Re: Boost Asset Stewardship Review begins 09/03 (Updated)

From: Vinnie Falco (vinnie.falco_at_[hidden])
Date: 2024-09-18 02:54:23

On Tue, Sep 17, 2024 at 7:34 PM Glen Fernandes <glen.fernandes_at_[hidden]>
wrote:

> Correct me if I have misinterpreted.
>

I am so sorry. Upon re-reading my post, I realize now that in my efforts to
edit for tone as I am now in the habit of doing, my communication became
vague. I'll ask specifics:

1 Does the criteria for adding Boost Foundation board members include
experience serving on a board of directors?

2 Are new board members given written materials or resources which explain
their obligations and expectations?

3 Do new board members go through an orientation meeting to familiarize
them with company and Boost culture?

4 Are new board members made aware of the duty of care, duty of loyalty,
and duty of obedience to the nonprofit?

5 Are new board members made aware that they can be held personally liable
for a breach of fiduciary duty [1]?

6 Do new board members receive instructions on how to ensure their activity
does not expose them to personal liability?

7 Are board members covered by liability insurance?

8 Are new board members provided with a copy of the articles of
incorporation as part of an onboarding process?

9 Are new board members provided with a copy of the bylaws as part of an
onboarding process?

10 Are new board members provided with a copy of the letter of
determination which explains what donations and activities are tax-exempt?

11 Do new board members perform due diligence on the Boost Foundation's
financial and governance affairs to ensure that the organization they are
joining is in compliance?

12 Are new board members provided with links or documents which explain the
state and federal regulations which the nonprofit must comply with?

13 Does the board hold a meeting at least once per year where the Treasurer
provides full written disclosure of all financial activities, and where all
board members attend?

14 Are board members who miss three meetings in a row, or sustain an
absence for 3 months or longer, required to submit a reason in writing
ahead of time?

15 Are board members made aware that a director cannot carry out their duty
of care without attending meetings and reading materials provided at and in
advance of meetings?

16 Are new board members informed that the main tax laws governing the
Boost Foundation charity are listed under section 501(c)(3) and operating
as a public charity (versus private operating foundation)?

17 What is the process for familiarizing new board members with the rules
for self-dealing?

18 What is the process where new board members fill out their conflict of
interest forms and those documents are retained?

Thanks

[1] https://charitableallies.org/board-liability