TY 2021 Form 990 Schedule O

Instrumentl eFile RenderObject ID: 202233199349312338 - Rendered 2024-05-05 TIN: 22-2604963

SCHEDULE O
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
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Attach to Form 990 or 990-EZ.
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Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2021

Open to Public
Inspection

Name of the organization

THE RHODE ISLAND COMMUNITY FOUNDATION

Employer identification number

22-2604963

Return Reference	Explanation
FORM 990, PART VI, SECTION B, LINE 11B	THE FOUNDATION'S AUDIT COMMITTEE IS RESPONSIBLE FOR OVERSIGHT OF THE FOUNDATION'S FORM 990 "RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX AND FORM 990T "EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN". THE AUDIT COMMITTEE REVIEWS AND APPROVES THE TAX RETURNS BEFORE DISTRIBUTION TO THE BOARD OF DIRECTORS. EACH DIRECTOR IS PROVIDED WITH AN ELECTRONIC COPY OF FORM 990 VIA THE BOARD'S WEBSITE PORTAL BEFORE IT IS FILED.
FORM 990, PART VI, SECTION B, LINE 12C	IT IS THE POLICY OF THE FOUNDATION TO REQUIRE THAT ALL MEMBERS OF THE BOARD OF DIRECTORS, COMMITTEES AND STAFF DISCLOSE, AND IN SOME INSTANCES REFRAIN FROM, ENGAGING IN BUSINESS PRACTICES OR CONDUCT THAT COULD CONSTITUTE A CONFLICT BETWEEN THEIR PERSONAL INTERESTS AND THE INTERESTS OF THE FOUNDATION. STAFF PERSONS ARE PROHIBITED FROM SERVING ON THE BOARD OF DIRECTORS OF ANY ORGANIZATION LIKELY TO RECEIVE DISCRETIONARY GRANTS FROM THE FOUNDATION. THE FOUNDATION'S EXECUTIVE OFFICE REGULARLY MONITORS AND UPDATES THE FOUNDATION'S CONFLICT OF INTEREST POLICY. POTENTIAL CONFLICTS OF INTEREST INVOLVING DIRECTORS, OFFICERS, MEMBERS OF COMMITTEES AND STAFF ARE IDENTIFIED AND ADDRESSED IN ORDER TO ASSURE THAT THE FOUNDATION IS TREATED FAIRLY IN ALL ITS BUSINESS DEALINGS.
FORM 990, PART VI, SECTION B, LINE 15	THE FOUNDATION'S EXECUTIVE COMPENSATION POLICY IS CONSIDERED REASONABLE IF IT IS AN AMOUNT THAT WOULD ORDINARILY BE PAID BY SIMILARLY SITUATED ORGANIZATIONS UNDER LIKE CIRCUMSTANCES. THIS POLICY APPLIES TO PERSONS WHO ARE IN A POSITION TO EXERCISE SUBSTANTIAL INFLUENCE OVER THE AFFAIRS OF THE FOUNDATION. COMPENSATION OF THE CEO IS REVIEWED AND APPROVED, IN ADVANCE, BY THE BOARD NOMINATING AND GOVERNANCE COMMITTEE COMPOSED OF INDIVIDUALS WHO DO NOT HAVE A CONFLICT OF INTEREST. THE COMMITTEE RELIES UPON APPROPRIATE DATA, SUCH AS A COMPENSATION REPORT OR PROOF OF FAIR MARKET VALUE, AS TO COMPARABILITY BEFORE MAKING ITS DECISION, ADEQUATELY DOCUMENTING THE BASIS FOR ITS DETERMINATION. DOCUMENTATION MUST CONTAIN: THE DATE AND TERMS OF THE TRANSACTION; THE MEMBERS PRESENT AND WHO VOTED; THE DATA RELIED UPON AND HOW IT WAS OBTAINED; ACTIONS TAKEN BY MEMBERS WHO HAD A CONFLICT OF INTEREST AND BASIS FOR ANY DEPARTURE FROM REASONABLE COMPENSATION.
FORM 990, PART VI, SECTION C, LINE 19	THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. THE FINANCIAL STATEMENTS ARE AVAILABLE ON THE FOUNDATION'S WEBSITE.
FORM 990, PART XI, LINE 9:	CHANGE IN PRESENT VALUE OF SPLIT INTEREST AGREEMENTS 820,365.

Return Reference

Explanation

FORM 990, PART VI, SECTION B, LINE 11B

THE FOUNDATION'S AUDIT COMMITTEE IS RESPONSIBLE FOR OVERSIGHT OF THE FOUNDATION'S FORM 990 "RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX AND FORM 990T "EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN". THE AUDIT COMMITTEE REVIEWS AND APPROVES THE TAX RETURNS BEFORE DISTRIBUTION TO THE BOARD OF DIRECTORS. EACH DIRECTOR IS PROVIDED WITH AN ELECTRONIC COPY OF FORM 990 VIA THE BOARD'S WEBSITE PORTAL BEFORE IT IS FILED.

FORM 990, PART VI, SECTION B, LINE 12C

IT IS THE POLICY OF THE FOUNDATION TO REQUIRE THAT ALL MEMBERS OF THE BOARD OF DIRECTORS, COMMITTEES AND STAFF DISCLOSE, AND IN SOME INSTANCES REFRAIN FROM, ENGAGING IN BUSINESS PRACTICES OR CONDUCT THAT COULD CONSTITUTE A CONFLICT BETWEEN THEIR PERSONAL INTERESTS AND THE INTERESTS OF THE FOUNDATION. STAFF PERSONS ARE PROHIBITED FROM SERVING ON THE BOARD OF DIRECTORS OF ANY ORGANIZATION LIKELY TO RECEIVE DISCRETIONARY GRANTS FROM THE FOUNDATION. THE FOUNDATION'S EXECUTIVE OFFICE REGULARLY MONITORS AND UPDATES THE FOUNDATION'S CONFLICT OF INTEREST POLICY. POTENTIAL CONFLICTS OF INTEREST INVOLVING DIRECTORS, OFFICERS, MEMBERS OF COMMITTEES AND STAFF ARE IDENTIFIED AND ADDRESSED IN ORDER TO ASSURE THAT THE FOUNDATION IS TREATED FAIRLY IN ALL ITS BUSINESS DEALINGS.

FORM 990, PART VI, SECTION B, LINE 15

THE FOUNDATION'S EXECUTIVE COMPENSATION POLICY IS CONSIDERED REASONABLE IF IT IS AN AMOUNT THAT WOULD ORDINARILY BE PAID BY SIMILARLY SITUATED ORGANIZATIONS UNDER LIKE CIRCUMSTANCES. THIS POLICY APPLIES TO PERSONS WHO ARE IN A POSITION TO EXERCISE SUBSTANTIAL INFLUENCE OVER THE AFFAIRS OF THE FOUNDATION. COMPENSATION OF THE CEO IS REVIEWED AND APPROVED, IN ADVANCE, BY THE BOARD NOMINATING AND GOVERNANCE COMMITTEE COMPOSED OF INDIVIDUALS WHO DO NOT HAVE A CONFLICT OF INTEREST. THE COMMITTEE RELIES UPON APPROPRIATE DATA, SUCH AS A COMPENSATION REPORT OR PROOF OF FAIR MARKET VALUE, AS TO COMPARABILITY BEFORE MAKING ITS DECISION, ADEQUATELY DOCUMENTING THE BASIS FOR ITS DETERMINATION. DOCUMENTATION MUST CONTAIN: THE DATE AND TERMS OF THE TRANSACTION; THE MEMBERS PRESENT AND WHO VOTED; THE DATA RELIED UPON AND HOW IT WAS OBTAINED; ACTIONS TAKEN BY MEMBERS WHO HAD A CONFLICT OF INTEREST AND BASIS FOR ANY DEPARTURE FROM REASONABLE COMPENSATION.

FORM 990, PART VI, SECTION C, LINE 19

THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. THE FINANCIAL STATEMENTS ARE AVAILABLE ON THE FOUNDATION'S WEBSITE.

FORM 990, PART XI, LINE 9:

CHANGE IN PRESENT VALUE OF SPLIT INTEREST AGREEMENTS 820,365.

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990) 2021

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