2016-04-13T14:19:00-05:00 2015-06-30 521392008 GELMAN ROSENBERG & FREEDMAN 4550 MONTGOMERY AVE SUITE 650N BETHESDA MD 208142930 990 2014-07-01 526065757 CHESAPEAKE BAY FOUNDATION INC CHES 4102688816 6 HERNDON AVENUE ANNAPOLIS MD 214034503 William C Baker President 4102688816 2016-04-13 1 3019519090 2014 2016-08-17 19:52:53Z William C Baker 6 HERNDON AVENUE ANNAPOLIS MD 214034503 42924144 0 X WWW.CBF.ORG X 1966 MD The Chesapeake Bay Foundation's (CBF) mission is to Save the Bay. See Schedule O. 32 30 260 19028 73252 38915 25044891 19527320 1576666 2351771 3734346 4863853 14839 123757 30370742 26866701 941515 559480 0 0 14570680 13928130 217926 327038 3224352 9606608 9936622 25336729 24751270 5034013 2115431 108776156 110271017 12045737 14272384 96730419 95998633 X The Chesapeake Bay Foundation's (CBF) mission, simply stated, is to Save the Bay. See Schedule O for Continuation (page 59) 0 0 5898026 1126962 Education Led 35,000 students, teachers, and adults in hands-on, on-the-water, environmental education experiences.Provided professional learning courses to almost 400 teachers from Maryland, Virginia, Pennsylvania, and the District of Columbia. Known as Chesapeake Classrooms, these courses provide teachers first-hand experience on local waterways and help them to develop lesson plans that incorporate Bay studies.See Schedule O for Continuation (page 59) 10467543 559480 1224809 Environmental Protection and Restoration (EPR)Environmental Protection and Restoration comprises 55 professional staff housed in five offices, one farm, and two oyster restoration staff. They conduct CBF's policy, advocacy, member outreach and restoration programs; both terrestrial and in-water restoration including riparian buffers, living shorelines, oyster, and underwater grasses; and lobbying at the both the federal and state levels, serve on stakeholder groups, and provide technical comments in order to advance policies, regulations, and laws that support CBF's mission. See Schedule O for Continuation (page 60) 2653887 CommunicationsCBF explained the 2010 federal/state plan and defended it from opposition attacks in the press, in digital media, and through the development and distribution of reports and other collateral materials.CBF was quoted or named in 1,677 print, broadcast, and online news stories or 4.6 times per day. CBF researched, wrote, and released "Agriculture in the Chesapeake Bay Region: A Primer, and produced over 70 additional publications including the Save the Bay magazine, annual report, brochures, and informational materials.See Schedule O for Continuation (page 63) 19019456 1 1 0 1 0 0 1 1 0 1 1 1 0 0 1 1 1 0 0 0 1 0 0 1 1 0 0 1 0 1 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 1 137 0 1 260 1 1 1 1 VI CJ 0 0 0 1 1 0 0 0 1 0 X 32 30 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AL AK AZ AR CA CO CT FL GA HI IL KS KY LA ME MD MA MI MN MS MO NH NJ NM NY NC ND OH OK OR PA RI SC TN UT VA WA WV WI X X FAY R NANCE 4102688816 6 HERNDON AVENUE ANNAPOLIS MD 214034503 William C Baker President 40.00 X X 202572 0 31846 Simon Sidamon-Eristoff Chairman (until 01/15) 1.00 X X 0 0 0 Alan R Griffith Chairman (beg. 02/15) 1.00 X X 0 0 0 Jane P Batten Vice Chairman 1.00 X X 0 0 0 Carolyn Groobey Vice Chairman 1.00 X X 0 0 0 S Decker Anstrom Trustee (until 08/14) 1.00 X 0 0 0 Joanne S Berkley Trustee (until 01/15) 1.00 X 0 0 0 Susan Aplin Trustee (beg. 02/15) 1.00 X 0 0 0 W Russell G Byers Jr Trustee 1.00 X 0 0 0 D Keith Campbell Trustee 1.00 X 0 0 0 Michael J Chiaramonte Trustee 1.00 X 0 0 0 Catherine Cullen Trustee 1.00 X 0 0 0 Thomas M Davis III Trustee 1.00 X 0 0 0 Lauri Fitz-Pegado Trustee (beg. 02/15) 1.00 X 0 0 0 Richard L Franyo Trustee 1.00 X 0 0 0 Lauren Gleason Trustee (until 01/15) 1.00 X 0 0 0 Janet F Haas MD Trustee (until 01/15) 1.00 X 0 0 0 Ann Fritz Hackett Trustee 1.00 X 0 0 0 Michael J Hanley Trustee 1.00 X 0 0 0 Christian Hodges Trustee (beg. 02/15) 1.00 X 0 0 0 Robert A Kinsley Trustee 1.00 X 0 0 0 Burks B Lapham Trustee 1.00 X 0 0 0 Katie Z Leavy Trustee (beg. 02/15) 1.00 X 0 0 0 Harry T Lester Trustee 1.00 X 0 0 0 Byron F Marchant Trustee 1.00 X 0 0 0 H Turney McKnight Trustee 1.00 X 0 0 0 Charles W Moorman Trustee (until 06/15) 1.00 X 0 0 0 Pamela Murphy Trustee (beg. 02/15) 1.00 X 0 0 0 W Tayloe Murphy Jr Trustee (until 01/15) 1.00 X 0 0 0 Arnold I Richman Trustee 1.00 X 0 0 0 Alexis G Sant Trustee (until 01/15) 1.00 X 0 0 0 Truman T Semans Trustee 1.00 X 0 0 0 Anne B Shumadine Trustee 1.00 X 0 0 0 J Sedwick Sollers III Trustee (beg. 02/15) 1.00 X 0 0 0 Bishop Eugene Taylor Sutton Trustee 1.00 X 0 0 0 Sandra Taylor Trustee (beg. 02/15) 1.00 X 0 0 0 Anthony A Williams Trustee 1.00 X 0 0 0 Susan P Wilmerding Trustee 1.00 X 0 0 0 Peter L Woicke Trustee 1.00 X 0 0 0 Alan L Wurtzel Trustee 1.00 X 0 0 0 Charles D Foster Jr Assistant Treasurer/Chief of Staff 40.00 X 107231 0 22034 Fay R Nance Treasurer/Chief Financial Officer 40.00 X 162704 0 10648 Mary Tod Winchester Secretary/Vice President-Administration 40.00 X 133839 0 23352 Donald R Baugh Vice President-Education 40.00 X 148613 0 13572 Elizabeth Buckman Vice President-Communications 40.00 X 135072 0 19348 Kimberly L Coble Vice President-Environmental 40.00 X 142182 0 9308 Jon A Mueller Vice President of Litigation 40.00 X 157311 0 12966 Katharene P Snavely Vice President Development 40.00 X 117232 0 19070 1306756 0 162144 14 0 1 0 Hourigan Construction Group 4429 Bonney Road Suite 200 Virginia Beach VA 23462 Brock Center Construction 7737792 The Production Advantage Inc 13873 Park Center Rd Suite 15 Oak Hill VA 20171 Mass Production Printing 1264244 Clearpath Solutions Group LLC 2465 Centerville Rd Herndon VA 20171 Computer/network services 251843 Gropen Inc 1144 E Market Street Charlottesville VA 22902 Brock Center signage 209843 Anne Lewis Strategies LLC 901 New York Ave Suite 470 Washington IL 20001 Internet comm. consultant 195400 14 364286 294897 1550210 17317927 1511284 19527320 Tuition and Education 900099 1125462 1125462 Contract Income 900099 954869 954869 Farm Income 900099 256420 256420 Workshop Income 900099 13799 13799 Tour income 900099 1221 1221 2351771 730772 73252 657520 25526 25526 137525 0 137525 137525 137525 20048586 15914965 540 4133621 -540 4133081 4133081 88118 294897 141938 -53820 -53820 Miscellaneous 900099 9936 9936 Recovery of taxes 900099 4590 4590 14526 26866701 2351771 73252 4914358 X 559480 559480 1413074 622240 690029 100805 8702239 6718113 898578 1085548 334617 259405 33328 41884 2723290 2008352 388187 326751 754910 546828 108706 99376 126734 90179 19459 17096 144793 144793 233703 233703 327038 327038 222792 222792 1770004 1677452 92552 37133 15765 21368 3051323 2240308 169613 641402 502875 435966 7745 59164 179789 122254 57535 379513 361060 13354 5099 434102 382918 28670 22514 356406 211625 56627 88154 342147 256277 50864 35006 1109924 983387 77334 49203 344657 290053 32218 22386 Repairs & Maintenance 476949 425649 40597 10703 Donated Goods 46741 3183 13424 30134 Boat Charter 4175 4175 Allocation of G&A 0 456569 -534315 77746 172862 114515 45459 12888 24751270 19019456 2507462 3224352 X 2279581 1624238 0 655343 9834 11761 12509610 17002179 14673914 11628547 1531772 1494899 90618 88732 954491 685359 46392150 15907313 26761282 30484837 32465293 27061665 19634694 21688714 144648 124324 108776156 110271017 3230092 1705662 418561 515244 5878076 5379056 732742 5049742 1786266 1622680 12045737 14272384 X 28688043 31088547 23414541 20271121 44627835 44638965 96730419 95998633 108776156 110271017 X 2115431 -2984041 136824 X 0 1 X 1 1 1 X 21991668 30974164 26105266 25044891 19527320 123643309 21991668 30974164 26105266 25044891 19527320 123643309 9364217 114279092 587166 1376467 941320 940645 820571 4666169 40826 14526 55352 128364830 7917806 0.89030 0.91510 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 39661 314291 353952 24397318 24751270 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 345657 217370 295535 353952 1212514 250000 250000 250000 250000 1000000 1500000 92098 29276 17108 39661 178143 X X 15 981.00 0 2 1 19.00 907 1 0 17000 X Decorative purposes only 0 56209935 142680 1646652 2685660 55313607 51107017 718953 7000392 2616427 56209935 46598428 941604 5910742 2343757 51107017 43282028 6324069 -984676 2022993 46598428 38609306 88324 6577274 1992876 43282028 0.22050 0.65860 0.12090 1 0 11652006 11652006 26341009 9799001 16542008 8399135 6108312 2290823 30484837 Partnerships/Alternative Investments 18764364 F Beneficial Interest in Perpetual Trust 2924350 F 21688714 Split Interest Agreement 878611 Interest Rate Swap Obligation 744069 1622680 X 24947400 -2984041 1013360 278762 -1691919 26639319 222792 4590 227382 26866701 25679186 1013360 141938 1155298 24523888 222792 4590 227382 24751270 Part II, Line 9: A monetary value has not been placed on conservation easements; therefore, they are not included in financial statements. Part III, Line 4: A scale model of a Chesapeake Bay crabbing skiff hangs in the foyer of the Merrill Center. It is a reminder that CBF's mission is to Save the Bay, which includes restoring its bounty to levels that can support all the people who make a living on the Bay. Greeting visitors to the Merrill Center is a bronze and silver sculpture of an osprey, representing the fact that approximately one-quarter of all ospreys in the contiguous United States nest in the Chesapeake Bay region. Part V, Line 4: Endowment funds are used for donor restricted projects as well as to fund unrestricted activities. Donor restricted endowments are used for education in general, field education, farm operations, support and maintenance of facilities and boats, and restoration projects. It is the policy of the Foundation to spend 5% of a twelve quarter trailing average of the sum of accumulated investments. Part X, Line 2: For the years ended June 30, 2015 and 2014, the Foundation has documented its consideration of FASB ASC 740-10, Income Taxes, that provides guidance for reporting uncertainty in income taxes and has determined that no material uncertain tax positions qualify for either recognition or disclosure in the financial statements. The Federal Form 990, Return of Organization Exempt from Income Tax, is subject to examination by the Internal Revenue Service, generally for three years after it is filed. Part XI, Line 2d - Other Adjustments: Special Event Expenses 141,938. Unrealized gain on interest rate swap 136,824. Part XI, Line 4b - Other Adjustments: Federal and State UBIT recovery 4,590. Part XII, Line 2d - Other Adjustments: Special Event Expenses 141,938. Part XII, Line 4b - Other Adjustments: Federal and State UBIT recovery 4,590. Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas, 0 0 Investments 30793 0 0 0 0 0 0 30793 0 30793 0 0 0 0 0 0 X X X X X X X 1 Avalon Consulting 2030 M St NW 700 Washington DC 20036 Membership Consulting 0 3392170 186831 3205339 M&R Strategic Services Inc 1901 L St NW 800 Washington DC 20036 Digital Consulting 0 914841 82812 832029 Anne Lewis Strategies 901 New York Ave NW Suite 470 East Washington DC 20001 Digital Consulting 0 116429 15840 100589 Public Interest Communications 7700 Leesburg Pike Falls Church VA 22043 Telemarketing 0 36837 41555 -4718 4460277 327038 4133239 AL AK AZ AR CA CO CT FL GA HI IL KS KY LA ME MD MA MI MN MS MO NH NJ NM NY NC ND OH OK OR PA RI SC TN UT VA WA WV WI BandsInSand 361544 275561 85983 45254 3590 23490 69157 1 21471 19336 2135 447 383015 294897 88118 45254 3590 23490 69604 141938 -53820 1 Civil & Environmental 191 SATINWOOD LANE NELLYSFORD VA 22958 205974468 Other 11479 Restoring Southside Richmond Watersheds DNDC-Applications Research & Training 87 PACKERS FALLS ROAD DURHAM NH 03824 273429680 Other 57692 Greenhouse Gas Project Elizabeth River Project 475 WALTER STREET SUITE 103A PORTSMOUTH VA 23704 541663058 501(c)(3) 93147 MD & VA Reef Habitat & VA Lafayette Oyster Howard Soil Conservation District 708 LISBON CENTER DRIVE SUITE E WOODBINE MD 21797 520988558 Government 59100 Water Quality Trading Red Barn 3050 YELLOW GOOSE ROAD LANCASTER PA 176011818 412024936 Other 102642 Water Quality Trading & Healthy Dairies, Healthy Streams Tarleton State University BOX T-0410 STEPHENVILLE TX 764020001 756001870 Government 89258 Water Quality Trading Team Ag 120 LAKE ST EPHRATA PA 17522 233102803 Other 13378 Healthy Dairies, Healthy Streams University of Maryland PO BOX 775 CAMBRIDGE MD 216130775 526002033 Government 20362 Reef Ball Evaluation Project Virginia Tech 1880 PRATT DRIVE SUITE 2006 BLACKSBURG VA 24061 546001805 Government 6069 Greenhouse Gas Project Whitescarver Natural Resources Mgmt 120 TRIMBLES MILL ROAD SWOOPE VA 24479 275233176 Other 22111 Provide Technical Assistance to Landowners World Resources Institute 10 G STREET NE SUITE 800 WASHINGTON DC 20002 521257057 501(c)(3) 68267 Water Quality Trading 6 5 Part I, Line 2: Grant agreements require detailed project reports that are reviewed by departmental Financial Managers before payments are made. Program Managers will also review and approve the Grantee's Project Performance according to the details of the grant. X X 1 0 0 0 0 0 0 1 0 William C Baker President 200422 0 2150 0 0 0 8406 0 23440 0 234418 0 0 0 Fay R Nance Treasurer/Chief Financial Officer 160554 0 2150 0 0 0 6548 0 4100 0 173352 0 0 0 Mary Tod Winchester Secretary/Vice President-Administrat 131689 0 2150 0 0 0 5552 0 17800 0 157191 0 0 0 Donald R Baugh Vice President-Education 63190 0 0 0 85423 0 2702 0 10870 0 162185 0 0 0 Elizabeth Buckman Vice President-Communications 132922 0 2150 0 0 0 5538 0 13810 0 154420 0 0 0 Kimberly L Coble Vice President-Environmental 140032 0 2150 0 0 0 5708 0 3600 0 151490 0 0 0 Jon A Mueller Vice President of Litigation 155161 0 2150 0 0 0 6466 0 6500 0 170277 0 0 0 Part I, Line 4a Donald R. Baugh received $85,423. Part I, Line 7 In lieu of raises for 2014, all staff received $2,150 bonuses. Following are the highly compensated employees who received $2,150 bonuses: William C. Baker, Charles D. Foster, Jr., Fay R. Nance, Mary Tod Winchester, Elizabeth Buckman, Kimberly L. Coble, Jon A. Mueller and Katharene P. Snavely. Also, Katharene P. Snavely received a payment of $5,000 which was agreed upon prior to employment. A Maryland Economic Development Corporation 521376562 2013-10-01 6195000 Refund 1998 Bonds 0 0 0 A 449020 6195000 6195000 2000 1 0 1 1 A 0 0 0 0 0 0 1 A 0 1 0 0 1 1 Capital One National 10.000000000000 0 0 0 0 1 A 1 Boatyard Bar and Grill Richard Franyo, Board Member of CBF is owner of Boatyard Bar and Grill 20576 Boatyard Bar and Grill provided catering services to CBF. 0 X 12 32195 Fair market value X 7863 Fair market value X 102 1454503 Fair market value X Panels 2 13424 Fair market value X Portable Restroom Rental 1 1900 Fair market value X Ice sculpture for event 1 925 Fair market value X Server rack 1 475 Fair market value 1 0 1 1 Part I, Column (b): The number of contributions received was reported in column B on part I. Part I, Line 32b: When necessary, licensed boat brokers are used to sell donated boats that are not used for operations. Form 990, Part I, Line 1 The Chesapeake Bay and its tributary rivers are broadly recognized as a national treasure. But, they are fouled by excess nitrogen, phosphorus, and sediment pollution. In fact, the Bay and most of its tidal tributaries are listed on the Clean Water Act's 303(d) list of "impaired waters." The Chesapeake Bay Foundation's (CBF) mission, simply stated, is to Save the Bay and keep it saved. We define a saved Bay as having a score of 70 (out of 100) on CBF's State of the Bay health index. Thanks largely to a dramatic reduction in the amount of pollution entering the system, at 70 the Chesapeake Bay and its tributary rivers will be highly productive and in good health as measured by established water-quality standards. The result will be clear water, free of the impacts from toxic contaminants, and healthy oxygen levels, able to support living resources in all parts of the Bay. Founded in 1966, CBF is the largest regional conservation organization dedicated solely to saving a national treasure-the Chesapeake Bay and its rivers and streams. With headquarters in Annapolis, MD; state offices in MD, VA, PA, and DC; and educational centers and programs across the region; CBF works throughout the 64,000-square-mile Chesapeake watershed to educate-build an informed citizenry; advocate-advance pollution reduction; litigate-encourage enforcement of environmental law; and restore-rebuild the Bay system's natural filters such as oysters, underwater grasses, and streamside forests. CBF is supported by more than 248,048 members and e-subscribers and has a staff of 179 full-time employees. Form 990, Part III, Line 4a Education, continued from page 2: Engaged 60 student leaders from high schools across the region through our Student Leadership summer courses. Designed to engage tomorrow's environmental leaders, these students now participate in CBF events, share what they learned with peers, and create projects in their communities to better the environment. Educated 379 elected officials, policy makers, journalists, and other community leaders and advocates through on-the-water field experiences. These trips inform influential members of the community about the issues facing the Bay and the ways that they can help further the Bay's restoration. Taught 26 principals and school administrators through our Principal Environmental Leadership Courses. These courses increase support for environmental education, while promoting the establishment of environmental school programs. Partnered with 12 Maryland school systems to develop lesson plans that incorporate environmental education. These model curricula are being used by schools across the state, helping teachers to fully implement Maryland's first-in-the-nation environmental literacy graduation requirement. Expanded systemic environmental education in Virginia by partnering with Hampton City Public Schools. This comes in addition to existing partnerships with the Virginia Beach City and Rockingham County school systems. Through this work, CBF is striving to connect classroom instruction to outdoor learning for students at every grade level. Form 990, Part III, Line 4b Environmental Protection and Restoration (EPR), continued from page 2: Raised and planted more than 17.7 million juvenile oysters and deployed 546 reef balls (artificial habitat for oysters). Situated on protected reefs, these oysters will play a critical role in filtering pollution from waterways. Collected 1,215 bushels of oyster shell through the Save Oyster Shells program. Gathered from restaurants and individuals, the shells serve as valuable habitat for juvenile oysters in restoration projects. Engaged volunteers in environmental restoration projects. All told, these dedicated volunteers contributed 26,062 hours of their time and assisted with projects ranging from tree plantings to oyster gardening. Cleaned 450 miles of stream and shoreline during the 27th annual Clean the Bay Day. That day, 6,000 volunteers collected 105,000 pounds of trash at 275 sites across Virginia. Planted almost 70 miles of forested buffers along streams and creeks in Pennsylvania and Maryland. Worked with 122 farmers and landowners in Pennsylvania to install conservation practices. Restored 229 acres of wetlands. Helped secure $27 million in public funding to enable Virginia farmers to reduce polluted runoff-the largest investment ever made in this program. We also helped to secure funding for the state's environmental education program. Improved fisheries management in Virginia by advocating for legislation that better manages menhaden. We also fought to preserve the Virginia Marine Resources Commission's authority to enforce laws aimed at protecting oyster reefs from poaching. Defended Virginia's stormwater management law against efforts to weaken it. Advocated for the passage of a regulatory tool that will help Maryland farmers better manage chicken manure. This science-based tool will significantly reduce the amount of agricultural pollution fouling Maryland waterways. Protected Maryland's stormwater management law from repeal and, in so doing, convinced the General Assembly to improve the law. Launched "Clean Water Counts," a campaign to challenge Pennsylvania officials to make clean water a priority and to commit the resources needed to achieve it. So far, 17 counties have signed on to the initiative, representing about a third of the state's population. Blocked legislation in Pennsylvania that would have weakened pollution-reduction efforts, while helping to preserve public funding to reduce agricultural pollution and restore urban areas. Litigation Defended the Chesapeake Clean Water Blueprint in federal appeals court, arguing in support of the pollution limits that are the cornerstone of the plan. The court agreed, ensuring that multi-state clean-up efforts will continue. Challenged stormwater permits issued by the Maryland Department of the Environment in six counties. As a result, the permits are being rewritten to include clearer pollution limits. Joined a case to defend the federal Mercury and Air Toxics Standards, which are designed to limit the emission of toxic air pollutants released by power plants. These important pollution limits are being challenged by industry. Advocated in the Richmond Circuit Court for mandatory regulations to exclude livestock from streams. Although the judge ruled in favor of the county, the case revealed new information about the condition of Virginia's waterways, and brought valuable attention to the need to fence livestock from streams. Prompted the Anne Arundel County Circuit Court to review their authorization of development beside waterways. Previously, despite a law that requires a two-hundred-foot buffer, the court routinely granted exceptions when asked. Urged the Environmental Protection Agency to study sediment toxicity and potential human health impacts associated with discharges from a hazardous waste site on the Patapsco River in Maryland. Monitored federal proceedings concerning the re-licensing of the Conowingo Dam, making sure that environmental considerations are fully taken into account. Form 990, Part III, Line 4c Communications, continued from page 2: More than 709,000 unique individuals visited cbf.org, and over 21,000 advocacy messages were sent to key decision makers. CBF's quarterly electronic newsletter was distributed to more than 168,000 e-members. CBF's Facebook audience increased by more than 25% to over 70,000 fans. CBF's Twitter following increased by more than 30% to over 18,000 followers. CBF's more than 19,028 volunteers donated over 33,859 hours. Using the Independent Sector scale, their value is greater than $780 thousand. Form 990, Part VI, Section A, line 2 William C. Baker and Truman T. Semans have a business relationship. Form 990, Part VI, Section B, line 11 An independent audit firm was engaged to conduct the financial statements' audit and to assist in preparing the Form 990. The Chief Financial Officer and Finance staff directly participated in preparing the form, drafting responses to questions and reviewing the Form 990 in draft. The Chief Financial Officer then reviewed it with the President and Chairman of the Audit and Finance Committee. The 990 was provided to the Audit and Finance Committee, comprised of Board of Trustee members, for their review and comments, after which it was sent to the full Board before being electronically filed with the IRS. Form 990, Part VI, Section B, line 12c Each Trustee, officer, key employee and employees in positions to obligate CBF are required to review a copy of the conflict of interest policy annually and complete a disclosure form identifying any relationship positions or circumstances which he or she believes could contribute to a conflict. The conflict of interest disclosure form is completed, signed and returned to the Chief Financial Officer who notifies the Chairman of the Audit and Finance Committee and the General Counsel of any concerns. This process is also covered in orientation sessions held for new Trustees as well as for new employees. If items arise during Board meetings that are conflicts of interest, the board member having possible conflicts of interest cannot vote or participate in Board or Committee deliberations on the subject or be counted toward meeting a quorum. However, they may answer questions. Form 990, Part VI, Section B, line 15 During the annual budget approval meeting of the Audit and Finance Committee of the Board of Trustees, the Committee reviews and approves the salary and any proposed pay increase for the President and key employees. Compensation related decisions are documented within the minutes. The committee will provide this information to the full board for approval. The President's last compensation review took place in May 2015. Generally, compensation for all staff is independently reviewed and determined annually based on performance evaluation, and analysis of comparable data obtained from industry resources and peer organizations. An overall increase pool, based on market data, is approved by the Committee for use in the process. In addition, the President, Chief of Staff and Director of Human Resources review and approve all staff alignment to ensure consistency and continuity of various positions within the appropriate pay grades and ranges. Form 990, Part VI, Section C, line 19 CBF's governing documents and conflict of interest policy are available to the public upon request using contact information on the website. Audited financial statements, the Form 990, and the Annual Report can be found on CBF's website. Audited financial statements and the Form 990 are also filed with state charitable solicitation registrations, and are also available through not-for-profit internet portals such as Guidestar and Charity Navigator. Form 990, Part IX, Line 24b: During FY12, the organization accrued federal and state tax expenses, related to unrelated business income generated from the sale of its interest in a partnership. No tax expenses were accrued for federal and state taxes. In FY15, $4,590 were recovered. Form 990, Part XI, line 9: Unrealized gain on interest rate swap 136,824.