The Filipino Community Center Inc

“The form 990 is normally e-mailed to the board members for review prior to filing of the form. The board will approve after filing for the current return.”

“The policy covers any director, principal officer, or member of a committee with board of directors delegated powers, who has a direct or indirect financial interest (interested person). An interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the directors and members of committees with board of directors delegated powers considering the proposed transaction or arrangement. After the disclosure, he/she shall leave the board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists. The board or committee shall determine whether the corporation can obtain a more advantageous transaction or arrangement with reasonable efforts from a person or entity that would not give rise to a conflict of interest. If none is reasonably possible, the board or committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the organization's best interest, for its own benefit, and whether it is fair and reasonable. All disclosures are recorded in the board of directors minutes. In addition, each director, principal officer and member of a committee with board of directors delegated powers shall sign an annual statement which affirms such person received a copy of the conflicts of interest policy, read, understands, and has agreed to comply with the policy. The statement also affirms that the person understand the organization is charitable, and in order to maintain its federal tax exemption, it must engage primarily in activities which accomplish one or more of its tax-exempt purposes.”

“Reasonable compensation for the president position is approved by the board of directors, which is based on performance measures as well as through the comparison of market wages for similar positions in other organizations. The organization does not have key employees and the board of directors are to serve without compensation.”

“The entity makes its governing documents, conflicts of interest policy and financial statements available to the public upon request.”