2012-11-14T15:12:30-06:00 2011-12-31 042603383 PARENT MCLAUGHLIN & NANGLE 160 FEDERAL STREET 6TH FL BOSTON MA 02110 990 2011-01-01 043567369 THE MARK WAHLBERG YOUTH FOUNDATION INC MARK 6174541125 233 NEEDHAM STREET SUITE 300 NEWTON MA 02464 MARK WAHLBERG 6174541125 2012-11-06 1 SHANNON BOLLIN P00500970 6174269440 2011 2016-02-24 21:20:13Z ROSE CORTINA 233 NEEDHAM STREET SUITE 300 NEWTON MA 02461 1346789 0 X WWW.MWYF.ORG X 2001 MA TO PROVIDE ASSISTANCE TO CHILDREN AND TEENAGERS WHO ARE POOR, UNDERPRIVELEGED OR OTHERWISE DISADVANTAGED. 10 10 1 100 0 0 1646952 1343076 0 0 4361 3713 -99380 -232809 1551933 1113980 983159 554631 0 0 76048 100914 0 0 66000 43280 49327 1102487 704872 449446 409108 1067984 1472723 251351 246982 816633 1225741 X IT IS THE MISSION OF THE MARK WAHLBERG YOUTH FOUNDATION TO IMPROVE THE QUALITY OF LIFE FOR INNER CITY YOUTH THROUGH A WORKING PARTNERSHIP WITH OTHER YOUTH ORGANIZATIONS. OUR GOAL IS TO REMOVE AND ELIMINATE BARRIERS THAT PREVENT YOUTH FROM SUCCEEDING. OUR MISSION IS TO ASSIST YOUTH IN ORDER TO ENSURE THAT NO CHILD IS LIMITED OR PREVENTED FROM ATTAINING THEIR LIFETIME GOAL OR DREAM DUE TO FINANCIAL CIRCUMSTANCES. THROUGH THE MARK WAHLBERG YOUTH FOUNDATION, WE WILL PROVIDE FINANCIAL AND COMMUNITY SUPPORT TO ASSIST IN MAKING THE DREAMS AND ULTIMATE POTENTIAL OF INNER CITY YOUTH BECOME A REALITY. 0 0 60000 60000 124814 SEND KIDS TO CAMP - CAMP NORTHBOUND TRIP - SEND MEMBERS OF THE DORCHESTER BOYS & GIRLS CLUB TO SUMMER CAMP FOR SOCIALIZATION AND ENJOYMENT FOR YOUTH THAT WOULD NOT NORMALLY HAVE THIS OPPORTUNITY. 125000 125000 THE RODMAN RIDE - SUPPORTING AGENCIES FOR AT-RISK CHILDREN LOCATED IN DORCHESTER, MA. THE RODMAN RIDE FOR KIDS IS AN UMBRELLA MATCHING GIFT CHARITY THAT RAISES FUNDS FOR CHILD-RELATED SOCIAL SERVICE AGENCIES IN MASSACHUSETTS AND SERVES AS A CATALYST BY PROVIDING CHILD WELFARE AGENCIES AN OPPORTUNITY TO RAISE FUNDS THROUGH THIS EVENT. THE RIDE FOR KIDS AND ITS 25 BENEFITING AGENCIES FUNDRAISE YEAR-ROUND, CULMINATING WITH THE RIDE EVENT, WHEN APPROXIMATELY 1,200 CYCLISTS PARTICIPATE IN A 25, 50, OR 100-MILE NON-COMPETITIVE CYCLING TOUR. 100% OF THE EXPENSES ASSOCIATED WITH THE RIDE ARE UNDERWRITTEN. 30000 30000 BOYS AND GIRLS CLUB OF DORCHESTER - SCHOLARSHIPS - OFFERING EDUCATIONAL PROGRAMS AND LIFE GUIDANCE TO THE YOUTH OF DORCHESTER, MA. 4489 ASSISTANCE AND SUPPORT TO VARIOUS YOUTH ORGANIZATIONS DURING ANNUAL CHRISTMAS PARTY. 10000 10000 THE FELIX ORGANIZATION - ORGANIZATION THAT AIDS CHILDREN WHO ARE WAITING TO BE ADOPTED. 15000 15000 A REASON TO SURVIVE - ORGANIZATION USES THE ARTS AS A VEHICLE FOR THE PREVENTION AND INTERVENTION OF AT RISK AND UNHEALTH BEHAVIOR. 9000 9000 ALL DORCHESTER SPORTS LEAGUE, INC. - ORGANIZATION THAT OFFERS SPORTS, FITNESS/NUTRITION AND EDUCATION PROGRAMS FOR DORCHESTER YOUTH. 20000 20000 THE RODMAN RIDE/DISNEY FOR KIDS - A PROGRAM WHERE AT-RISK YOUTH WHO HAVE SHOWN POSITIVE IMPROVEMENTS ARE SENT TO WALT DISNEY WORLD. 9000 9000 BOSTON CITY SINGERS, INC. - PROVIDES OUTSTANDING MUSIC AND YOUTH DEVELOPMENT OPPORTUNITIES TO LOW AND MODERATE INCOME INNER-CITY YOUTH. 10000 10000 B I DEACONESS/BOWDOIN STREET HEALTH CENTER - PROVIDES NUTRITION EDUCATION TO PARENTS AND FAMILIES FOR THE PREVENTION AND INTERVENTION OF CHILDHOOD OBESITY. 4000 4000 DORCHESTER YOUTH HOCKEY PROGRAM THAT PROVIDES A HOCKEY LEAGUE FOR THE YOUTH OF DORCHESTER, MA. 5000 5000 KEVIN YOUKILIS HITS FOR KIDS - MISSION TO CREATE COMMUNITY SUPPORT AND AWARENESS, AND ADVOCATE FOR THE HEALTH AND WELL-BEING OF CHILDREN IN NEED. 7000 7000 LEAHY-HOLLORAN COMMUNITY CENTER - MISSION TO ENHANCE THE QUALITY OF LIFE FOR DORCHESTER RESIDENTS BY PROVIDING RECREATIONAL, EDUCATIONAL AND SOCIAL SERVICES. 142068 MISCELLANEOUS OTHER PROGRAM EXPENSES. 5000 5000 CHILDREN'S ADVOCACY CENTER OF SUFFOLK COUNTY - UNITING PUBLIC, PRIVATE AND COMMUNITY PARTNERS TO PROMOTE SAFETY, HEALING AND JUSTICE FOR CHILD ABUSE VICTIMS AND THEIR FAMILIES. 6000 6000 CROSSROADS FOR KIDS, INC. - PROVIDES YOUTH WITH COMPREHENSIVE SUPPORT AND RESOURCES TO GUIDE THEM TOWARD ACADEMIC SUCCESS. 3500 3500 DORCHESTER YOUTH ALTERNATIVE ACADEMY, INC. - ALTERNATIVE SCHOOL SERVING MIDDLE SCHOOL AGED CHILDREN FROM THE BOSTON AREA. 10000 10000 FENWAY HIGH SCHOOL FUND - ORGANIZATION WHOSE MISSION IS TO CREATE A SOCIALLY COMMITTED AND MORALLY RESPONSIBLE COMMUNITY OF LEARNERS. 20000 20000 GRANADA HILLS BAPTIST SCHOOL - PROVIDING CHILDREN WITH SOLID ACADEMICS, CHRISTIAN VALUES AND A TRUE SENSE OF FAMILY. 15000 15000 PERKINS SCHOOL FOR THE BLIND - HELPS CHILDREN AND ADULTS WHO ARE BLIND, DEAFBLIND, OR VISUALLY IMPAIRED 10000 10000 P'TONES RECORDS INC. - PROVIDES AN AFTER SCHOOL MUSIC EDUCATION PROGRAM FOR URBAN HIGH SCHOOL YOUTH WITH ACCESS TO STUDIOS. 8500 8500 REACHBACK LA - PROVIDES SERVICES TO AT-RISK CHILDREN AND THEIR FAMILIES IN LOS ANGELES, CALIFORNIA 18000 18000 THE TORAH CENTER, INC. - ORGANIZATION PROVIDES A PRISON OUTREACH PROGRAM VISITING OVER 200 PRISONS. 10000 10000 WALTHAM BOYS AND GIRLS CLUB, INC. - TEEN INITIATIVE PROGRAM OFFERING EDUCATIONAL, FITNESS, HEALTH AND ART PROGRAMS FOR TEEN DEVELOPMENT. 30000 30000 ASCENSION CATHOLIC SCHOOLS - PROVIDING SCHOLARSHIPS TO INNER CITY CHILDREN IN LOS ANGELES, CALIFORNIA. 371557 225000 586557 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 1 7 0 1 1 0 0 0 0 0 1 1 0 0 0 0 X 10 10 1 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 MA CA X X ROSE L CORTINA 6174541125 233 NEEDHAM STREET SUITE 300 NEWTON MA 02464 MARK WAHLBERG 2.00 X X 0 0 0 JAMES WAHLBERG 40.00 X 85000 0 9329 MICHAEL JOYCE 5.00 X 0 0 0 ROBERT SCANNELL 5.00 X 0 0 0 STEVE LEVINSON 5.00 X 0 0 0 SHEILA JAFFE 5.00 X 0 0 0 ROSE CORTINA 5.00 X X 0 0 0 MICHAEL DONKIS 5.00 X 0 0 0 JASON SLOANE 5.00 X 0 0 0 MIKE ROTONDI 5.00 X 0 0 0 85000 0 9329 0 0 0 0 0 679262 663814 242059 1343076 3713 3713 0 679262 232809 -232809 -232809 1113980 0 0 -229096 554631 554631 94329 23582 23582 47165 6585 1646 1646 3293 202 202 11079 11079 500 500 17186 4296 4296 8594 1927 1927 TELEPHONE 6702 1675 1675 3352 LIABILITY INSURANCE 2439 2439 STORAGE 2157 2157 MARKETING 2140 2140 4995 727 2812 1456 704872 586557 52315 66000 987316 1211942 233262 75546 25546 1222 8727 6754 3900 1973 1067984 1472723 251351 246982 251351 246982 X 777165 1146433 39468 79308 816633 1225741 1067984 1472723 409108 0 X X 0 1 1 X 0 X 829709 389192 662339 1699652 1389168 4970060 829709 389192 662339 1699652 1389168 4970060 1538242 3431818 11646 8713 3933 4361 3713 32366 5002426 44135 0.68600 0.70990 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8727 6754 1973 1973 1113980 704872 409108 409108 1117980 50092 50092 1067888 46092 46092 1113980 708872 4000 4000 704872 0 704872 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE FOUNDATION RECOGNIZES AND MEASURES ITS UNRECOGNIZED TAX POSITIONS IN ACCORDANCE WITH FASB ASC 740, INCOME TAXES. UNDER THAT GUIDANCE THE FOUNDATION ASSESSES THE LIKELIHOOD, BASED ON THEIR TECHNICAL MERIT, THAT TAX POSITIONS WILL BE SUSTAINED UPON EXAMINATION BASED ON THE FACTS, CIRCUMSTANCES AND INFORMATION AVAILABLE AT THE END OF EACH PERIOD. THE MEASUREMENT OF UNRECOGNIZED TAX POSITIONS IS ADJUSTED WHEN NEW INFORMATION IS AVAILABLE, OR WHEN AN EVENT OCCURS THAT REQUIRES A CHANGE. INTEREST AND PENALTIES ASSOCIATED WITH UNRECOGNIZED TAX POSITIONS ARE CLASSIFIED AS ADDITIONAL INCOME TAXES IN THE STATEMENTS OF ACTIVITIES. THE FOUNDATION DID NOT IDENTIFY ANY UNCERTAIN TAX POSITIONS AT DECEMBER 31, 2011 OR 2010. PART XII, LINE 4B - OTHER ADJUSTMENTS: EXCLUDED EXPENSES FOR DONATED FACILITIES SERVICES INCLUDED IN SPECIAL EVENTS 46,092. GOLF TOURNAMENT 511380 511380 224093 POKER TOURNAMENT 142882 142882 43042 1 25000 25000 11766 679262 679262 278901 278901 -278901 0 ASCENSION CATHOLIC SCHOOLS 500 W 111TH PLACE LOS ANGELES CA 90044 951792261 501(C)(3) 30000 PROVIDES COMPUTER TECHNOLOGY FOR INNER-CITY CHILDREN OF LA & PROVIDES SCHOLARSHIPS TO THOSE CHILDREN A REASON TO SURVIVE 2820 ROOSEVELT ROAD 106 SAN DIEGO CA 92106 330963135 501(C)(3) 15000 PROVIDES ARTS AS A VEHICLE FOR PREVENTION AND INTERVENTION OF AT RISK AND UNHEALTHY BEHAVIOR REACH BACK LA 1773 E CENTURY BLVD LOS ANGELES CA 90002 421670665 501(C)(3) 8500 SUPPORTS TO AT-RISK CHILDREN AND THEIR FAMILIES THE RODMAN RIDEBOYS & GIRLS CLUB 1135 DORCHESTER AVE DORCHESTER MA 02125 043329283 501(C)(3) 125000 SUPPORTS TO AT-RISK CHILDREN AND THEIR FAMILIES ALL DORCHESTER SPORTS LEAGUE INC PO BOX 220643 DORCHESTER MA 02122 222827346 501(C)(3) 9000 PROVIDES SPORTS, FITNESS/NUTRITION AND EDUCATIONAL PROGRAMS FOR DORCHESTER YOUTH BOSTON CITY SINGERS INC 17 WALDEK STREET DORCHESTER MA 02124 331046833 501(C)(3) 9000 PROVIDES MUSIC AND YOUTH DEVELOPMENT OPPORTUNITIES TO LOW/MODERATE INCOME INNER CITY YOUTH THE FELIX ORGANIZATION 43 OYSTER ROAD LOCUST VALLEY NY 11560 204413828 501(C)(3) 10000 AIDS CHILDREN WHO ARE WAITING TO BE ADOPTED THE RODMAN RIDEDISNEY FOR KIDS 1135 DORCHESTER AVE DORCHESTER MA 02125 043329283 501(C)(3) 20000 DISNEY FOR KIDS - SUPPORTS VARIOUS NON-PROFIT AGENCIES FOR AT-RISK CHILDREN VARIOUS BOYS & GIRLS CLUBSORGANIZATIONS 501(C)(3) 97500 FMV BOOTS, CLOTHING AND IPODS PROVIDES EDUCATIONAL PROGRAMS AND LIFE GUIDANCE TO THE YOUTH OF DORCHESTER, MA BOYS & GIRLS CLUB OF DORCHESTER - CAMP NORTHBOUND TRIP 1135 DORCHESTER AVE DORCHESTER MA 02125 237076465 501(C)(3) 90000 6500 FMV TICKETS TO CELTICS GAME AND JET BLUE TRAVEL PROVIDES EDUCATIONAL PROGRAMS AND LIFE GUIDANCE TO THE YOUTH OF DORCHESTER, MA B I DEACONESSBOWDOIN STREET HEALTH CENTER 230 BOWDOIN STREET DORCHESTER MA 02122 042529788 501(C)(3) 10000 PROVIDES NUTRITION EDUCATION TO PARENTS AND FAMILIES FOR THE PREVENTION/INTERVENTION OF CHILDHOOD OBESITY LOWER EASTSIDE SERVICE CENTER INC (BRIDGE2LIFE PROGRAM) 80 MAIDEN LANE 2ND FLOOR NEW YORK NY 10038 131972876 501(C)(3) 15000 PROVIDES PROGRAMS AND SERVICES TO CHILDREN OF SUBSTANCE ABUSERS IN THE NY AREA CROSSROADS FOR KIDS INC 119 MYRTLE STREET DUXBURY MA 02332 042103837 501(C)(3) 6000 PROVIDES YOUTH WITH SUPPORT AND RESOURCES TO GUIDE THEM TOWARD ACEDEMIC SUCCESS FENWAY HIGH SCHOOL FUND 174 IPSWICH STREET BOSTON MA 02215 046719813 501(C)(3) 10000 MISSION IS TO CREATE A SOCIALLY COMMITTED AND MORALLY RESPONSIBLE COMMUNITY OF LEARNERS GRANADA HILLS BAPTIST SCHOOL 10949 ZELZAH AVENUE GRANADA HILLS CA 91344 951945258 501(C)(3) 20000 ELEMENTARY SCHOOL PROVIDING CHILDREN WITH SOLID ACADEMICS, CHRISTION VALUES AND A SENSE OF FAMILY LEAHY-HOLLORAN COMMUNITY CENTER 1 WORRELL STREET DORCHESTER MA 02111 222580902 501(C)(3) 7000 MISSION IS TO ENHANCE THE QUALITY OF LIFE FOR DORCHESTER RESIDENTS BY PROVIDING RECREATIONAL, EDUCATIONAL AND SOCIAL SERVICES PERKINS SCHOOL FOR THE BLIND 175 NORTH BEACON STREET WATERTOWN MA 02472 042103616 501(C)(3) 15000 TO HELP CHILDREN AND ADULTS WHO ARE BLIND, DEAFBLIND OR VISUALLY IMPAIRED P TONES RECORDS INC 546 RIVERSIDE DRIVE PRINCETON NJ 08540 208444423 501(C)(3) 10000 PROVIDES AN AFTER SCHOOL MUSIC EDUCATION PROGRAM FOR URBAN HIGH SCHOOL YOUTH WITH ACCESS TO STUDIOS THE TORAH CENTER INC 393 FIFTH AVENUE NEW YORK NY 10016 201581063 501(C)(3) 18000 PROVIDES A PRISON OUTREACH PROGRAM VISITING OVER 200 PRISONS WALTHAM BOYS & GIRLS CLUB INC TEEN INITIATIVE PROGRAM 20 EXCHANGE STREET WALTHAM MA 02451 042103927 501(C)(3) 10000 PROVIDES EDUCATIONAL, FITNESS, HEALTH AND ART PROGRAMS FOR TEEN DEVELOPMENT SHIELA JAFFE THE FELIX ORGANIZATION'S DIRECTOR IS A BOARD MEMBER OF THE FOUNDATION 10000 GENERAL CASH CONTRIBUTION ROBERT SCANNELL DORCHESTER B & G CLUB'S EXEC. DIRECTOR IS A BOARD MEMBER OF THE FOUNDATION 36500 CONTRIBUTION FOR SUMMER CAMP PARTICIPANTS, CELTICS TIX, MISC PARTY SUPPLIES MICHAEL JOYCE DORCHESTER B & G CLUB'S EMPLOYEE IS A BOARD MEMBER OF THE FOUNDATION 36500 CONTRIBUTION FOR SUMMER CAMP PARTICIPANTS, CELTICS TIX, MISC PARTY SUPPLIES MARK WAHLBERG DORCHESTER B & G CLUB'S BOARD MEMBER IS A BOARD MEMBER OF THE FOUNDATION 36500 CONTRIBUTION FOR SUMMER CAMP PARTICIPANTS, CELTICS TIX, MISC PARTY SUPPLIES JAMES WAHLBERG DORCHESTER B & G CLUB'S BOARD MEMBER IS A BOARD MEMBER OF THE FOUNDATION 36500 CONTRIBUTION FOR SUMMER CAMP PARTICIPANTS, CELTICS TIX, MISC PARTY SUPPLIES JAMES WAHLBERG BROTHER OF PRESIDENT OF THE ORGANIZATION 94329 PAYMENTS MADE FOR EXECUTIVE COMPENSATION AT THE FOUNDATION 0 SHEILA JAFFE DIRECTOR OF FOUNDATION IS ALSO A DIRECTOR OF A DONEE ORGANIZATION 10000 GRANT MADE TO DIRECTOR'S ORGANIZATION 0 ROBERT SCANNELL DIRECTOR OF FOUNDATION IS ALSO A DIRECTOR OF A DONEE ORGANIZATION 36500 GRANT MADE TO DIRECTOR'S ORGANIZATION 0 MICHAEL JOYCE DIRECTOR OF FOUNDATION IS ALSO AN EMPLOYEE OF A DONEE ORGANIZATION 36500 GRANT MADE TO EMPLOYEE'S ORGANIZATION 0 MARK WAHLBERG OFFICER OF FOUNDATION IS ALSO A DIRECTOR OF A DONEE ORGANIZATION 36500 GRANT MADE TO OFFICER/DIRECTOR'S ORGANIZATION 0 X 60000 SALE OF COMPARABLES X X BOX ENTERTAINMENT SYSTEMS 5 2500 SALE OF COMPARABLES X CELTICS TICKETS 100 5000 FACE VALUE OF TICKETS X ENTOURAGE TICKETS 4 16000 FACE VALUE OF TICKETS X WATCHES 5 18000 SALE OF COMPARABLES X GOLF CLUBS, BAGS & KITS 23 25240 SALE OF COMPARABLES X HUMIDORS & CIGARS 5 5000 SALE OF COMPARABLES X AIRLINE TICKETS 2 1000 SALE OF COMPARABLES X IPODS 250 37500 SALE OF COMPARABLES 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 THE EXECUTIVE DIRECTOR IS THE BROTHER OF THE PRESIDENT. THREE OF THE BOARD MEMBERS AND ONE OFFICER ARE ALSO AFFILIATED WITH LOCAL DONEE ORGANIZATIONS. FORM 990, PART VI, SECTION A, LINE 6 THE BOARD OF DIRECTORS ARE MEMBERS THAT HAVE THE RIGHT TO VOTE ON GRANT PROPOSALS. FORM 990, PART VI, SECTION A, LINE 7A ALL MEMBERS MUST VOTE ON NEW MEMBERS FOR THE GOVERNING BODY. THE NUMBER OF DIRECTORS MAY BE INCREASED OR DECREASED AT ANY TIME OR FROM TIME TO TIME BY THE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7B EACH MEMBER SHALL BE ENTITLED TO VOTE ON ALL MATTERS COMING BEFORE THE MEMBERS. THE MEMBERS MAY INCREASE AND DECREASE THE NUMBER OF MEMBERS AND MAY APPOINT ADDITIONAL MEMBERS AT ANY SPECIAL MEETING, BY A VOTE OF A MAJORITY OF THE MEMBERS ENTITLED TO VOTE. FORM 990, PART VI, SECTION B, LINE 11 FORM 990 IS REVIEWED BY SELECT BOARD MEMBERS FAMILIAR WITH FINANCIAL RECORDS OF THE FOUNDATION. IN ADDITION, ALL DIRECTORS WERE PROVIDED WITH A COPY OF THE FORM 990 PRIOR TO FILING AND INVITED TO COMMENT. FORM 990, PART VI, SECTION B, LINE 12C THE FOUNDATION HAS A WRITTEN CONFLICT OF INTEREST POLICY IN PLACE. THE POLICY IS DISTRIBUTED ANNUALLY TO OFFICERS, DIRECTORS, AND BOARD MEMBERS TO SIGN A DOCUMENT THAT STATES THEY RECEIVED, AGREE TO, AND WILL COMPLY WITH THE POLICY. PERIODIC REVIEWS ARE DONE TO ENSURE ADHERANCE TO THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 ONE EMPLOYEE IS PAID AN ANNUAL COMPENSATION. THE COMPENSATION IS REVIEWED, VOTED AND APPROVED BY THE BOARD OF DIRECTORS. ANY INCREASES IN COMPENSATION ARE VOTED AND APPROVED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIAL STATEMENTS AND FORM 990 ARE AVAILABLE THROUGH THE STATE ATTORNEY GENERAL'S OFFICE WEBSITE AND GUIDESTAR.ORG OR UPON SPECIFIC REQUEST TO THE EXECUTIVE DIRECTOR OF THE FOUNDATION. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON SPECIFIC REQUEST TO THE EXECUTIVE DIRECTOR OF THE FOUNDATION. AUDIT COMMITTEE FORM 990, PART XII, LINE 2C: THERE IS NO FORMAL AUDIT COMMITTEE; AN EXECUTIVE COMMITTEE OF FOUR BOARD MEMBERS OVERSEES AND ASSUMES RESPONSIBILITY OF THE AUDIT OF THE FINANCIAL STATEMENTS. THE BOARD OF DIRECTORS APPROVES THE SELECTION OF AN INDEPENDENT ACCOUNTING FIRM EACH YEAR.