The Youth Science Institute

“A draft of form 990 is prepared by the institute's independent outside accounting firm. This draft is reviewed with management and corrected as appropriate, and then submitted to the finance committee for further review and correction. Each finance committee member reviews the form 990 draft in detail, followed by a committee meeting to discuss and approve a final draft of form 990. The finance committee then presents the final form 990 to the entire board of directors. A paper or electronic copy of the final form 990 is also provided to each board member prior to filing with the irs.”

“Pursuant to the institute's conflict of interest policy, an annual conflict of interest questionnaire, aimed at determining any family and business relationships and related transactions that may pose a potential conflict, is distributed to all covered persons (i.e. Board members, officers and executive leadership or key employees). Covered persons are required to disclose real or potential conflicts at the time when such conflicts arise. When someone becomes a covered person and annually thereafter, each covered person is required to sign a statement affirming that he/she: (1) has received a copy of the conflict of interest policy; (2) has read the policy and understands said policy; and (3) agrees to comply with all requirements of the policy, including completing the conflict of interest questionnaire. The procedure for addressing any conflict of interest includes, but is not limited to, the following: (1) the conflicting interest is fully disclosed to the board; (2) the interested person responds to factual questions related to the substance of the transaction or arrangement being considered, after which he/she shall leave the meeting; (3) the person with the conflict of interest is excluded from the discussion and approval of such transaction; (4) alternatives to the proposed transaction are investigated, competitive bids or comparable valuations are obtained; and (5) the transaction or action must be approved by a majority of disinterested persons.”

“The organization's personnel committee (subcommittee of board of directors) sets compensation for the executive director (ed). The committee performs an annual review of the performance of the ed. The committee also gathers input for setting the ed's compensation from local nonprofit compensation surveys, from form 990s of similar organizations in their service area, and from compensation information received from member industry associations. The deliberation and decision regarding the ed's compensation is contemporaneously documented in the minutes of the committee and approved by the full board of directors. The ed is responsible for setting the compensation of other employees through salary information received from similar sources as used in setting the ed compensation. The employee compensation decision is documented in the applicable employee's payroll file.”

“The organization's governing documents, conflict of interest policy, and audited financial statements are available upon request.”

“The organization's finance committee has responsibility for oversight of the audit of its financial statements and selection of the independent auditor. This responsibility is unchanged from the prior year.”