2014-11-03T11:12:31-06:00 2013-12-31 271728945 O'CONNOR DAVIES LLP 500 MAMARONECK AVENUE HARRISON NY 105281633 990 2013-01-01 205496382 FUTURES IN EDUCATION FUTU 7189657308 243 PROSPECT PARK WEST BROOKLYN NY 11215 JOHN NOTARO ACTING EXECUTIVE DIRECTOR 7189657308 2014-11-03 1 GARRETT M HIGGINS P00543209 9143818900 2014-10-29 2013 2015-11-30 17:44:51Z JOHN NOTARO 243 PROSPECT PARK WEST BROOKLYN NY 11215 8484532 0 X WWW.FUTURESINEDUCATION.ORG X 2006 NY THE MISSION OF FUTURES IN EDUCATION IS TO ENSURE THAT THE GIFT OF AN EXCELLENT EDUCATION CONTINUES TO BE A VIABLE OPTION FOR FUTURE GENERATIONS OF STUDENTS IN BROOKLYN AND QUEENS BY PROVIDING SUPPLEMENTAL FUNDING FOR TUITION ASSISTANCE, PROGRAM SUPPORT AND CAPITAL PROJECTS TO THE NEEDIEST CATHOLIC ELEMENTARY AND SECONDARY STUDENTS AND SCHOOLS IN THESE TWO BOROUGHS.THE VISION OF FUTURES IN EDUCATION IS TO ENSURE THAT ANY STUDENT IN BROOKLYN OR QUEENS WHO WANTS TO OBTAIN A QUALITY, FAITH-BASED EDUCATION IN THE CATHOLIC TRADITION, WILL BE ABLE TO DO SO, REGARDLESS OF HIS OR HER FAMILY'S INCOME, RACE, RELIGION, OR BACKGROUND, BY KEEPING THE SCHOOLS AVAILABLE AND AFFORDABLE TO FAMILIES IN THE DIOCESE. 21 21 0 22 0 0 7861717 8154715 0 0 28984 56388 -425340 -165383 7465361 8045720 3839431 7553212 0 0 0 0 0 35942 635115 368631 1555898 4208062 9145052 3257299 -1099332 11836163 10749741 240235 213914 11595928 10535827 X THE MISSION OF FUTURES IN EDUCATION IS TO ENSURE THAT THE GIFT OF AN EXCELLENT EDUCATION CONTINUES TO BE A VIABLE OPTION FOR FUTURE GENERATIONS OF STUDENTS IN BROOKLYN AND QUEENS BY PROVIDING SUPPLEMENTAL FUNDING FOR TUITION ASSISTANCE, PROGRAM SUPPORT AND CAPITAL PROJECTS TO THE NEEDIEST CATHOLIC ELEMENTARY AND SECONDARY STUDENTS AND SCHOOLS IN THESE TWO BOROUGHS.THE VISION OF FUTURES IN EDUCATION IS TO ENSURE THAT ANY STUDENT IN BROOKLYN OR QUEENS WHO WANTS TO OBTAIN A QUALITY, FAITH-BASED EDUCATION IN THE CATHOLIC TRADITION, WILL BE ABLE TO DO SO, REGARDLESS OF HIS OR HER FAMILY'S INCOME, RACE, RELIGION, OR BACKGROUND, BY KEEPING THE SCHOOLS AVAILABLE AND AFFORDABLE TO FAMILIES IN THE DIOCESE. 0 0 2357966 2018975 DIOCESE OF BROOKLYN SCHOLARSHIP PROGRAM -MAKES A QUALITY CATHOLIC EDUCATION AVAILABLE TO AS MANY FAMILIES AS POSSIBLE BY OFFERING PARTIAL SCHOLARSHIPS TO FAMILIES IN FINANCIAL NEED OF TUITION ASSISTANCE FOR STUDENTS IN PRE-K TO 8TH GRADE ENROLLED IN CATHOLIC GRAMMAR SCHOOLS IN BROOKLYN AND QUEENS. FOR THE ACADEMIC YEAR THAT STARED IN 2013, THE PROGRAM AWARDED SCHOLARSHIPS TO 3,108 STUDENTS FOR A TOTAL AMOUNT OF $2,018,975. 2395119 2395119 BISHOP'S SCHOLARSHIP PROGRAM -IN CONJUNCTION WITH THE CHILDREN'S SCHOLARSHIP FUND (CSF), THE PROGRAM STIMULATES ENROLLMENT OF STUDENTS FROM PUBLIC SCHOOLS INTO CATHOLIC SCHOOLS FOR THOSE FAMILIES WITH FINANCIAL NEED OF TUITION ASSISTANCE IN LINE WITH CSF'S AIM TO MAXIMIZE EDUCATIONAL OPPORTUNITY FOR ALL CHILDREN. FOR THE ACADEMIC YEAR THAT STARED IN 2013, THE PROGRAMS AWARDED SCHOLARSHIPS TO 1,888 STUDENTS FOR A TOTAL AMOUNT OF $2,395,119. THIS AMOUNT WAS DISTRIBUTED DIRECTLY FROM FUTURES. 1011615 1011615 BE AN ANGEL TO A STUDENT PROGRAM -A SPONSORSHIP PROGRAM WHERE A DONOR, AN ANGEL, PAYS A PORTION OF THE STUDENT'S TUITION FOR A FAMILY WITH EXTRAORDINARY NEED TO HELP SEND THEIR CHILDREN TO A CATHOLIC SCHOOL THEY LOVE. THE STUDENT SENDS CORRESPONDENCE TO THE ANGEL THROUGHOUT THE SCHOOL YEAR, INCLUDING LETTERS, GREETINGS AND REPORT CARDS. FOR THE ACADEMIC YEAR THAT STARTED IN 2013, THE PROGRAM AWARDED SCHOLARSHIPS TO 675 STUDENTS FOR A TOTAL AMOUNT OF $1,011,615. 2127503 2127503 THE ORGANIZATION ALSO GAVE GRANTS AND ASSISTANCE TO OTHER ORGANIZATIONS DURING THE YEAR TO FURTHER THEIR MISSIONS. 2127503 2127503 7892203 1 1 0 0 0 0 0 0 0 1 0 1 0 0 1 1 1 0 0 0 0 0 0 1 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 9 0 0 0 0 0 0 0 1 1 0 0 0 0 X 21 21 0 1 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X X JOHN NOTARO 7189657308 243 PROSPECT PARK WEST BROOKLYN NY 11215 X ROBERT B CATELL CHAIRMAN 2.00 X X 0 0 0 ROBERT F GARTLAND DIRECTOR 2.00 X 0 0 0 REGINA PITARO PRESIDENT 2.00 X X 0 0 0 SUSAN F ALTAMORE-CARUSI ESQ DIRECTOR 2.00 X 0 0 0 MARTIN COTTINGHAM DIRECTOR 2.00 X 0 0 0 MOST REV NICHOLAS DIMARZIO DIRECTOR 2.00 X 0 0 0 BRENDAN DUGAN TREASURER 2.00 X X 0 0 0 CLARISSA ELGARTEN DIRECTOR 2.00 X 0 0 0 REV MSGR JAMIE J GIGANTIELLO DIRECTOR 2.00 X 0 0 0 THOMAS FLOOD DIRECTOR 2.00 X 0 0 0 LOUIS C GRASSI DIRECTOR 2.00 X 0 0 0 REV MSGR KIERAN E HARRINGTON DIRECTOR 2.00 X 0 0 0 MR WILLIAM J HOGAN DIRECTOR 2.00 X 0 0 0 JOHN A LOCONSOLO DIRECTOR 2.00 X 0 0 0 DR FRANK J MACCHIAROLA DIRECTOR, TERM ENDED DEC. 2012 2.00 X 0 0 0 JOSEPH MATTONE SR ESQ DIRECTOR 2.00 X 0 0 0 CHARLES MCQUADE DIRECTOR 2.00 X 0 0 0 ARTHUR J MIRANTE II DIRECTOR 2.00 X 0 0 0 LESTER J OWENS DIRECTOR 2.00 X 0 0 0 BRUCE C RATNER DIRECTOR 2.00 X 0 0 0 JOSEPH SCIAME DIRECTOR 2.00 X 0 0 0 KEVIN KEARNEY SECRETARY 2.00 X X 0 0 0 JOHN NOTARO ACTING EXECUTIVE DIRECTOR 35.00 X 0 0 0 0 0 0 0 0 0 0 CATHOLIC FOUNDATION FOR BROOKLYN AND QUE 310 PROSPECT PARK WEST BROOKLYN NY 11215 FEE PAID FOR MANAGEMENT SERVICES 659359 1 2537328 5617387 8154715 60634 60634 7842 12088 -4246 -4246 -4246 206750 2537328 426724 -219974 -219974 REIMBURSEMENTS FROM CAP PRGRAM 900099 54591 54591 54591 8045720 0 0 -108995 2896292 2896292 4656920 4656920 519269 154387 124751 240131 9376 9376 59775 59775 35942 35942 27786 27786 161731 7681 73615 80435 59914 59914 228100 120827 55363 51910 9215 9215 37563 7570 17377 12616 4113 36 102 3975 187789 40282 2048 145459 17875 17875 BAD DEBT 207427 207427 DIRECT OPERATING EXPENS 20065 2308 13024 4733 STIPENDS 5900 5900 0 0 9145052 7892203 617734 635115 2865878 1587697 4726712 1165985 3357738 3323064 3794002 885835 878993 11836163 10749741 74753 36384 165482 177530 240235 213914 X 2288645 4469008 5334784 2232876 3972499 3833943 11595928 10535827 11836163 10749741 X -1099332 156271 -253957 136917 X X 0 1 X 1 0 X 378596 1049549 513969 7861717 8154715 17958546 378596 1049549 513969 7861717 8154715 17958546 1097966 16860580 30312 20586 9011 28984 60634 149527 35864 54591 90455 18198528 2744078 0.92650 0.81070 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: RECOVERY FROM BAD DEBT EXPENSE - 2012 AMOUNT: $ 25,114. NYS UNEMPLOYMENT REIMBURSEMENT - 2012 AMOUNT: $ 10,750. REIMBURSEMENTS FROM CAP PRGRAM - 2013 AMOUNT: $ 54,591. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2726721 282500 36434 3045655 2142245 570000 14476 2726721 1917531 220000 4714 2142245 1402280 504958 10293 1917531 937465 452517 12298 1402280 0.96550 0.03450 0 0 0 INTEREST IN NETS ASSETS OF CATHOLIC FOUNDATION FOR BROOKLYN & QUEENS 768795 F TRUSTS 110198 F 878993 DUE TO CATHOLIC FOUNDATION FOR BROOKLYN & QUEENS 177530 177530 X 8201991 156271 156271 8045720 0 8045720 9145052 0 9145052 0 9145052 PART V, LINE 4: TO PROVIDE INCOME FOR EDUCATIONAL SCHOLARSHIPS FOR THOSE IN NEED. PART X, LINE 2: FUTURES RECOGNIZES THE EFFECT OF TAX POSITIONS ONLY WHEN THEY ARE MORE LIKELY THAN NOT TO BE SUSTAINED. MANAGEMENT HAS DETERMINED THAT FUTURES HAD NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. FUTURES IS NO LONGER SUBJECT TO EXAMINATIONS BY THE APPLICABLE TAXING JURISDICTIONS FOR PERIODS PRIOR TO DECEMBER 31, 2010. X X 1 THE CARLA CAPONE COMPANY 1501 BROADWAY SUITE 1808 NEW YORK NY 10036 LOGISTICAL AND MANAGEMENT PLANNING OF ANNUAL EVENT 0 2744077 35942 2708135 2744077 35942 2708135 NY ANNUAL DINNER 1675755 1469005 206750 261356 CARNEGIE HALL 653669 653669 66985 1 414654 414654 98383 2744078 2537328 206750 426724 426724 -219974 1 CHILDREN'S SCHOLARSHIP FUND 8 WEST 38TH STREET NEW YORK NY 10018 134002189 501(C)3 2395119 EDUCATIONAL SCHOLARSHIPS STUDENT SPONSOR PARTNERS 424 MADISON AVENUE NEW YORK NY 10017 133392965 501(C)3 411173 EDUCATIONAL SCHOLARSHIPS CLASSROOM INC 245 FIFTH AVENUE NEW YORK NY 10016 133666846 501(C)3 50000 EDUCATIONAL SCHOLARSHIPS CRISTO REY BROOKLYN 710 EAST 37TH STREET BROOKLYN NY 11203 262433224 501(C)3 40000 EDUCATIONAL SCHOLARSHIPS 4 0 PARTIAL SCHOLARSHIPS TO FAMILIES IN FINANCIAL NEED OF TUITION ASSISTANCE. 3108 3645305 SPONSORSHIP PROGRAM WHERE A DONOR PAYS A PORTION OF THE STUDENT'S TUITION. 675 1011615 PART I, LINE 2: FUNDS GIVEN TO THE CHILDREN'S SCHOLARSHIP FUND ARE MATCHED 50% BY THE CHILDREN'S SCHOLARSHIP FUND. SCHOLARSHIPS ARE GIVEN TO CHILDREN BASED ON THEIR FINANCIAL NEEDS. FUTURES IN EDUCATION REVIEWS THE ANNUAL REPORT OF THE CHILDREN'S SCHOLARSHIP FUND AND MONITORS THE GOALS AND ACCOMPLISHMENTS THAT ARE REACHED BY THE CHILDREN'S SCHOLARSHIP FUND. FOR ALL SCHOLARSHIP PROGRAMS, FAMILIES COMPLETE A FINANCIAL AID APPLICATION TO DETERMINE ELIGIBILITY. THE DATA IS STORED IN A SCHOLARSHIP DATABASE WHERE THE AWARD AMOUNTS ARE UPDATED. FUTURES IN EDUCATION REVIEWS THIS DATABASE TO ENSURE FUNDS ARE USED FOR THE INTENDED PURPOSE. FORM 990, PART VI, SECTION A, LINE 3 FUTURE IN EDUCATION DELEGATE CONTROL OVER MANAGEMENT DUTIES TO CATHOLIC FOUNDATION FOR BROOKLYN AND QUEENS THROUGH A MANAGEMENT SERVICES AGREEMENT. UNDER THE AGREEMENT CATHOLIC FOUNDATION FOR BROOKLYN AND QUEENS HAVE MANAGEMENT CONTROL OVER EXECUTIVE REPORTING, ORGANIZATION MANAGEMENT, FUNDRAISING AND DEVELOPMENT, BUDGE AND ACCOUNTING, EVENTS, AND VENDOR AND CONTRACT MANAGEMENT. FOR THE TAX YEAR ENDING IN 2013, FUTURE IN EDUCATION PAID CATHOLIC FOUNDATION FOR BROOKLYN AND QUEENS $659,359 FOR MANAGEMENT FEE EXPENSES. THE MANAGEMENT FEE EXPENSES OF $659,359 REPRESENTS EXPENSES OF MANAGEMENT FEES, PAYROLL SERVICE FEES, ADVERTISING, OFFICE EXPENSES, INFORMATION TECHNOLOGY, OCCUPANCY, TRAVEL, CONFERENCES, GRANTS, AND INSURANCES. IN ADDITION, JOHN NOTARO, ACTING EXECUTIVE DIRECTOR, IS REIMBURSED BY FUTURE IN EDUCATION FOR THE MANAGEMENT SERVICES INCLUDED IN THE AGREEMENT WITH CATHOLIC FOUNDATION FOR BROOKLYN AND QUEENS. TOTAL COMPENSATION (SALARY PLUS MEDICAL AND OTHER BENEFITS) REIMBURSED TO JOHN NOTARO IS $68,471. FORM 990, PART VI, SECTION A, LINE 4 THE FOLLOWING SIGNIFICANT CHANGES WERE MADE TO THE BY-LAWS: ARTICLE II: OFFICES- THE CORPORATION EXPANDED IT OFFICES TO BOROUGH AND COUNTY OF QUEENS ARTICLE V: BOARD OF TRUSTEES- SECTION 2: NUMBER OF QUALIFICATIONS: -NUMBER OF TRUSTEES SHALL NOT BE LESS THAN TEN NOR MORE THAN THIRTY -AT ALL TIME A MAJORITY OF THE TOTAL NUMBER OF ELECTED TRUSTEES MUST BE PERSONS WHO HAVE GIVEN OR HAVE CAUSE TO HAVE A GIFT GIVEN OF AT LEAST $25,000 TO THE FUTURES IN EDUCATION. ARTICLE VI: MEETINGS OF THE BOARD OF TRUSTEES- SECTION 5: QUORUM AND VOTING: -FIFTY PERCENT (50%) OF THE ENTIRE BOARD OR TEN (10) TRUSTEES, WHICHEVER IS FEWER, SHALL CONSTITUTE A QUORUM AT ALL MEETINGS OF THE BOARD FOR THE TRANSACTION OF BUSINESS, OR OF ANY SPECIFIED ITEM OF BUSINESS. ARTICLE VIII: COMMITTEES OF THE BOARD AND OF THE CORPORATION- SECTION 1: STANDING COMMITTEE OF THE BOARD: -THE BOARD OF THE TRUSTEES, BY RESOLUTION ADOPTED BY A MAJORITY OF THE ENTIRE BOARD, MAY DESIGNATE FROM AMONG ITS MEMBERS AN EXECUTIVE COMMITTEE, AUDIT, FINANCE AND INVESTMENT COMMITTEE, DEVELOPMENT COMMITTEE, NOMINATING AND GOVERNANCE COMMITTEE, MARKETING COMMITTEE, AND OTHER STANDING COMMITTEES OF THE BOARD. ARTICLE XI: OFFICERS- SECTION 1: OFFICERS: -THE OFFICERS OF THE CORPORATION SHALL BE THE FOLLOWING ELECTED OFFICERS: A CHAIRMAN, A VICE CHAIRMAN, AN EXECUTIVE DIRECTOR, A SECRETARY AND A TREASURER AND SUCH OTHER OFFICERS, INCLUDING ONE OR MORE ASSISTANT SECRETARIES OR ONE OR MORE ASSISTANT TREASURERS AS MAY BE ELECTED BY THE BOARD OF TRUSTEES. SECTION 2: ELECTION AND TERM OF OFFICE: -THE ELECTED OFFICERS SHALL SERVE A TERM OF TWO YEARS AS SUCH UNTIL THE NEXT ANNUAL MEETING OF THE BOARD AFTER THE TERM IS EXPIRED AND UNTIL THEIR SUCCESSORS HAVE BEEN ELECTED AND QUALIFIED. ARTICLE XIII: EMPLOYEE PROTECTION POLICY- A EMPLOYEE PROTECTION POLICY WAS ADDED TO THE BY-LAWS FORM 990, PART VI, SECTION B, LINE 11 FUTURES IN EDUCATION HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. WHEN THE FORM 990 HAS BEEN PREPARED, REVIEWED BY MANAGEMENT AND IS READY TO BE FILED WITH THE INTERNAL REVENUE SERVICE, IT IS ELECTRONICALLY SENT TO THE BOARD MEMBERS OF THE ORGANIZATION FOR ANY COMMENTS. ANY COMMENTS ARE THEN GROUPED, SUMMARIZED AND PROVIDED TO THE OUTSIDE ACCOUNTANTS. EACH ISSUE IS DOCUMENTED AND ADDRESSED UNTIL THE RETURN IS FINALIZED AND APPROVED FOR FILING. FORM 990, PART VI, SECTION B, LINE 12C ANY DIRECTOR, PRINCIPAL OFFICER, OR MEMBER OF A COMMITTEE WITH GOVERNING BOARD DELEGATED POWERS, WHO HAS A DIRECT OR INDIRECT FINANCIAL INTEREST. ONCE A YEAR, EACH TRUSTEE MUST SIGN THAT HE/SHE IS AWARE OF AND UNDERSTANDS THE POLICY. THE POLICY IS REVIEWED ON AN ANNUAL BASIS. AN INTERESTED PERSON MAY MAKE A PRESENTATION AT THE GOVERNING BOARD OR COMMITTEE MEETING, BUT AFTER THE PRESENTATION, HE/SHE SHALL LEAVE THE MEETING DURING THE DISCUSSION OF, AND THE VOTE ON, THE TRANSACTION OR ARRANGEMENT INVOLVING THE POSSIBLE CONFLICT OF INTEREST. THE CHAIRPERSON OF THE GOVERNING BOARD OR COMMITTEE SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER EXERCISING DUE DILIGENCE, THE GOVERNING BOARD OR COMMITTEE SHALL DETERMINE WHETHER THE CORPORATION CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, COMMITTEE SHALL DETERMINE BY A DISINTERESTED DIRECTORS WHETHER THE GOVERNING BOARD OR MAJORITY VOTE OF THE TRANSACTION OR ARRANGEMENT IS IN OWN BENEFIT, AND THE CORPORATION'S BEST INTEREST, FOR WHETHER IT IS FAIR AND REASONABLE. IN CONFORMITY WITH THE ABOVE DETERMINATION IT SHALL MAKE ITS DECISION AS TO WHETHER TO ENTER INTO THE TRANSACTION OR ARRANGEMENT. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS, AT TIMES, USED THE SERVICES OF AN OUTSIDE CONSULTANT TO SEARCH FOR KEY PERSONNEL. CERTAIN MEMBERS OF THE BOARD INTERVIEW POTENTIAL CANDIDATES AND SELECT A FINAL CANDIDATE. A WRITTEN EMPLOYMENT CONTRACT IS THEN PREPARED WHICH INCLUDES SALARY, BONUS POTENTIAL AND FRINGE BENEFITS. THIS CONTRACT IS THEN SIGNED BY THE CHAIRMAN OF THE BOARD. IN FEBRUARY 2013 THE BOARD APPROVED THE HIRING OF AN OUTSIDE CONSULTANT FIRM, WHICH PRESENTED AN OVERALL STRATEGIC PLAN FOR THE ORGANIZATION. PART OF THAT PLAN WAS AN EXECUTIVE COMPENSATION ANALYSIS AND COMPARISON TO DETERMINE THE AVERAGE SALARY FOR AN EXECUTIVE AT COMPARABLE ORGANIZATIONS. THE STRATEGIC PLAN HAS BEEN APPROVED BY THE BOARD. THIS PROCESS WAS LAST UNDERTAKEN IN JANUARY 2013. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE BY POSTING IT ON THE GUIDESTAR.ORG WEBSITE. THE ORGANIZATION'S FORM 990, GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST AT THE ORGANIZATION'S BUSINESS ADDRESS DURING NORMAL BUSINESS HOURS AT 243 PROSPECT PART WEST, BROOKLYN, NY 11215. FORM 990, PART XI, LINE 9: CHANGE IN INTEREST IN NET ASSETS OF CATHOLIC FDT. FOR BROOKLYN & QUEENS 136,917. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS DID NOT CHANGE FROM THE PRIOR YEAR.