payments for goods and services, further charitable purposes and do not result in inurement, impermissible private benefit or in an excess benefit transaction.”

“When determining the annual compensation for any insider, the organization shall always undertake and satisfy all three prongs of the rebuttable presumption set forth in the Internal Revenue Code regarding intermediate sanctions (4958).”

“When determining the annual compensation for any insider, the organization shall always undertake and satisfy all three prongs of the rebuttable presumption set forth in the Internal Revenue Code regarding intermediate sanctions (4958).”

“Available upon written request.”

“Change in Value of Split- Int. Agreement = $20163”