Trey Foote Foundation Standards and Accountability
Tax 990 Filings
Standards for Charitable Accountability as defined by the Better Business Bureau
Governance and Oversight
1. A board of directors that provides adequate oversight of the charity's operations and its staff - The Trey Foote Foundation has a board of 7 providing oversight
2. A board of directors with a minimum of five voting members -The Trey Foote Foundation has a board of 7
3. A minimum of three evenly spaced meetings per year of the full governing body with a majority in attendance, with face-to-face participation - The Trey Foote Foundation meets every quarter.
4. Not more than one or 10% (whichever is greater) directly or indirectly compensated person(s) serving as voting member(s) of the board. Compensated members shall not serve as the board's chair or treasurer - No voting member or anyone associated with the Trey Foote Foundation receives any compensation for their time or services.
5. No transaction(s) in which any board or staff members have material conflicting interests with the charity resulting from any relationship or business affiliation - All board members and their affiliations with any other interest is reviewed on an annual basis.
6. Have a board policy of assessing, no less than every two years, the organization's performance and effectiveness and of determining future actions required to achieve its mission - Financial goals and foundation projects are reviewed by the board annually. The project results are listed on other pages.
7. Submit to the organization's governing body, for its approval, a written report that outlines the results of the aforementioned performance and effectiveness assessment and recommendations for future actions - See above
8. Spend at least 65% of its total expenses on program activities - 100% of the expenses of the foundation go to supporting the activities of the foundation. Expenses include purchasing of shirts for resale, postage, scholarship, and printed materials to support education efforts and cancer research related expenses.
9. Spend no more than 35% of related contributions on fund raising - Less than 5% is spent on fund raising. The Trey Foote Foundation is part of the Google Grants program, which entitles the foundation to free advertising via Google in addition to free donation processing from Google Checkout.
10. Avoid accumulating funds that could be used for current program activities. To meet this standard, the charity's unrestricted net assets available for use should not be more than three times the size of the past year's expenses or three times the size of the current year's budget, whichever is higher - See 2007 and 2008 tax forms for validation.
11. Make available to all, on request, complete annual financial statements prepared in accordance with generally accepted accounting principles - To request a complete financial statement please send request to lea_foote@treyfootefoundation.com or see our tax filings.
12. Include in the financial statements a breakdown of expenses (e.g., salaries, travel, postage, etc.) that shows what portion of these expenses was allocated to program, fund raising, and administrative activities - No postage, salaries, or travel expenses have ever been covered by the Trey Foote Foundation. Postage that supports shirt sales and the purchasing of the shirts for resale are the only real expenses. However, in 2010 there may be expenses allocated to support research projects. Details will be provided upon request. Please submit request to lea_foote@treyfootefoundation.com
13. Accurately report the charity's expenses, including any joint cost allocations, in its financial statements - See above
14. Have a board-approved annual budget for its current fiscal year,
outlining projected expenses for major program activities, fund raising, and
administration - The annual budget is reviewed and approved on an
annual basis by the board.