2024-05-23T07:10:25-05:00 2023-12-31 824158464 DAVIS & COMPANY CPAS PO BOX 1552 MOUNT PLEASANT SC 29465 990 2023-01-01 570323800 THE SOUTH CAROLINA HISTORICAL SOCIETY SOUT 8437233225 100 MEETING STREET CHARLESTON SC 29401 DR ELIZABETH CHEW CHIEF EXECUTIVE OFFICER 8437233225 2024-05-23 1 DR ELIZABETH CHEW 999009999 0 ZOE DAVIS P01057590 8438813315 2024-05-15 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z DR ELIZABETH CHEW 100 MEETING STREET CHARLESTON SC 29401 4518850 0 X SCHSONLINE.ORG X 1855 SC THE SCHS MISSION IS TO EXPAND, PRESERVE, AND MAKE ACCESSIBLE OUR INVALUABLE COLLECTION, AND TO ENCOURAGE INTEREST AND PRIDE IN THE RICH HISTORY OF OUR STATE. 23 23 16 6 0 0 608923 902315 107183 134412 69544 165540 171141 42715 956791 1244982 0 0 0 0 631805 653029 0 0 164561 669432 980350 1301237 1633379 -344446 -388397 9788594 10167453 6887 20555 9781707 10146898 X THE SCHS MISSION IS TO EXPAND, PRESERVE, AND MAKE ACCESSIBLE OUR INVALUABLE COLLECTION, AND TO ENCOURAGE INTEREST AND PRIDE IN THE RICH HISTORY OF OUR STATE. 0 0 406088 7097 ARCHIVAL: THE SOCIETY HAS APPROXIMATELY 3,000 MANUSCRIPT COLLECTIONS THAT INCLUDE LETTERS, DIARIES, LEGAL PAPERS, AND OTHER DOCUMENTS DATING FROM 1670 TO THE PRESENT AND MORE THAN 10,000 OVERSIZED PLATS, MONUMENTS, MAPS AND DRAWINGS. OVER 30,000 PHOTOGRAPHS, PRINTS, AND OTHER VISUAL ITEMS ARE MAINTAINED, AS WELL AS A RESEARCH LIBRARY CONTAINING NEARLY 5,000 BOOKS SELECTED TO ADD CONTEXTUAL EVIDENCE THAT ENHANCES THE MANUSCRIPT AND OTHER ARCHIVAL HOLDINGS. THE COLLECTION ALSO INCLUDES MORE THAN 45,000 HISTORICAL PAMPHLETS AND PRINTED MATERIALS AS WELL AS HUNDREDS OF FILES AND BOOKS PERTAINING TO GENEALOGY. THE COLLECTION ALSO INCLUDES NUMEROUS ARTIFACTS RANGING FROM OVERSIZED, UNIQUE BATTLE FLAGS TO SMALL, PERSONAL ITEMS. MOST OF THE COLLECTION IS HOUSED AT THE COLLEGE OF CHARLESTON'S ADDLESTONE LIBRARY SPECIAL COLLECTIONS AREA. WITH THE MUSEUM INSTALLATION IN 2018 SELECTED ITEMS ARE EXHIBITED IN THE FIREPROOF BUILDING. ALSO, SOME ADMINISTRATIVE RECORDS ARE MAINTAINED IN THE SOCIETY'S HEADQUARTERS. THE BOARD OF DIRECTORS ADOPTED THE POLICY TO NOT CAPITALIZE ITS COLLECTION BECAUSE IT IS IMPRACTICABLE TO ATTEMPT TO ASSIGN VALUES TO THE COLLECTION BECAUSE EACH ITEM HAS CERTAIN ATTRIBUTES, SUCH AS AGE, PREPARATION, TYPE OF CULTURAL MATERIAL AND RELATIONSHIP TO OTHER HISTORICAL DOCUMENTS, PERSONS OR EVENTS IN THE SOUTH CAROLINA HISTORY THAT MAKE IT DIFFICULT TO DETERMINE AN OBJECTIVE BASIS FOR EVALUATION. THE SOCIETY DOES NOT CONSIDER THE COLLECTIONS A FINANCIAL ASSET, BUT RATHER AN IRREPLACEABLE TREASURE OF SOUTH CAROLINA CULTURE TO BE PRESERVED FOR FUTURE GENERATIONS. PUBLISHING SOUTH CAROLINA HISTORY IS AN INTEGRAL PART OF THE HISTORICAL SOCIETY'S MISSION. THE SOCIETY ISSUED THREE VOLUMES OF ITS COLLECTIONS PRIOR TO THE CIVIL WAR AND TWO MORE BETWEEN 1887 AND 1897. IT FIRST PUBLISHED THE SOUTH CAROLINA HISTORICAL MAGAZINE IN 1900. THE MAGAZINE'S EDITORIAL BOARD, A PEER GROUP OF LEADING AUTHORITIES ON SOUTH CAROLINA HISTORY, REVIEWS ALL MANUSCRIPT SUBMISSIONS USING THE DOUBLE-BLIND METHOD. THE MAGAZINE PUBLISHES EIGHT ARTICLES (EITHER INTERPRETIVE ESSAYS OR ANNOTATED PRIMARY DOCUMENTS) PER YEAR, ALONG WITH APPROXIMATELY FIFTY BOOK REVIEWS AND TWENTY RECENTLY PROCESSED MANUSCRIPTS IN QUARTERLY ISSUES. THE CAROLOGUE OFFERS POPULAR ARTICLES AND PHOTO ESSAYS ABOUT THE STATE'S HISTORY, AS WELL AS INFORMATION ABOUT SOCIETY NEWS AND EVENTS. FOR MOST OF ITS EXISTENCE, CAROLOGUE IS A 32-PAGE POPULAR HISTORY MAGAZINE. ALTHOUGH THE EDITOR OCCASIONALLY ACCEPTS UNSOLICITED ARTICLES FOR PUBLICATION, THE STAFF OF THE SOCIETY PRODUCES APPROXIMATELY 90 PERCENT OF CAROLOGUE AT PRESENT. THE SOCIETY'S LIBRARIAN AND ARCHIVISTS OPERATE OUT OF ADDLESTONE LIBRARY WHERE THEY MANAGE THE COLLECTION, PROVIDE REFERENCE SERVICE AND ASSIST PATRONS IN THE RESEARCH ROOM. THE READING ROOM THERE IS OPEN MONDAY THROUGH FRIDAY. THE STAFF PROMOTES THE USE OF THE COLLECTION THROUGH SUCH ACTIVITIES AS CLASSROOM VISITS, PRIVATE TOURS OF THE COLLECTION, AND SPEAKING ENGAGEMENTS TO COMMUNITY ORGANIZATIONS. SEVERAL SUMMER WORKSHOPS ARE HELD FOR TEACHERS TO PROMOTE THE USE OF PRIMARY DOCUMENTS IN THEIR LESSON PLANS. COLLEGE CLASSES IN PRESERVATION, CONSERVATION AND/OR FREQUENTLY VISIT THE BUILDING FOR HANDS-ON EXPERIENCE. 470996 90222 OUTREACH: THE SCHS UTILIZES SEVERAL FORMATS TO EDUCATE AND ENGAGE THE PUBLIC ABOUT ITS COLLECTION AS WELL AS THE HISTORY OF THE STATE. THESE INCLUDE A VIBRANT WEBSITE (HTTPS://SCHISTORY.ORG/), SOCIAL MEDIA POSTS (INSTAGRAM AND FACEBOOK), VIRTUAL AND IN-PERSON PROGRAMS, AND TRADITIONAL PUBLICATIONS. PUBLISHING SOUTH CAROLINA'S HISTORY IS AN INTEGRAL PART OF THE HISTORICAL SOCIETY'S MISSION. THE SOCIETY FIRST PUBLISHED THE SOUTH CAROLINA HISTORICAL MAGAZINE IN 1900. THE MAGAZINE'S EDITORIAL BOARD, A PEER GROUP OF LEADING AUTHORITIES ON SOUTH CAROLINA HISTORY, REVIEWS ALL MANUSCRIPT SUBMISSIONS. THE MAGAZINE PUBLISHES EIGHT ARTICLES (EITHER INTERPRETIVE ESSAYS OR ANNOTATED PRIMARY DOCUMENTS) PER YEAR, ALONG WITH APPROXIMATELY FIFTY BOOK REVIEWS AND THE ANNOUNCEMENT OF RECENTLY PROCESSED COLLECTIONS. 345509 72771 FIREPROOF BUILDING AND MUSEUM: THE BUILDING WAS DESIGNED BY ROBERT MILLS, A NATIVE SOUTH CAROLINIAN AND THE FIRST PROFESSIONALLY TRAINED AMERICAN ARCHITECT. MILLS ALSO DESIGNED THE WASHINGTON MONUMENT-HIS MOST FAMOUS WORK-AND NUMEROUS BUILDINGS THROUGHOUT SOUTH CAROLINA AND AS FAR NORTH AS MASSACHUSETTS. THE FIREPROOF BUILDING WAS THE FIRST IN AMERICA DESIGNED TO LIMIT THE SPREAD OF FIRE. THE DRIVERS OF ARCHITECTURAL DESIGN IN CHARLESTON TODAY ARE EARTHQUAKES AND HURRICANES. IN THE EARLY NINETEENTH CENTURY, THE MAJOR CONCERN FOR URBAN ARCHITECTURE WAS FIRE. DURING THE COLONIAL PERIOD, CHARLESTON (AND MANY OTHER CITIES) EXPERIENCED NUMEROUS FIRES IN WHICH LARGE PARTS OF THE CITY WERE DESTROYED. MILLS WANTED TO CREATE A BUILDING THAT COULD CONTAIN A BLAZE AND PREVENT IT FROM SPREADING TO OTHER BUILDINGS IN THE CITY. TO MAKE THE BUILDING AS "FIREPROOF" AS POSSIBLE, MILLS HAD CHALMERS STREET WIDENED TO PROVIDE A BETTER FIREBREAK. HE HAD ALL OTHER BUILDINGS ON AND AROUND THE SITE REMOVED. DURING THE 2016-2018 RENOVATION, CREWS FOUND FOUNDATIONS OF DWELLINGS THAT DATED TO CA. 1700-1720. MILLS ALSO DESIGNED WASHINGTON SQUARE, WHICH WOULD SERVE AS A FIREBREAK ON EITHER SIDE OF THE BUILDING. INDEED, THE ENTIRE SITE WAS DESIGNED TO BE FIREPROOF, NOT JUST THE BUILDING. THE SCHS MUSEUM, HOUSED IN THE HISTORIC FIREPROOF BUILDING, CONTAINS 6 GALLERIES THAT TELL THE STORY OF SOUTH CAROLINA THROUGH THE VAST COLLECTION OF THE SOCIETY. THE GALLERIES, WHICH ARE LOCATED ON THE SECOND (MAIN) FLOOR, ARE: GALLERY I: A HAVEN WITH PROSPECTS: EXPLORATION AND SETTLEMENT GALLERY II: NEW HORIZONS: BUILDING A STATE AND A NATION GALLERY III: SECESSION, WAR AND RECONSTRUCTION GALLERY IV: CHARLESTON RECOVERS GALLERY V: CELEBRATING DIVERSITY IN ART, LITERATURE, AND CULTURE GALLERY VI: AFRICA TO AMERICA: PLANTATION CULTURE IN EARLY SOUTH CAROLINA (ROTATING OPENED APRIL 2022) GOALS OF THE EXHIBIT: TO CELEBRATE THE LIFE AND LEGACY OF SOUTH CAROLINA'S OWN ARCHITECT, ROBERT MILLS, WHO DESIGNED THIS BUILDING. TO TELL THE STORY OF THE ENTIRE STATE. TO REVEAL THE IMPORTANT ROLE SOUTH CAROLINA PLAYED IN THE NATION'S PAST. TO INCLUDE PERSONAL STORIES OF ALL SOUTH CAROLINIANS IN ALL WALKS OF LIFE, AS REFLECTED THROUGH OUR COLLECTION. TO CREATE AN EXHIBIT THAT INSPIRES VISITORS TO LEARN MORE. WITH A COMBINATION OF PAID VISITORS AND FACILITY RENTALS, THE SCHS EXPECTS THE COLLECTIONS TO CONTRIBUTE TO THE FINANCIAL HEALTH OF THE SOCIETY. 1222593 1 1 0 1 0 0 0 1 0 1 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 13 0 1 16 1 0 0 0 0 0 0 0 0 0 0 X 23 23 0 0 0 0 0 0 1 1 1 0 0 1 1 1 1 1 1 1 0 0 SC X VIRGINIA ELLISON CO SC HISTORICAL SOCIETY 8437233225 100 MEETING STREET CHARLESTON SC 29401 X LESLIE A COTTER JR BOARD MEMBER 2.00 X 0 0 0 MICHAEL M BEAL BOARD MEMBER 2.00 X 0 0 0 BERNIE HOOD BOARD MEMBER 2.00 X 0 0 0 FLAVIA HARTON BOARD MEMBER 2.00 X 0 0 0 HENRY BFISHBURNE BOARD MEMBER 2.00 X 0 0 0 EDWARD B GRIMBALL BOARD MEMBER 2.00 X 0 0 0 WILLIAM MCKINNEY BOARD MEMBER 2.00 X 0 0 0 R MONTAGUE LAFFITTE III BOARD MEMBER 2.00 X 0 0 0 JAMES SCOTT BOARD MEMBER 2.00 X 0 0 0 BERN MEBANE BOARD MEMBER 2.00 X 0 0 0 KAREN STRICKLAND BOARD MEMBER 2.00 X 0 0 0 JOHN VON LEHE BOARD MEMBER 2.00 X 0 0 0 ALEX PAPPAS BOARD MEMBER 2.00 X 0 0 0 ALEC TAYLOR BOARD MEMBER 2.00 X 0 0 0 JOHN MCCABE BOARD MEMBER 2.00 X 0 0 0 CATHERINE SCARBOROUGH BOARD MEMBER 2.00 X 0 0 0 COURTNEY TOLLISON-HARTNESS BOARD MEMBER 2.00 X 0 0 0 FAYE L JENSEN CEO & EX-OFFICIO 40.00 X 104587 0 7321 VIRGINIA ELLISON COO & DIRECTOR OF COLLECTIONS 40.00 X 75864 0 5310 EMILYN C SANDERS CHAIR EX-OFFICIO 5.00 X X 0 0 0 WILLIAM S DAVIES JR CHAIR 5.00 X X 0 0 0 KESTER FREEMAN VICE CHAIR 4.00 X X 0 0 0 MINOR SHAW SECREATARY 4.00 X X 0 0 0 GLENN OXNER TREASURER 4.00 X X 0 0 0 180451 0 12631 1 0 0 0 0 252187 650128 902315 PROGRAM FEE INCOME 513190 77481 77481 MUSEUM TICKET SALES 513190 30110 30110 LIBRARY FEES AND SERVICES 541990 26821 26821 134412 115305 115305 3324103 3273868 50235 50235 50235 OTHER REVENUE 513190 42715 42715 42715 1244982 342667 0 0 180450 142556 30677 7217 361285 285415 61418 14452 29671 23440 5044 1187 37951 29981 6452 1518 43672 34501 7424 1747 40312 40312 34463 34463 91552 72326 15564 3662 74372 74372 3929 3104 668 157 23081 18194 3915 972 23288 18398 3959 931 34285 27085 5828 1372 273934 216408 46569 10957 51632 40789 8777 2066 PROGRAM 123294 123294 PUBLICATIONS 51646 51646 BUILDING MAINTENANCE 49791 39335 8464 1992 LIBRARY COLLECTIONS 43131 43131 61640 52990 7003 1647 1633379 1222593 246225 164561 748791 504111 127100 127100 10000 0 55219 87163 34499 30957 5891403 1523261 4582803 4368142 4230182 5049980 9788594 10167453 6887 20555 6887 20555 X 7121191 7283028 2660516 2863870 9781707 10146898 9788594 10167453 -388397 753588 0 X 1 X 0 0 0 X 1016545 591268 719323 608923 902315 3838374 1016545 591268 719323 608923 902315 3838374 3838374 135292 99258 124830 136632 115305 611317 1901 3089 12166 3213 42715 63084 4512775 1198016 0.85060 0.83870 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 40312 0 0 0 0 0 0 0 0 1 40312 40312 0 PART I-A, LINE 1: CONSULTING SERVICES FOR THE CONTINUED FUNDING ALLOCATIONS FROM THE STATE BUDGET. X X X X 0 4357282 124000 972160 241900 34462 5177080 5463729 110386 -1183654 33179 4357282 5003447 133700 515418 151179 37657 5463729 4770846 102180 595108 430797 33890 5003447 5687435 548000 1032563 2457911 39241 4770846 0.66000 0.08000 0.26000 0 0 800000 800000 3551878 1062661 2489217 229946 68796 161150 1309579 391804 917775 4368142 X PART III, LINE 1A: THE SOCIETY FOLLOWS THE FINANCIAL ACCOUNTING STANDARDS BOARD FASB ASC 958-310-50, COLLECTION ITEMS ACQUIRED EITHER THROUGH PURCHASE OR DONATIONS ARE NOT CAPITALIZED. PURCHASES OF COLLECTION ITEMS ARE RECORDED AS DECREASES IN NET ASSETS WITHOUT DONOR RESTRICTIONS IF PURCHASED WITH FUNDS WITHOUT DONOR RESTRICTIONS AND AS DECREASES IN NET ASSETS WITH DONOR RESTRICTIONS IF PURCHASED WITH DONOR RESTRICTED FUNDS. GAINS FROM THE SALE OF COLLECTION ITEMS THAT ARE NOT REINVESTED IN THE PURCHASE OF NEW COLLECTION ITEMS ARE RECORDED AS INCREASES IN NET ASSETS WITHOUT DONOR RESTRICTIONS. CONTRIBUTIONS OF COLLECTION ITEMS ARE NOT RECORDED IN THE STATEMENT OF ACTIVITIES. A COLLECTION INVENTORY IS MAINTAINED THAT LIST A DESCRIPTION OF THE ITEM, SOURCE, AND STORAGE LOCATION. THE ARCHIVIST KEEPS THE DETAIL LIST UP TO DATE. PART III, LINE 4: SOUTH CAROLINA HISTORICAL SOCIETY (THE SOCIETY) IS A NONPROFIT CORPORATION ORGANIZED IN 1855 TO COLLECT AND PRESERVE MANUSCRIPTS, DOCUMENTS, MAPS, CHARTS, BOOKS, GENEALOGIES, WORKS OF ART AND OTHER RECORDS. THEY ALSO PUBLISH MATERIAL AND PROMOTE DISSEMINATION AND APPRECIATION OF THE STATE'S HISTORY. THE ARCHIVES, AS WELL AS RESEARCH SERVICES, ARE AVAILABLE TO MEMBERS AND THE PUBLIC. THE BOARD OF DIRECTORS ADOPTED THE POLICY TO NOT CAPITALIZING ITS COLLECTION BECAUSE IT IS IMPRACTICABLE TO ATTEMPT TO ASSIGN VALUES TO THE COLLECTION BECAUSE EACH ITEM HAS CERTAIN ATTRIBUTES, SUCH AS AGE, PAPER QUALITY AND RELATIONSHIP TO OTHERS HISTORICAL DOCUMENTS OR EVENTS IN THE SOUTH CAROLINA HISTORY THAT MAKE IT DIFFICULT TO DETERMINE AN OBJECTIVE BASIS FOR VALUATION. THE SOCIETY DOES NOT CONSIDER THE COLLECTION A FINANCIAL ASSET, BUT RATHER AN IRREPLACEABLE TREASURE OF SOUTH CAROLINA CULTURE TO BE PRESERVED FOR FUTURE GENERATIONS. PART V, LINE 4: THE SOCIETY'S ENDOWMENTS CONSIST OF 28 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING PRESERVING THE COLLECTION, PUBLISHING ARTICLES ON SOUTH CAROLINA HISTORY AND EDUCATING THE PUBLIC. THE SOCIETY HAS A POLICY OF APPROPRIATING FOR DISTRIBUTION EACH YEAR LESS THAN FIVE PERCENT OF ITS ENDOWMENT FUNDS MOVING AVERAGE FAIR VALUE OVER THE THREE YEARS PRECEDING THE YEAR IN WHICH THE DISTRIBUTION IS PLANNED. IN ESTABLISHING THIS POLICY, THE SOCIETY CONSIDERED THE LONG-TERM EXPECTED RETURN ON ITS ENDOWMENT. ACCORDINGLY, OVER THE LONG TERM, THE SOCIETY EXPECTS THE CURRENT SPENDING POLICY TO ALLOW ITS ENDOWMENT TO GROW AT AN AVERAGE OF FIVE TO EIGHT PERCENT ANNUALLY. THIS IS CONSISTENT WITH THE SOCIETY OBJECTIVE TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS HELD IN PERPETUITY OR FOR A SPECIFIED TERM AS WELL AS TO PROVIDE ADDITIONAL REAL GROWTH THROUGH NEW GIFTS AND INVESTMENT RETURN. PART X, LINE 2: US GAAP REQUIRES MANAGEMENT TO EVALUATE INCOME TAX POSITIONS TAKEN BY THE ORGANIZATION AND TO RECOGNIZE AN INCOME TAX LIABILITY (OR ASSET) IF THE ORGANIZATION HAS TAKEN AN UNCERTAIN TAX POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUBSTANTIATED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE ("IRS"). THE ORGANIZATION HAS IDENTIFIED ITS INCOME TAX STATUS AS A TAX-EXEMPT ENTITY AS ITS ONLY SIGNIFICANT INCOME TAX POSITION; HOWEVER, THE ORGANIZATION HAS DETERMINED THAT SUCH INCOME TAX POSITION DOES NOT RESULT IN AN UNCERTAINTY REQUIRING RECOGNITION IN THE FINANCIAL STATEMENTS. THE ORGANIZATION IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION. FORM 990, PART V, LINE 13A SC FORM 990, PART VI, SECTION A, LINE 7B THE ANNUAL BUDGET IS REVIEWED AND PRESENTED BY THE FINANCE COMMITTEE TO THE BOARD OF DIRECTORS. THE BOARD REVIEWS AND APPROVES THE BUDGET. FORM 990, PART VI, SECTION B, LINE 11B IN ADDITION TO THE FINANCE COMMITTEE REGULAR DUTIES, THE CHAIR WILL CALL A MEETING AS NECESSARY IN ORDER TO DISCHARGE ITS RESPONSIBILITIES ABOUT THE ANNUAL AUDIT OR REVIEW AND APPROVAL OF FORM 990. THE MEMBERS OF THE FINANCE COMMITTEE REVIEWING THE AUDIT OR REVIEW AND 990 WILL BE PERSONS SERVING ON THE ORGANIZATION'S BOARD WHO HAVE NO EXISTING FINANCIAL, FAMILY OR OTHER PERSONAL TIES TO MANAGEMENT OF THE ORGANIZATION. NO STAFF MEMBERS OF THE ORGANIZATION WILL BE ELIGIBLE TO SERVE ON THE FINANCE COMMITTEE. THE CHIEF OPERATING OFFICER WILL SERVE AS AN ADVISOR TO SUPPORT THE ACTIONS OF THE FINANCE COMMITTEE. THE FINANCE COMMITTEE'S RESPONSIBILITIES WILL INCLUDE: 1. SELECTING THE AUDIT FIRM TO CONDUCT AN INDEPENDENT AUDIT OR REVIEW OF THE ORGANIZATIONS FINANCIAL STATEMENTS. 2. REVIEWING AND APPROVING THE AUDIT OR REVIEW SCOPE AND FEES. 3. REVIEWING AND APPROVING ANY PROPOSED INVOLVEMENT OF THE AUDIT OR REVIEW FIRM IN ACTIVITIES OTHER THAN THE ANNUAL AUDIT OR REVIEW. 4. ENSURING A DIRECT LINE OF COMMUNICATIONS WITH THE ORGANIZATION'S AUDITOR OR REVIEWER. 5. PROVIDING OVERSIGHT OF MANAGEMENT'S PERFORMANCE WITH RESPECT TO REQUIRED AND RECOMMENDED FINANCIAL RESPONSIBILITIES AND DISCLOSURES. 6. CONSIDER AND REVIEW, WITH MANAGEMENT AND THE AUDITORS, THE ADEQUACY OF THE ORGANIZATION'S RISK MANAGEMENT METHODOLOGY AND INTERNAL CONTROLS, INCLUDING COMPUTERIZED INFORMATION SYSTEM CONTROLS AND SECURITY. 7. PROVIDING OVERSIGHT OF THE ORGANIZATION'S CONFLICT OF INTEREST POLICY AND KEEPING THE BOARD APPRISED OF ANY CHANGES REQUIRED IN THE POLICY OR ITS IMPLEMENTATION. 8. REVIEWING THE ADEQUACY OF FINANCIAL REPORTS PROVIDED BY THE BOARD AND MAKING RECOMMENDATIONS FOR THEIR IMPROVEMENT. 9. REVIEWING AND ADDRESSING THE MANAGEMENT LETTER AND AUDITOR'S COMMENTS. 10. REVIEW ANY SERIOUS DIFFICULTIES OR DISPUTES WITH MANAGEMENT ENCOUNTERED DURING THE COURSE OF THE AUDITS. 11. REVIEW OTHER MATTERS RELATED TO THE CONDUCT OF THE AUDITS THAT ARE COMMUNICATED TO THE COMMITTEE UNDER GENERALLY ACCEPTED AUDITING STANDARDS. 12. REVIEW THE FORM 990 PRIOR TO ITS SUBMISSION TO STATE AND FEDERAL OFFICES. 13. REVIEW PUBLISHED DOCUMENTS CONTAINING THE ORGANIZATION'S FINANCIAL STATEMENTS CONSIDER WHETHER THE INFORMATION CONTAINED IN THESE DOCUMENTS IS CONSISTENT WITH THE INFORMATION CONTAINED IN THE FINANCIAL STATEMENTS. 14. INITIATE AN INVESTIGATION INTO ANY MATTER BROUGHT TO ITS ATTENTION WITHIN THE SCOPE OF ITS DUTIES, WITH THE POWER TO RETAIN OUTSIDE COUNSEL FOR THIS PURPOSE IF, IN ITS JUDGMENT, THAT IS APPROPRIATE THE COMMITTEE WILL PROMPTLY REPORT ANY SUCH ACTIONS TO THE EXECUTIVE COMMITTEE. 15. MAKE RECOMMENDATIONS TO THE BOARD BASED ON THE COMMITTEE'S REVIEW ACTIVITIES. FORM 990, PART VI, SECTION B, LINE 12C TO ENSURE THE SOCIETY OPERATES IN A MANNER CONSISTENT WITH CHARITABLE PURPOSES AND DOES NOT ENGAGE IN ACTIVITIES THAT COULD JEOPARDIZE ITS TAX-EXEMPT STATUS, PERIODIC REVIEWS SHALL BE CONDUCTED WHETHER COMPENSATION ARRANGEMENTS AND BENEFITS ARE REASONABLE, BASED ON COMPETENT SURVEY INFORMATION AND THE RESULT OF ARM'S LENGTH BARGAINING. WHETHER PARTNERSHIPS, JOINT VENTURES, AND ARRANGEMENTS WITH MANAGEMENT SOCIETY'S CONFORM TO THE SOCIETY'S WRITTEN POLICIES, ARE PROPERLY RECORDED, REFLECT REASONABLE INVESTMENT OR PAYMENTS FOR GOODS AND SERVICES, FURTHER CHARITABLE PURPOSES AND DO NOT RESULT IN IMPERMISSIBLE PRIVATE BENEFIT OR IN AN EXCESS BENEFIT TRANSACTION WHEN CONDUCTING THE PERIODIC REVIEWS AS PROVIDED FOR IN ARTICLE VI, THE SOCIETY MAY, BUT NEED NOT, USE OUTSIDE ADVISORS. IF OUTSIDE EXPERTS ARE USED, THEIR USE SHALL NOT RELIEVE THE GOVERNING BOARD OF ITS RESPONSIBILITY FOR ENSURING PERIODIC REVIEWS ARE CONDUCTED. FORM 990, PART VI, SECTION B, LINE 15A THIS POLICY ON THE PROCESS OF DETERMINING COMPENSATION FOR THE SOUTH CAROLINA HISTORICAL SOCIETY (SCHS) APPLIES TO THE COMPENSATION OF THE FOLLOWING PERSONS EMPLOYED BY THE ORGANIZATION: THE ORGANIZATION'S CHEIF EXECUTIVE OFFICER (C.E.O.): THE C.E.O.'S COMPENSATION SHALL BE REVIEWED ANNUALLY AND APPROVED BY THE EXECUTIVE COMMITTEE WITH ASSISTANCE FROM THE FINANCE COMMITTEE AS REQUIRED. PERSONS WITH CONFLICTS OF INTEREST WITH RESPECT TO THE COMPENSATION ARRANGEMENT AT ISSUE ARE NOT INVOLVED IN THIS REVIEW AND APPROVAL. THE COMPENSATION OF THE C.E.O. IS REVIEWED AND APPROVED USING DATA AS TO COMPARABLE COMPENSATION FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS. THE ORGANIZATION'S CHIEF OPERATING OFFICER (C.O.O), IF ANY: THE C.O.O.'S COMPENSATION SHALL BE PROPOSED BY THE C.E.O. USING DATA AS TO COMPARABLE COMPENSATION FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS. THE PROPOSED COMPENSATION FOR THE C.O.O. SHALL BE REVIEWED BY THE EXECUTIVE COMMITTEE WITH ASSISTANCE FROM THE FINANCE COMMITTEE AS REQUIRED BUT THE RECOMMENDATION OF THE C.E.O. SHALL BE A SIGNIFICANT FACTOR IN ANY REVIEW. THE COMPENSATION FOR THE REMAINING MEMBERS OF THE STAFF OF THE ORGANIZATION: THE C.E.O. DETERMINES STAFF SALARIES BASED ON JOB SKILLS NEEDED, EXPERIENCE, AND EDUCATION REQUIREMENTS IN COMPARISON WITH OTHER SIMILAR ORGANIZATIONS ' POSITIONS AND WHAT THE SCHS CAN AFFORD TO PAY. ONCE SALARIES ARE DETERMINED FOR THE COMING FISCAL YEAR, THE C.E.O. SUBMITS THEM TO THE BOARD FOR REVIEW AS PART OF THE BUDGET. NO INPUT FROM PERSONS WITH CONFLICTS OF INTEREST WITH RESPECT TO THE COMPENSATION ARRANGEMENT AT ISSUE SHALL BE CONSIDERED. CONTEMPORANEOUS DOCUMENTATION AND RECORDKEEPNIG: THE EXECUTIVE COMMITTEE AND THE FINANCE COMMITTEE SHALL MAINTAIN APPROPRIATE MINUTES AND OTHER CONTEMPORANEOUS DOCUMENTATION AND RECORDKEEPING WITH RESPECT TO THE DELIBERATIONS AND DECISIONS REGARDING ALL COMPENSATION ARRANGEMENTS. FORM 990, PART VI, SECTION C, LINE 19 THE PUBLIC MAY ACCESS FINANCIAL INFORMATION BY REQUESTING INFORMATION FROM THE ADMINISTRATIVE OFFICE OF THE SOCIETY. FORM 990, PART VII THE BY-LAWS NOTATE THE PAST CHAIR AND CHIEF EXECUTIVE OFFICER SERVE AS EX-OFFICIO ON THE BOARD OF MANAGERS, HOWEVER THE CHIEF EXECUTIVE OFFICER DOES NOT HAVE VOTING RIGHTS.