Life Foundation

“The life foundation independent audit committee receives drafts of audited financial statements and the single audit from the auditing firm and, after providing clarifying feedback, receives and approves the final drafts. These drafts are distributed to the full board of directors through the internal board website, www.boardpaq.com, and by email attachment. Upon request, printed copies of the draft form 990 are mailed to board members for review. The board is given at least one week to review the form 990 and present comments or questions to the audit committee. If the audit committee finds merit in any board comments or questions, the auditing firm will be asked to amend the drafts accordingly and the amended drafts will be accepted by the audit committee as the final form 990 for the fiscal year.”

“On an annual basis, a copy of the organization's conflict of interest policy is presented to each board member along with a conflict of interest disclosure form, which must be completed by each member indicating either that the member perceives no conflict of interest or listing potential conflicts in order to put the organization and other board members on notice.”

“The executive committee sits as the organization's compensation committee for the purpose of determining fair compensation for the executive director. In so doing, the committee determines the executive director's level and quality of performance during the previous year and conducts a brief survey within the honolulu community to determine the current range of compensation for chief executive positions at organizations that are similar in size and complexity to life foundation. The committee then uses the result of both performance review and salary surveys to fashion an executive director compensation package for the coming year. The executve director, in turn performs the same process relative to the chief financial officer and program department heads.”

“Form 990 is published to the organization website. Other available governance documents including printed copies of form 990 and conflicts of interest policies can be found at the life foundation business office.”

“The process for reviewing the form 990 has not changed from the prior year.”