2015-10-15T09:58:18-05:00 2014-12-31 541487262 MATTHEWS CARTER & BOYCE 12500 FAIR LAKES CIRCLE SUITE 260 FAIRFAX VA 22033 990 2014-01-01 942578166 ISLAND PRESS - CENTER FOR RESOURCE ECONOMICS ISLA 2022327933 2000 M STREET NW NO 650 WASHINGTON DC 20036 CHARLES C SAVITT PRESIDENT 2022327933 2015-10-15 1 CHARLES R DEPPE P01300682 7032183600 2014 2016-02-25 16:41:14Z CHARLES C SAVITT 2000 M STREET NW NO 650 WASHINGTON DC 20036 6476188 0 X WWW.ISLANDPRESS.ORG X 1978 CA TO PROVIDE THE LATEST INFORMATION AND THE BEST IDEAS TO THOSE WORKING TO SOLVE ENVIROMENTAL PROBLEMS AND TO HELP ENVIROMENTAL ORGANIZATIONS BETTER COMMUNICATE THE RESULTS OF THEIR WORK. 19 18 47 0 0 0 2442724 4012748 2538499 2446945 7203 2691 3938 13804 4992364 6476188 58600 25000 0 0 2152714 2276382 0 0 537121 2283788 2342677 4495102 4644059 497262 1832129 4328386 6094771 739446 673702 3588940 5421069 X SEE SCHEDULE O 0 0 1984665 1590514 RESEARCH AND PUBLICATION:ISLAND PRESS WORKS WITH LEADING THINKERS AND PRACTITIONERS TO TAKE THE NEWEST AND MOST CUTTING-EDGE IDEAS IN SCIENCE AND THE ENVIRONMENT AND PRESENT THEM IN A COMPELLING, UNDERSTANDABLE WAY. BY STIMULATING IDEAS AND SHAPING EMERGING FIELDS OF KNOWLEDGE, THE NOT-FOR-PROFIT ORGANIZATION ISLAND PRESS EMPOWERS DECISION MAKERS FROM THE PUBLIC, PRIVATE, AND NONPROFIT SECTORS WITH THE KNOWLEDGE THEY NEED TO MAKE CRITICAL CHOICES ABOUT THE FUTURE OF OUR PLANET. IN 2014, ISLAND PRESS WORKED CLOSELY WITH VOICES FROM ACADEMIA, THE PRIVATE SECTOR, THE ADVOCACY COMMUNITY, GOVERNMENT, AND THE MEDIA. WITH HELP FROM OUR GENEROUS SUPPORTERS, WE ELEVATE THESE VOICES OF CHANGE, SHINE A SPOTLIGHT ON CRUCIAL ISSUES, AND FOCUS ATTENTION ON SUSTAINABLE SOLUTIONS. ISLAND PRESS PUBLISHED 30 NEW TITLES IN 2014, SELLING A TOTAL OF 122,497 UNITS AND DISTRIBUTING 9,084 UNITS FOR FREE. AMONG THESE WERE:-"UNNATURAL SELECTION: HOW WE ARE CHANGING LIFE, GENE BY GENE" BY EMILY MONOSSON, WHICH THE GUARDIAN CALLED "AN ENGAGING AND EYE-OPENING BOOK THAT IS ESSENTIAL READING FOR EVERYONE;" -"THE CARTOON INTRODUCTION TO CLIMATE CHANGE" BY YORAM BAUMAN AND GRADY KLEIN, WHICH PUBLISHERS WEEKLY SAID, "SERVES AS A MODEL OF HOW EDUCATIONAL WORKS OF THIS SORT SHOULD BE CRAFTED;" AND -JAIME LERNER'S "URBAN ACUPUNCTURE", WHICH THE AMERICAN SOCIETY OF LANDSCAPE ARCHITECTURE'S THE DIRT BLOG CALLED "ONE OF THE MOST INTRIGUING RECENT BOOKS ON THE CITY." 1070302 856431 MARKETING, COMMUNICATION, AND DISTRIBUTION:ISLAND PRESS DISSEMINATES AND COMMUNICATES INFORMATION ON ENVIRONMENTAL ISSUES AND SOLUTIONS THROUGH BOOK PUBLISHING AND SALES, AS WELL AS IN-PERSON AND ONLINE OUTREACH TO AUDIENCES. OUR BOOKS REACH SCIENTISTS, POLICYMAKERS, ENVIRONMENTAL ADVOCATES, STUDENTS, THE MEDIA, AND CONCERNED CITIZENS TO SHINE A SPOTLIGHT ON IMPORTANT ISSUES AND POTENTIAL SOLUTIONS TO THEM. ISLAND PRESS BOOKS HAVE BEEN PURCHASED BY GOVERNMENTAL, PROFESSIONAL, AND NONPROFIT STAFF AND THEIR ORGANIZATIONS; BUSINESSES; LIBRARIES; STUDENTS AND PROFESSORS; AND GENERAL READERS INTERESTED IN ENVIRONMENTAL ISSUES. WE FEATURE BOOKS AT ALL CONFERENCES THAT ISLAND PRESS ATTENDS IN ORDER TO EFFECTIVELY REACH PROFESSIONALS. THESE INCLUDE THOSE OF MAJOR ORGANIZATIONS SUCH AS AMERICAN PLANNING ASSOCIATION, CONGRESS FOR THE NEW URBANISM, AND SOCIETY FOR ECOLOGICAL RESTORATION. ADDITIONALLY, WE HELP TEACH THE NEXT GENERATION OF PRACTITIONERS AND POLICYMAKERS BY PROMOTING OUR BOOKS FOR ADOPTION IN COLLEGE COURSES. TO DATE, MORE THAN 5,000 PROFESSORS HAVE ADOPTED ISLAND PRESS BOOKS FOR USE IN THEIR COURSES AND WE CONTINUE TO SHARE THE LATEST TITLES AND SUPPLEMENTAL TEACHING RESOURCES, SUCH AS POWERPOINT SLIDES, WITH THEM. WE ALSO EXTEND OUR REACH GLOBALLY: ISLAND PRESS TITLES ARE CURRENTLY BEING TRANSLATED INTO BAHASA, CHINESE, RUSSIAN, KOREAN, AND OTHER LANGUAGES, MAKING THESE IDEAS ACCESSIBLE TO MORE PEOPLE AROUND THE WORLD. WE ARE INCREASING OUR EFFORTS TO EXPAND THE NUMBER AND TYPES OF PARTNERS WE HAVE THAT CAN LINK US DIRECTLY WITH THE AUDIENCES WE SERVE. FOR EXAMPLE, IN THE SPRING OF 2014 WE BEGAN A CONTINUING EDUCATION PARTNERSHIP WITH THE U.S. GREEN BUILDING COUNCIL IN WHICH WE DEVELOPED FIVE ONLINE COURSES ON SUSTAINABLE CITIES EXCLUSIVELY FOR THEIR NETWORK OF 193,000 LEED PROFESSIONALS, INCLUDING A THREE-PART SERIES BASED ON OUR 2011 BOOK "MAKING HEALTHY PLACES". WITH OUR PARTNER THE SECURITY AND SUSTAINABILITY FORUM, WE HELD A WEBINAR IN OCTOBER 2014 THAT DREW A RECORD-BREAKING 1,333 REGISTERED PARTICIPANTS. WE REACHED VIEWERS FROM THE FIELDS OF GOVERNMENT, EDUCATION, REAL ESTATE, INSURANCE, MEDICAL, LEGAL, AND MANY OTHERS. A VIDEO IS AVAILABLE AT SECURITYANDSUSTAINABILILTYFORUM.ORG (FREE; LOG-IN REQUIRED). THE WEBINAR, CALLED "DESIGNING AND PLANNING FOR HEALTHY CITIES," FEATURED:-GEORGES BENJAMIN, EXECUTIVE DIRECTOR OF THE AMERICAN PUBLIC HEALTH ASSOCIATION;-RICHARD JACKSON, FORMER DIRECTOR OF THE CENTERS FOR DISEASE CONTROL AND PREVENTION'S (CDC) NATIONAL CENTER FOR ENVIRONMENTAL HEALTH, CO-AUTHOR OF "URBAN SPRAWL AND PUBLIC HEALTH", AND CO-EDITOR OF "MAKING HEALTHY PLACES", BOTH FROM ISLAND PRESS; AND -TIM BEATLEY, PROFESSOR AT THE UNIVERSITY OF VIRGINIA AND AUTHOR OF THE ISLAND PRESS BOOKS "BIOPHILIC CITIES" AND "BLUE URBANISM", AMONG MANY OTHERS. 465014 25000 PROGRAM SERVICES/TECHNICAL ASSISTANCE:CONSERVATION FINANCE NETWORK-ACROSS THE COUNTRY, INTEREST IN USING COMMERCIAL, INVESTOR-DRIVEN TOOLS AND STRATEGIES FOR CONSERVATION IS GROWING RAPIDLY. WHILE A NUMBER OF CONSERVATION FINANCE DEALS HAVE GENERATED FINANCIAL AS WELL AS ENVIRONMENTAL AND SOCIAL RETURNS, THIS FIELD IS NOT YET WIDELY RECOGNIZED. THE CONSERVATION FINANCE NETWORK AT ISLAND PRESS IS WORKING TO CHANGE THAT. CFN HOSTS ANNUAL "BOOT CAMPS," INTENSIVE TRAININGS ON INNOVATIVE FINANCE TECHNIQUES FOR CONSERVATION PROFESSIONALS, INCLUDING THE 8TH ANNUAL YALE CONSERVATION FINANCE BOOT CAMP AT YALE UNIVERSITY FROM JUNE 2-6, 2014. ONGOING DEAL DOCTOR WEBINARS PROVIDE CONTINUING ENGAGEMENT AND ALLOW ALUMNI TO ASK EXPERTS QUESTIONS ABOUT SPECIFIC CONSERVATION FINANCE WORK AS WELL AS GENERAL TOPICS IN THE FIELD.IN 2014, WE ALSO LAID THE GROUNDWORK FOR A CONSERVATION IMPACT INVESTMENT CONFERENCE HELD IN NEW YORK CITY IN JANUARY. THE CONFERENCE BROUGHT TOGETHER 150 INVESTMENT PROFESSIONALS, FUND MANAGERS, FOUNDATION PROFESSIONALS, AND FEDERAL AGENCY LEADERS TO FIND WAYS TO MAINSTREAM AND GROW THE FIELD OF CONSERVATION FINANCE. BY DELIVERING INTENSIVE TRAININGS AND BUILDING A NETWORK OF PROFESSIONALS FROM THE WORLDS OF CONSERVATION, FINANCE, AND PHILANTHROPY, CFN IS INCREASING PEOPLE'S CAPACITY TO USE CREATIVE FINANCING STRATEGIES FOR NATURAL RESOURCE CONSERVATION. EDUCATIONAL PARTNERSHIPS-IN 2014, WE EMPHASIZED MORE DIRECT WORK WITH PROFESSIONAL ASSOCIATIONS AND OTHER PARTNERS TO BETTER DISSEMINATE OUR CONTENT TO THEIR MEMBERS. WE BELIEVE THAT PARTNERSHIPS ARE KEY TO DISSEMINATING IDEAS TO OUR TARGET AUDIENCES. ISLAND PRESS COLLABORATES WITH THE SECURITY AND SUSTAINABILITY FORUM (SSF), AN ONLINE LEARNING ORGANIZATION FOCUSED ON CLIMATE SECURITY. THE FORUM REACHES POLICYMAKERS AT ALL LEVELS OF GOVERNMENT, ACADEMICS, AND INDUSTRY AND NON-PROFIT PROFESSIONALS, WHICH ALIGNS WELL WITH ISLAND PRESS' OWN TARGET AUDIENCE. THE WEBINARS REACH 15,000 PEOPLE THROUGH SSF'S NETWORK OF PARTNER ORGANIZATIONS. OUR NEW CONTINUING EDUCATION PARTNERSHIP WITH THE U.S. GREEN BUILDING COUNCIL LAUNCHED IN 2014. WE HAVE DEVELOPED FIVE ONLINE COURSES ON SUSTAINABLE CITIES, INCLUDING A THREE-PART SERIES BASED ON OUR 2011 BOOK "MAKING HEALTHY PLACES", EXCLUSIVELY FOR THEIR NETWORK OF NEARLY 200,000 LEED PROFESSIONALS.PROGRAMS LIKE THESE MAKE A REAL DIFFERENCE BY REACHING PROFESSIONALS WHO CAN INTEGRATE NEW IDEAS AND TESTED SOLUTIONS INTO THEIR WORK. 3519981 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 1 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 357 0 1 47 1 0 0 0 0 0 0 0 0 0 0 X 19 18 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X THE ORGANIZATION 2022327933 2000 M STREET NW SUITE 650 WASHINGTON DC 20036 CHARLES C SAVITT PRESIDENT 40.00 X X 202253 0 7983 BILL MEADOWS TREASURER 2.00 X X 0 0 0 MELISSA SHACKLETON DANN DIRECTOR 1.00 X 0 0 0 LISA A HOOK DIRECTOR 1.00 X 0 0 0 RON SIMS DIRECTOR 1.00 X 0 0 0 TERRY GAMBLE BOYER DIRECTOR 1.00 X 0 0 0 MARGO ERNST DIRECTOR 1.00 X 0 0 0 ANTHONY EVERETT DIRECTOR 1.00 X 0 0 0 KATIE DOLAN CHAIR 2.00 X X 0 0 0 STEPHEN BADGER DIRECTOR 1.00 X 0 0 0 MERLOYD LUDINGTON LAWRENCE SECRETARY 2.00 X X 0 0 0 PAMELA MURPHY VICE CHAIR 2.00 X X 0 0 0 DECKER ANSTROM DIRECTOR 1.00 X 0 0 0 SARAH SLUSSER DIRECTOR 1.00 X 0 0 0 PAULA DANIELS DIRECTOR 1.00 X 0 0 0 RUSSELL FAUCETT DIRECTOR 1.00 X 0 0 0 MARY JAMES DIRECTOR 1.00 X 0 0 0 ALISON SANT DIRECTOR 1.00 X 0 0 0 DEBORAH WILEY DIRECTOR 1.00 X 0 0 0 KEN HARTZELL VP & CFO 40.00 X 148494 0 5447 JULIE MARSHALL VP SALES & MARKETING 40.00 X 96132 0 1724 DAVID MILLER SVP & PUBLISHER 40.00 X 156520 0 5524 DENISE SCHLENER VP STRATEGIC ADVANCEMENT 40.00 X 130558 0 5621 733957 0 26299 4 0 1 0 UNIVERSITY OF CHICAGO PRESS 1130 S LANGLEY AVENUE CHICAGO IL 60628 FULFILLMENT SERVICES 388741 THOMSON-SHORE INC 7300 WEST JOY ROAD DEXTER MI 481309701 PRINTING & BINDING 280873 2 4012748 4012748 BOOK SALES 511130 2446945 2446945 2446945 2691 2691 MISCELLANEOUS 900099 13804 13804 13804 6476188 2446945 0 16495 25000 25000 760256 380549 173207 206500 1248946 860680 221059 167207 128930 98266 22314 8350 138250 90190 26897 21163 56 43 7 6 461555 415481 44440 1634 50579 21761 18502 10316 249541 170094 34996 44451 177597 104766 22458 50373 13397 9316 2082 1999 60154 42539 8996 8619 COST OF BOOKS SOLD 1005546 1005546 PROMOTIONS 320657 292422 11862 16373 BAD DEBT EXPENSE 2702 2702 SALES TAX AND FEES/DUES 893 626 137 130 4644059 3519981 586957 537121 600 600 1683155 1926286 224325 1863897 608784 562352 1334317 1263684 115270 119176 100957 49395 49410 51562 312525 307214 4328386 6094771 381337 413439 100000 258109 260263 739446 673702 X 3269960 2830465 318980 2590604 3588940 5421069 4328386 6094771 1832129 0 X X 0 1 X 1 0 X 2179463 1485630 2032530 2442724 4012748 12153095 3179691 2748868 2766503 2538499 2446945 13680506 5359154 4234498 4799033 4981223 6459693 25833601 665600 499500 459700 1681350 3265709 6571859 2983463 1061992 1018531 1028469 826259 6918714 3649063 1561492 1478231 2709819 4091968 13490573 12343028 2018 1295 7585 7203 2691 20792 2018 1295 7585 7203 2691 20792 28275 6584 24589 3938 13804 77190 5389447 4242377 4831207 4992364 6476188 25931583 0.47600 0.54630 0.00080 0.00090 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 24416 5697 18719 48783 27609 21174 27758 16089 11669 51562 PREPUBLICATION COSTS 58948 ROYALTY ADVANCES, NET 248266 307214 ROYALTIES PAYABLE 141100 DEFERRED RENT 119163 260263 X 6476188 0 6476188 0 6476188 4644059 0 4644059 0 4644059 PART X, LINE 2: UNCERTAINTY IN INCOME TAXES RECOGNIZED IN THE CENTER'S FINANCIAL STATEMENTS IS ACCOUNTED FOR IN ACCORDANCE WITH THE PROVISIONS OF AUTHORITATIVE GUIDANCE ISSUED BY THE FASB. UNDER THIS GUIDANCE, WHEN TAX RETURNS ARE FILED, IT IS HIGHLY CERTAIN THAT SOME POSITIONS TAKEN WOULD BE SUSTAINED UPON EXAMINATION BY THE TAXING AUTHORITIES, WHILE OTHERS MAY BE SUBJECT TO UNCERTAINTY ABOUT THE MERITS OF THE POSITION TAKEN OR THE AMOUNT OF THE POSITION THAT WOULD BE ULTIMATELY SUSTAINED. THE BENEFIT OF A TAX POSITION IS RECOGNIZED IN THE FINANCIAL STATEMENTS IN THE PERIOD DURING WHICH, BASED ON ALL AVAILABLE EVIDENCE, MANAGEMENT BELIEVES IT IS MORE LIKELY THAN NOT THAT THE POSITION WILL BE SUSTAINED UPON EXAMINATION, INCLUDING THE RESOLUTION OF APPEALS OR LITIGATION PROCESSES, IF ANY. TAX POSITIONS TAKEN ARE NOT OFFSET OR AGGREGATED WITH OTHER POSITIONS. TAX POSITIONS THAT MEET THE MORE-LIKELY-THAN-NOT RECOGNITION THRESHOLD ARE MEASURED AS THE LARGEST AMOUNT OF TAX BENEFIT THAT IS MORE THAN 50% LIKELY OF BEING REALIZED UPON SETTLEMENT WITH THE APPLICABLE TAXING AUTHORITY. THE PORTION OF THE BENEFITS ASSOCIATED WITH TAX POSITIONS TAKEN THAT EXCEEDS THE AMOUNT MEASURED AS DESCRIBED ABOVE WOULD BE REFLECTED AS A LIABILITY FOR UNRECOGNIZED TAX BENEFITS, ALONG WITH ANY ASSOCIATED INTEREST AND PENALTIES THAT WOULD BE PAYABLE TO THE TAXING AUTHORITIES UPON EXAMINATION. THERE WAS NO LIABILITY FOR UNRECOGNIZED TAX BENEFITS RECOGNIZED IN THE STATEMENTS OF FINANCIAL POSITION AT DECEMBER 31, 2014 OR 2013. 1 WAMU RADIO 4400 MASSACHUSETTS AVE WASHINGTON DC 20016 530196549 501(C)(3) 25000 N/A N/A TO SUPPORT ENVIROMENTAL COMMUNICATIONS AND OUTREACH 1 PART I, LINE 2: ALL GRANTEES ARE REQUIRED TO SUBMIT NARRATIVE AND FINANCIAL REPORTS DESCRIBING ACTIVITES UNDERTAKEN AND HOW THE FUNDS WERE SPENT. X X X 0 0 0 0 0 0 0 0 0 CHARLES C SAVITT PRESIDENT 202253 0 0 0 0 0 0 0 7983 0 210236 0 0 0 KEN HARTZELL VP & CFO 148494 0 0 0 0 0 0 0 5447 0 153941 0 0 0 DAVID MILLER SVP & PUBLISHER 156520 0 0 0 0 0 0 0 5524 0 162044 0 0 0 FORM 990, PART III, LINE 1- ORGANIZATION'S MISSION TO PROVIDE THE BEST IDEAS AND INFORMATION TO THOSE SEEKING TO UNDERSTAND AND PROTECT THE ENVIROMENT AND CREATE SOLUTIONS TO ITS COMPLEX PROBLEMS. OUR GREATEST STRENGTH IS OUR DEEP KNOWLEDGE AND APPRECIATION OF THE INTERDISCIPLINARY SUBJECTS THAT COMPOSE OUR CORE LITERATURE. WE SEEK OUT INNOVATIVE THINKERS, IDEAS AND PRACTICES THAT ARE INFORMED BY RIGOROUS SCIENCE AND EVIDENCE BASED ANALYSIS. TO OUR AUTHORS, WE PROVIDE DETAILED EDITORIAL EXPERTISE TO GUIDE AND SHARE THEIR IDEAS. TO OUR AUDIENCES, WE PROVIDE NEW SYNTHESIS, POLICY CONCEPTS AND MANAGEMENT PRACTICES. WE ARE BUILDING A KNOWLEDGE BASE THAT CAN ADDRESS TODAY'S ENVIROMENTAL PROBLEMS WHILE CREATING THE FRAMEWORK FOR LONG-TERM ECOLOGICAL HEALTH AND HUMAN WELLBEING. ISLAND PRESS DELIVERS THESE IDEAS IN MULTIPLE FORMATS, INCLUDING BOOKS, COMMUNICATION CAMPAIGNS, SYMPOSIA, AND ELECTRONIC MEDIA. AS THE MTHODS OF INFORMATION DELIVERY EVOLVE, SO WILL THE WAY ISLAND PRESS PROVIDES SOLUTIONS AND INSPIRATION TO POLICY MAKERS, PRACTITIONERS, SCIENTISTS, STUDENTS AND ACTIVISTS. FORM 990, PART VI, SECTION B, LINE 11 FORM 990 IS REVIEWED AND APPROVED BY ALL BOARD MEMBERS PRIOR TO BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C ALL INTERESTED PERSONS SUBMIT AN ANNUAL STATEMENT DISCLOSING ANY POTENTIAL OR EXISTING CONFLICTS OF INTEREST TO THE PRESISDENT AND THE BOARD. THE BOARD REVIEWS THE INFORMATION IN THE REQUEST AND TAKES APPROPRIATE ACTION. THE BOARD SHALL DETERMINE, AFTER RECEIVING A DISCLOSURE, WHETHER A CONFLICT OF INTEREST EXISTS, OR CAN REASONABLY BE CONSTRUED TO EXIST. IF A CONFLICT OF INTEREST IS KNOWN OR DEEMED TO EXIST AFTER DISCLOSURE, THE BOARD OR THE COMMITTEE, AS APPLICABLE, SHALL NOT APPROVE THE CONTRACT WITH THE INTERESTED PARTY UNLESS IT IS DETERMINED THAT (A) ENTERING INTO SUCH CONTRACT IS IN THE BEST INTEREST OF ISLAND PRESS, (B) THE CONTRACT IS FAIR AND REASONABLE TO ISLAND PRESS, AND (C) A MORE ADVANTAGEOUS CONTRACT CANNOT BE OBTAINED UNDER THE CIRCUMSTANCES. ADDITIONALLY, THE BOARD OR THE COMMITTEE, AS APPLICABLE, SHALL TAKE ANY ACTION REQUIRED OR PRUDENT TO AVOID IMPOSITION OF AN EXCISE TAX UNDER INTERNAL REVENUE CODE SECTION 4958 IN CONNECTION WITH CONSIDERING SUCH CONTRACT. THE BOARD MAINTAINS DETAILED MINUTES AND RECORDS REGARDING THE MATTER. SUCH RECORDS REFLECT THE NAME OF THE INTERESTED PERSON AND ANY DISCLOSURE MADE, THE VOTE ON WHETHER A CONFLICT OF INTEREST IS PRESENT, THE NAMES OF THE PERSONS PARTICIPATING IN ANY DISCUSSIONS AND DELIBERATIONS WITH REGARD TO APPROVING OR REJECTING THE CONTRACT INVOLVING THE INTERESTED PERSON AND THE SUBSTANCE OF SUCH DISCUSSIONS AND DELIBERATONS, ADHERENCE WITH THE PROCEDURES DESCRIBED ABOVE, THE ABSTENTION FROM VOTING AND PARTICIPATION BY THE INTERESTED PERSON, AND THAT A QUORUM WAS PRESENT. IN THE EVENT AN INTERESTED PERSON FAILS TO ACT IN ACCORDANCE WITH THIS CONFLICTS OF INTEREST POLICY, THE BOARD MAY TAKE CORRECTIVE ACTION AGAINST SUCH PERSON. IN THE EVENT THAT A FORMAL REPRIMAND, OR IN AN EXTREME CASE, THE REMOVAL OF SUCH PERSON FROM HIS OR HER POSITION(S), IS PROPOSED, SUCH RECOMMENDATION MUST BE PRESENTED WITH SUPPORTING DOCUMENTATION. THE INTERESTED PERSON INVOLVED SHALL BE GIVEN AN OPPORTUNITY TO BE HEARD PRIOR TO THE BOARD'S FINAL DECISION ON THE MATTER. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR NEW OFFICERS/EMPLOYEES IS REVIEWED AND APPROVED PRIOR TO OFFER BY THE CFO. OVERALL LEVELS OF COMPENSATION FOR STAFF ARE REVIEWED ANUALLY BY THE BOARD DURING THE BUDGET APPROVAL PROCESS. FOR OFFICERS AND KEY EMPLOYEES, ISLAND PRESS ROUTINELY UTILIZES BENCHMARK STUDIES AND INDEPENDENT REVIEW OF MARKET COMPENSATION DATA FROM BOTH TAX-EXEMPT AND NONEXEMPT ORGANIZATIONS PREPARED BY INDEPENDEDNT COMPENSATION CONSULTANTS AT THE TIME OF HIRING OR WHEN ADJUSTMENTS ARE MADE. NO PERSONS WITH A CONFLICT OF INTEREST WITH RESPECT TO THE COMPENSATION ARRANGEMENT WERE INVOLVED IN THE APPROVAL PROCESS. ISLAND PRESS MAINTAINS DOCUMENTATION RESPECTING THE PROCESS. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST IN ELECTRONIC OR HARDCOPY FORMAT. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS AN AUDIT COMMITTEE WHICH IS RESPONSIBLE FOR THE OVERSIGHT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT.