Institute for Natural Resources

“The Form 990 is prepared by INR's certified public accountant based upon INR's internal financial statements, as prepared by its CFO. The return is further reviewed by the Corporation's CFO and CEO prior to submitting the return to its board of directors. Thereafter, the return is filed.”

“Pursuant to the written conflicts of interest policy, the Board of Directors reviews all transactions or arrangements to which the organization is a party and in which a disqualified person has a financial interest that has been disclosed in accordance with the provisions the organization's conflicts policy. If conflicts of interest are determined to exist, board members with such potential or actual conflicts of interest are barred from participating in deliberations and/or voting with regard to affected transactions.”

“Compensation of INR's officers is reviewed annually by the Board of Directors. As a part of this review process, INR utilizes independent outside advisors to assemble the data regarding the comparable compensation practices of charities similar to INR and produce a report for the Board of Directors of what comparable charities pay their executives and officers. This report, and a recommended compensation amount, is provided to the board. The advisors' recommendations are considered by the compensation committee and based upon this report, the officers' compensation will be voted on by the Board of Directors, with any interested board member barred from voting under INR's conflicts of interest policy.”

“INR's governing documents, financial statements, and tax filings are available upon request.”

“During the reporting period, the organization leased office space at or below fair market rates from Vox Properties, LLC. Richard S. Colman, the president and a director of the organization, is the majority member of Vox Properties, LLC. The lease transaction was approved by a majority of the members of the Board of Directors of the organization. Richard S. Colman did not take part in the Board's deliberations and he did not vote on the matter.During the reporting period, the organization, pursuant to a license agreement with Biomed General, a California corporation of which Richard S. Colman is an officer, director and shareholder, engaged Biomed General to prepare and market homestudy courses and materials to attendees at seminars presented by the organization. The organization receives a license fee on all sales made by Biomed General. The license fee is fair and reasonable at a market rate and the license agreement was approved by a majority of the members of the Board of Directors of the organization. Richard S. Colman did not take part in the Board's deliberations and he did not vote on the matter.During the reporting period, the organization received payments from Biomed General for reimbursements on expenses that the organization incurred.”