| FORM 990, PART VI, SECTION B, LINE 11B |
A DRAFT OF THE FORM 990 IS REVIEWED & AUTHORIZED BY THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS. THE FORM 990 IS THEN PROVIDED TO THE FULL BOARD. |
| FORM 990, PART VI, SECTION B, LINE 12C |
ALL EMPLOYEES ARE UNDER A CONTINUING OBLIGATION TO DISCLOSE ANY ACTUAL OR POTENTIAL CONFLICT OF INTEREST AS SOON AS IT IS KNOWN OR REASONABLY KNOWN. THEY MUST COMPLETE A CONFLICT OF INTEREST DISCLOSURE STATEMENT AND UPDATE IT ANNUALLY. BOARD MEMBERS COMPLETE A CONFLICT OF INTEREST DISCLOSURE STATEMENT ANNUALLY. |
| FORM 990, PART VI, SECTION B, LINE 15 |
SALZBURG GLOBAL SEMINAR'S COMPENSATION POLICIES ARE APPROVED BY THE SEMINAR'S BOARD OF DIRECTORS WITH THE ASSISTANCE OF THE BOARD COMPENSATION COMMITTEE AS THE POLICIES RELATE TO THE CHIEF EXECUTIVE AND OTHER EXECUTIVE OFFICERS. THE COMPENSATION COMMITTEE'S RESPONSIBILITIES INCLUDE: - REVIEW AND APPROVAL OF SALZBURG GLOBAL SEMINAR'S COMPENSATION STRATEGY TO ENSURE CONSISTENCY WITH ITS MISSION AND VALUES AND APPLICABLE LEGAL AND REGULATORY REQUIREMENTS - ESTABLISH THE CHIEF EXECUTIVE'S COMPENSATION LEVEL AND REPORT ON THE CHIEF EXECUTIVE'S COMPENSATION TO THE BOARD OF DIRECTORS ANNUALLY - RECEIVE AND REVIEW A REPORT ANNUALLY FROM THE CHIEF EXECUTIVE REGARDING THE COMPENSATION OF SENIOR STAFF - REPORT REGULARLY TO THE BOARD ON COMMITTEE ACTIVITIES. THE FULL BOARD WILL APPROVE ANNUAL COMPENSATION INCREASES RECOMMENDED BY THE CHIEF EXECUTIVE FOR NON EXECUTIVE STAFF DURING THE ANNUAL BUDGET PROCESS. COMPENSATION PHILOSOPHY: SALZBURG GLOBAL SEMINAR'S ACTIVITIES ARE GUIDED BY A MISSION STATEMENT AND STRATEGIC PLAN. THE ALLOCATION OF THE ORGANIZATION'S RESOURCES AND ITS COMPENSATION PLANS ARE DESIGNED TO HELP ACHIEVE PROGRESS IN MEETING THE SEMINAR'S MISSION. THE BOARD RECOGNIZES THAT ACHIEVING THE SEMINAR'S MISSION REQUIRES ATTRACTING, RETAINING AND REWARDING SKILLED EXECUTIVES AND PERSONNEL WITHIN APPROPRIATE GUIDELINES ESTABLISHED BY THE IRS AND GOOD NONPROFIT GOVERNANCE PRACTICES. STANDARD FOR MEETING IRS GUIDELINES: - TOTAL COMPENSATION FOR SALZBURG GLOBAL SEMINAR'S SENIOR EXECUTIVES MUST MEET THE STANDARDS OF THE IRS INTERMEDIATE SANCTIONS REGULATIONS - THE IRS INTERMEDIATE SANCTIONS REGULATIONS APPLY TO "DISQUALIFIED PERSONS" AT 501(C)(3) PUBLIC CHARITIES. THE SEMINAR IS A 501(C)(3) ORGANIZATION. A DISQUALIFIED PERSON IS SOMEONE WHO IS IN A POSITION TO EXERCISE SUBSTANTIAL INFLUENCE WITH RESPECT TO THE ORGANIZATION'S AFFAIRS. DISQUALIFIED PERSONS FOR SALZBURG GLOBAL SEMINAR INCLUDE THE PRESIDENT AS WELL AS OTHER KEY EMPLOYEES. - COMPENSATION, FOR PURPOSES OF INTERMEDIATE SANCTIONS, INCLUDES ALL REMUNERATION (BASE PAY, INCENTIVES AND BONUSES, DEFERRED COMPENSATION, AND APPROPRIATE COMPARISON FOR INTERMEDIATE SANCTIONS PURPOSES). INCENTIVES AND BONUSES ARE PERMISSIBLE UNDER INTERMEDIATE SANCTIONS, AS LONG AS THE TOTAL AMOUNT OF COMPENSATION IS REASONABLE. SALZBURG GLOBAL SEMINAR PROCESS: - EACH NOVEMBER THE FULL BOARD APPROVES ANNUAL GOALS FOR THE COMING YEAR AND THE PROPOSED ANNUAL INCREASE. THESE GOALS BECOME THE BASIS FOR ESTABLISHING PERFORMANCE GOALS FOR DEPARTMENTS AND INDIVIDUALS. - PRIOR TO THIS MEETING THE COMPENSATION COMMITTEE MEETS TO ESTABLISH OVERALL COMPENSATION PHILOSOPHY FOR THE PRESIDENT AND OTHER EXECUTIVES FOR THE COMING YEAR - THE COMMITTEE HAS SET A GOAL THAT EMPLOYEES' TOTAL COMPENSATION BE AT THE MARKET MEDIAN - TO MEET THE "REASONABLE STANDARD" OF THE IRS, SALZBURG GLOBAL SEMINAR HIRES AN INDEPENDENT OUTSIDE CONSULTANT TO HELP DETERMINE AS THE IRS STATES "THE VALUE THAT WOULD ORDINARILY BE PAID FOR LIKE SERVICES BY LIKE ENTERPRISES UNDER LIKE CIRCUMSTANCES". WORKING WITH THE COMPENSATION COMMITTEE, THE CONSULTANT HAS IDENTIFIED A GROUP OF ORGANIZATIONS AND COMPENSATION SURVEYS MOST COMPARABLE TO THE SEMINAR AND USES THIS DATA TO REVIEW THE PRESIDENT AND OTHER EXECUTIVE COMPENSATION. - THE COMPENSATION COMMITTEE REVIEWS THE CONSULTANT'S REPORT AND MAKES RECOMMENDATIONS WHICH ARE REVIEWED AND VOTED ON BY THE FULL BOARD. THE FULL BOARD APPROVES THE COMPENSATION FOR THE PRESIDENT. THE PRESIDENT IS ALLOWED TO APPROVE COMPENSATION FOR SENIOR EXECUTIVES AFTER REVIEW BY THE COMPENSATION COMMITTEE. |
| FORM 990, PART VI, SECTION C, LINE 19 |
SALZBURG GLOBAL SEMINAR'S GOVERNING DOCUMENTS AND AUDITED FINANCIAL STATEMENTS ARE MADE AVAILABLE ON ITS WEBSITE WWW.SALZBURGGLOBAL.ORG. THE FORM 990 IS AVAILABLE THROUGH WWW.GUIDESTAR.ORG. ALL DOCUMENTS ARE PROVIDED UPON REQUEST FROM THE PUBLIC. |
| FORM 990, PART IX, LINE 11G |
OTHER PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 696,307. MANAGEMENT AND GENERAL EXPENSES 407,102. FUNDRAISING EXPENSES 3,130. TOTAL EXPENSES 1,106,539. |
| FORM 990, PART XI, LINE 9: |
FOREIGN CURRENCY TRANSLATION ADJUSTMENTS 1,449,980. |