The National Academies Corporation

“Form 990 review process the draft 990 is prepared by the nas office of the chief financial officer. It is reviewed by the nas office of general counsel and an external tax adviser before being reviewed by the tnac executive committee. The final form is then made available to the full tnac board prior to its submission.”

“Conflict of interest policy monitoring and enforcement annually, the nas general counsel leads a discussion at the meeting of officers and directors at which the conflict of interest policy is reviewed. All officers/directors are asked about any current conflicts and reminded they must abide by the conflict of interest policy.”

“Process for determining compensation compensation for officers is paid by the nas, a related organization, and compensation decisions are made by nas in accordance with its policies and procedures. For example, compensation decisions for disqualified persons as defined in irc section 4958 are made annually by an executive compensation committee composed of independent members on the basis of comparability data and there is a record of their deliberations and decisions.”

“How documents are made available to the public the organization makes these documents available to the extent required by law. Form 990, part x, line 12: investment in other securities the national academies corporation's (tnac) investment assets are held by the national academy of sciences (nas), a related organization, for the benefit of tnac, as part of the nas endowment and other long-term investments pool and the nas program investments pool, and in accordance with the pools' general rules, investment policies, and operational practices. Tnac's assets invested in the pools participate on a pro rata basis in the investment return (loss) and expenses of the pools. The pools are invested in a diversified portfolio consisting of money market accounts, fixed income and equity mutual and closed-end funds, corporate and u.s. Government securities, equities futures, private equity funds, and hedge funds.”

“Roger mccarthy received compensation of $50,000 from the nas, a related organization, for his role as the treasurer of the national academy of engineering (nae). This compensation is unrelated to his service on the tnac board. Yannis yortsos received compensation of $70,000 from the nas, a related organization, in his capacity as editor-in-chief of the proceedings of the national academy of sciences (pnas) nexus, a science journal published by the organization. This compensation is unrelated to his service on the tnac board.”