STRATEGY STUDIO / PUBLIC DATA EXPLORER

MIP FOUNDATION: Form 990, tax year 2019

View the entire original 990 at ProPublica ↗

Organization
MIP FOUNDATION (EIN 83-1719560)
Tax period
2019-01-01 to 2019-12-31
Filed
2020-03-25
IRS object ID
202020859349300307
Schema version
2019v5.0
Source
Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header ReturnHeader

FieldValueIRS element (for citing)
Return2020-03-25T08:00:27-07:00ReturnTs
Tax Period End2019-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1Cherie Degon CPABusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line187 PARK PLAddressLine1Txt
CityORELANDCityNm
State AbbreviationPAStateAbbreviationCd
ZIP190751116ZIPCd
FieldValueIRS element (for citing)
Return Type990ReturnTypeCd
Tax Period Begin2019-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN831719560EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1The MIP FoundationBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlMIPFBusinessNameControlTxt
Phone8563812211PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line11103 Hunters LaneAddressLine1Txt
CityOrelandCityNm
State AbbreviationPAStateAbbreviationCd
ZIP19075ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonMelissa DelaneyPersonNm
Person TitlePresident/Chairman of the BoardPersonTitleTxt
Phone8563812211PhoneNum
Signature2020-03-05SignatureDt
Discuss With Paid PreparerYes (true)DiscussWithPaidPreparerInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonCherie Degon CPAPreparerPersonNm
PTINP00847092PTIN
Phone2152375115PhoneNum
Preparation2020-03-24PreparationDt

Filing Security Information FilingSecurityInformation

IP Address IPAddress

FieldValueIRS element (for citing)
I Pv4 Address72.94.150.98IPv4AddressTxt
FieldValueIRS element (for citing)
IP2020-03-25IPDt
IP Tm08:00:19IPTm
IP TimezonePDIPTimezoneCd
Filing License TypePFilingLicenseTypeCd
At Submission Creation Device Id1D97833CACB624FA7D34A247A5B6F8B01EB3B516AtSubmissionCreationDeviceId
At Submission Filing Device Id4A9026D16F76FDCCB79904D10F84195DB92BB140AtSubmissionFilingDeviceId
FieldValueIRS element (for citing)
Tax2019TaxYr
Build TS2020-09-23 17:36:50ZBuildTS

Form 990 IRS990

FieldValueIRS element (for citing)
Principal OfficerMelissa DelaneyPrincipalOfficerNm

US Address USAddress

FieldValueIRS element (for citing)
Address Line11103 Hunters LaneAddressLine1Txt
CityOrelandCityNm
State AbbreviationPAStateAbbreviationCd
ZIP19075ZIPCd
FieldValueIRS element (for citing)
Gross Receipts$117,545GrossReceiptsAmt
Group Return For AffiliatesfalseGroupReturnForAffiliatesInd
Organization501c3Yes (X)Organization501c3Ind
Website AddressN/AWebsiteAddressTxt
Type Of Organization CorpYes (X)TypeOfOrganizationCorpInd
Formation2018FormationYr
Legal Domicile StatePALegalDomicileStateCd
Activity Or MissionEncourage and offer mental health support and social services for adolescent and young adult oncology patients while increasing awareness about the effects of pediatric cancer on the patients.ActivityOrMissionDesc
Voting Members Governing Body3VotingMembersGoverningBodyCnt
Voting Members Independent3VotingMembersIndependentCnt
Total Employee0TotalEmployeeCnt
Total Volunteers60TotalVolunteersCnt
Total Gross UBI$0TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm$0NetUnrelatedBusTxblIncmAmt
CY Contributions Grants$117,542CYContributionsGrantsAmt
CY Program Service Revenue$0CYProgramServiceRevenueAmt
CY Investment Income$3CYInvestmentIncomeAmt
CY Other Revenue$0CYOtherRevenueAmt
CY Total Revenue$117,545CYTotalRevenueAmt
CY Grants And Similar Paid$0CYGrantsAndSimilarPaidAmt
CY Benefits Paid To Members$0CYBenefitsPaidToMembersAmt
CY Salaries Comp Emp Bnft Paid$0CYSalariesCompEmpBnftPaidAmt
CY Total Prof Fndrsng Expns$0CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense$16,509CYTotalFundraisingExpenseAmt
CY Other Expenses$70,094CYOtherExpensesAmt
CY Total Expenses$70,094CYTotalExpensesAmt
CY Revenues Less Expenses$47,451CYRevenuesLessExpensesAmt
Total Assets BOY$17,450TotalAssetsBOYAmt
Total Assets EOY$64,901TotalAssetsEOYAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY$17,450NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY$64,901NetAssetsOrFundBalancesEOYAmt
Info In Schedule O Part IIIYes (X)InfoInScheduleOPartIIIInd
MissionEncourage and offer mental health support and social services for adolescent and young adult oncology patients while increasing awareness about the effects of pediatric cancer on the patients.MissionDesc
Significant New Program SrvcYes (true)SignificantNewProgramSrvcInd
Significant ChangefalseSignificantChangeInd
Expense$3,124ExpenseAmt
Grant$0GrantAmt
Revenue$0RevenueAmt
DescAwareness: TMF works to increase awareness of this AYA patient group, to address the unique AYA mental wellness care that teens and young adults have upon being diagnosed with cancer.Desc

Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp

FieldValueIRS element (for citing)
Expense$35,488ExpenseAmt
Grant$0GrantAmt
Revenue$0RevenueAmt
DescMIP Kits/Mental Health Day off: Individually tailored mental wellness driven kits or day off activities are provided to AYA oncology patients.Desc

Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp

FieldValueIRS element (for citing)
Expense$4,597ExpenseAmt
Grant$0GrantAmt
Revenue$0RevenueAmt
DescSupport and Enrichment Programming: TMF coordinates with the social workers and child life teams of hospital partners to discover way to improve and enhance the psycho-social services provided to AYA oncology patientsDesc
FieldValueIRS element (for citing)
Total Program Service Expenses$43,209TotalProgramServiceExpensesAmt
Described In Section501c3Yes (true)DescribedInSection501c3Ind
Schedule B RequiredYes (true)ScheduleBRequiredInd
Political Campaign ActyfalsePoliticalCampaignActyInd
Lobbying ActivitiesfalseLobbyingActivitiesInd
Subject To Proxy TaxfalseSubjectToProxyTaxInd
Donor Advised FundfalseDonorAdvisedFundInd
Conservation EasementsfalseConservationEasementsInd
Collections Of ArtfalseCollectionsOfArtInd
Credit CounselingfalseCreditCounselingInd
Donor Rstr Or Quasi EndowmentsfalseDonorRstrOrQuasiEndowmentsInd
Report Land Building EquipmentfalseReportLandBuildingEquipmentInd
Report Investments Other SecfalseReportInvestmentsOtherSecInd
Report Program Related InvstfalseReportProgramRelatedInvstInd
Report Other AssetsfalseReportOtherAssetsInd
Report Other LiabilitiesfalseReportOtherLiabilitiesInd
Include FIN48 FootnotefalseIncludeFIN48FootnoteInd
Independent Audit Fincl StmtfalseIndependentAuditFinclStmtInd
Consolidated Audit Fincl StmtfalseConsolidatedAuditFinclStmtInd
School OperatingfalseSchoolOperatingInd
Foreign OfficefalseForeignOfficeInd
Foreign ActivitiesfalseForeignActivitiesInd
More Than5000 K To OrgfalseMoreThan5000KToOrgInd
More Than5000 K To IndividualsfalseMoreThan5000KToIndividualsInd
Professional FundraisingfalseProfessionalFundraisingInd
Fundraising ActivitiesYes (true)FundraisingActivitiesInd
Gaming ActivitiesfalseGamingActivitiesInd
Operate HospitalfalseOperateHospitalInd
Grants To OrganizationsfalseGrantsToOrganizationsInd
Grants To IndividualsfalseGrantsToIndividualsInd
Schedule J RequiredfalseScheduleJRequiredInd
Tax Exempt BondsfalseTaxExemptBondsInd
Engaged In Excess Benefit TransfalseEngagedInExcessBenefitTransInd
PY Excess Benefit TransfalsePYExcessBenefitTransInd
Loan OutstandingfalseLoanOutstandingInd
Grant To Related PersonfalseGrantToRelatedPersonInd
Business Rln With Org MemfalseBusinessRlnWithOrgMemInd
Business Rln With Fam MemfalseBusinessRlnWithFamMemInd
Business Rln With35 Ctrl EntfalseBusinessRlnWith35CtrlEntInd
Deductible Non Cash ContrifalseDeductibleNonCashContriInd
Deductible Art ContributionfalseDeductibleArtContributionInd
Terminate OperationsfalseTerminateOperationsInd
Partial LiquidationfalsePartialLiquidationInd
Disregarded EntityfalseDisregardedEntityInd
Related EntityfalseRelatedEntityInd
Related Organization Ctrl EntfalseRelatedOrganizationCtrlEntInd
Trnsfr Exmpt Non Chrtbl Rltd OrgfalseTrnsfrExmptNonChrtblRltdOrgInd
Activities Conducted PrtshpfalseActivitiesConductedPrtshpInd
Schedule O RequiredYes (true)ScheduleORequiredInd
IRP Document0IRPDocumentCnt
IRP Document W2 G0IRPDocumentW2GCnt
Employee0EmployeeCnt
Unrelated Bus Incm Over LimitfalseUnrelatedBusIncmOverLimitInd
Foreign Financial AccountfalseForeignFinancialAccountInd
Prohibited Tax Shelter TransfalseProhibitedTaxShelterTransInd
Taxable Party NotificationfalseTaxablePartyNotificationInd
Nondeductible ContributionsfalseNondeductibleContributionsInd
Quid Pro Quo ContributionsfalseQuidProQuoContributionsInd
Form8282 Property Disposed OffalseForm8282PropertyDisposedOfInd
Rcv Fnds To Pay Prsnl Bnft CntrctfalseRcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft CntrctfalsePayPremiumsPrsnlBnftCntrctInd
Indoor Tanning ServicesfalseIndoorTanningServicesInd
Info In Schedule O Part VIYes (X)InfoInScheduleOPartVIInd
Governing Body Voting Members3GoverningBodyVotingMembersCnt
Independent Voting Member3IndependentVotingMemberCnt
Family Or Business RlnfalseFamilyOrBusinessRlnInd
Delegation Of Mgmt DutiesfalseDelegationOfMgmtDutiesInd
Change To Org DocumentsfalseChangeToOrgDocumentsInd
Material Diversion Or MisusefalseMaterialDiversionOrMisuseInd
Members Or StockholdersfalseMembersOrStockholdersInd
Election Of Board MembersfalseElectionOfBoardMembersInd
Decisions Subject To ApprovafalseDecisionsSubjectToApprovaInd
Minutes Of Governing BodyYes (true)MinutesOfGoverningBodyInd
Minutes Of CommitteesYes (true)MinutesOfCommitteesInd
Officer Mailing AddressfalseOfficerMailingAddressInd
Local ChaptersfalseLocalChaptersInd
Form990 Provided To Gvrn BodyYes (true)Form990ProvidedToGvrnBodyInd
Conflict Of Interest PolicyYes (true)ConflictOfInterestPolicyInd
Annual Disclosure Covered PrsnYes (true)AnnualDisclosureCoveredPrsnInd
Regular Monitoring EnfrcYes (true)RegularMonitoringEnfrcInd
Whistleblower PolicyfalseWhistleblowerPolicyInd
Document Retention PolicyfalseDocumentRetentionPolicyInd
Compensation Process CEOYes (true)CompensationProcessCEOInd
Compensation Process OtherYes (true)CompensationProcessOtherInd
Investment In Joint VenturefalseInvestmentInJointVentureInd

Books In Care Of Detail BooksInCareOfDetail

FieldValueIRS element (for citing)
PersonDiane SmithPersonNm
Phone2156208029PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line1213 Penn Oak RdAddressLine1Txt
CityFlourtownCityNm
State AbbreviationPAStateAbbreviationCd
ZIP19031ZIPCd
FieldValueIRS element (for citing)
No Listed Persons CompensatedYes (X)NoListedPersonsCompensatedInd

Form990 Part VII Section A Form990PartVIISectionAGrp

FieldValueIRS element (for citing)
PersonNonePersonNm
TitleNoneTitleTxt
Reportable Comp From Org$0ReportableCompFromOrgAmt
Reportable Comp From Rltd Org$0ReportableCompFromRltdOrgAmt
Other Compensation$0OtherCompensationAmt
FieldValueIRS element (for citing)
Former Ofcr Employees ListedfalseFormerOfcrEmployeesListedInd
Total Comp Greater Than150 KfalseTotalCompGreaterThan150KInd
Compensation From Other SrcsfalseCompensationFromOtherSrcsInd
Fundraising$48,265FundraisingAmt
All Other Contributions$69,277AllOtherContributionsAmt
Noncash Contributions$15,160NoncashContributionsAmt
Total Contributions$117,542TotalContributionsAmt

Investment Income InvestmentIncomeGrp

FieldValueIRS element (for citing)
Total Revenue Column$3TotalRevenueColumnAmt
Unrelated Business Revenue$0UnrelatedBusinessRevenueAmt
Exclusion$3ExclusionAmt
FieldValueIRS element (for citing)
Contri Rpt Fundraising Event$48,265ContriRptFundraisingEventAmt

Total Revenue TotalRevenueGrp

FieldValueIRS element (for citing)
Total Revenue Column$117,545TotalRevenueColumnAmt
Related Or Exempt Func Income$0RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue$0UnrelatedBusinessRevenueAmt
Exclusion$3ExclusionAmt

Fees For Services Legal FeesForServicesLegalGrp

FieldValueIRS element (for citing)
Total$194TotalAmt
Program Services$0ProgramServicesAmt
Management And General$194ManagementAndGeneralAmt
Fundraising$0FundraisingAmt

Fees For Services Other FeesForServicesOtherGrp

FieldValueIRS element (for citing)
Total$6,270TotalAmt
Program Services$0ProgramServicesAmt
Management And General$6,270ManagementAndGeneralAmt
Fundraising$0FundraisingAmt

Advertising AdvertisingGrp

FieldValueIRS element (for citing)
Total$2,304TotalAmt
Program Services$1,366ProgramServicesAmt
Management And General$702ManagementAndGeneralAmt
Fundraising$236FundraisingAmt

Office Expenses OfficeExpensesGrp

FieldValueIRS element (for citing)
Total$3,027TotalAmt
Program Services$443ProgramServicesAmt
Management And General$1,681ManagementAndGeneralAmt
Fundraising$903FundraisingAmt

Travel TravelGrp

FieldValueIRS element (for citing)
Total$20TotalAmt
Program Services$0ProgramServicesAmt
Management And General$20ManagementAndGeneralAmt
Fundraising$0FundraisingAmt

Conferences Meetings ConferencesMeetingsGrp

FieldValueIRS element (for citing)
Total$163TotalAmt
Program Services$13ProgramServicesAmt
Management And General$0ManagementAndGeneralAmt
Fundraising$150FundraisingAmt

Insurance InsuranceGrp

FieldValueIRS element (for citing)
Total$1,084TotalAmt
Program Services$0ProgramServicesAmt
Management And General$1,084ManagementAndGeneralAmt
Fundraising$0FundraisingAmt

Other Expenses OtherExpensesGrp (4 entries)

DescDescTotalTotalAmtProgram ServicesProgramServicesAmtManagement And GeneralManagementAndGeneralAmtFundraisingFundraisingAmt
Program Services$41,365$41,365$0$0
Fundraising and Events$13,742$0$0$13,742
Bank Charges and Fees$1,368$0$0$1,368
Shipping and Stamps$306$22$174$110

All Other Expenses AllOtherExpensesGrp

FieldValueIRS element (for citing)
Total$251TotalAmt
Program Services$0ProgramServicesAmt
Management And General$251ManagementAndGeneralAmt
Fundraising$0FundraisingAmt

Total Functional Expenses TotalFunctionalExpensesGrp

FieldValueIRS element (for citing)
Total$70,094TotalAmt
Program Services$43,209ProgramServicesAmt
Management And General$10,376ManagementAndGeneralAmt
Fundraising$16,509FundraisingAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

FieldValueIRS element (for citing)
BOY$17,450BOYAmt
EOY$64,901EOYAmt

Total Assets TotalAssetsGrp

FieldValueIRS element (for citing)
BOY$17,450BOYAmt
EOY$64,901EOYAmt

Total Liabilities TotalLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$0BOYAmt
EOY$0EOYAmt
FieldValueIRS element (for citing)
Organization Follows FASB117Yes (X)OrganizationFollowsFASB117Ind

No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp

FieldValueIRS element (for citing)
BOY$17,450BOYAmt
EOY$64,901EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$17,450BOYAmt
EOY$64,901EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$17,450BOYAmt
EOY$64,901EOYAmt
FieldValueIRS element (for citing)
Reconcilation Revenue Expnss$47,451ReconcilationRevenueExpnssAmt
Method Of Accounting AccrualYes (X)MethodOfAccountingAccrualInd
Accountant Compile Or ReviewYes (true)AccountantCompileOrReviewInd
FS AuditedfalseFSAuditedInd
Audit CommitteefalseAuditCommitteeInd
Federal Grant Audit RequiredfalseFederalGrantAuditRequiredInd

Schedule A IRS990ScheduleA

FieldValueIRS element (for citing)
Publicly Supported Org509a2Yes (X)PubliclySupportedOrg509a2Ind
Other Support Sum$0OtherSupportSumAmt
Public Support CY1700PublicSupportCY170Pct

Gifts Grants Contris Rcvd509 GiftsGrantsContrisRcvd509Grp

FieldValueIRS element (for citing)
Current Tax Year$48,265CurrentTaxYearAmt
Total$48,265TotalAmt

Gross Receipts Admissions GrossReceiptsAdmissionsGrp

FieldValueIRS element (for citing)
Total$0TotalAmt

Gross Receipts Non Unrlt Bus GrossReceiptsNonUnrltBusGrp

FieldValueIRS element (for citing)
Total$0TotalAmt

Tax Rev Levied Orgnztnl Bnft509 TaxRevLeviedOrgnztnlBnft509Grp

FieldValueIRS element (for citing)
Total$0TotalAmt

Total509 Total509Grp

FieldValueIRS element (for citing)
Current Tax Year$48,265CurrentTaxYearAmt
Total$48,265TotalAmt

Amounts Rcvd Dsqlfy Person AmountsRcvdDsqlfyPersonGrp

FieldValueIRS element (for citing)
Total$0TotalAmt

Substantial Contributors Amt SubstantialContributorsAmtGrp

FieldValueIRS element (for citing)
Total$0TotalAmt

Subst And Dsqlfy Prsns Tot SubstAndDsqlfyPrsnsTotGrp

FieldValueIRS element (for citing)
Total$0TotalAmt
FieldValueIRS element (for citing)
Public Support Total509$48,265PublicSupportTotal509Amt

Total Support Calendar Year TotalSupportCalendarYearGrp

FieldValueIRS element (for citing)
Total$48,265TotalAmt
FieldValueIRS element (for citing)
First5 Years509Yes (X)First5Years509Ind
Public Support CY5090PublicSupportCY509Pct
Investment Income CY0InvestmentIncomeCYPct

Schedule B IRS990ScheduleB

Contributor Information ContributorInformationGrp

FieldValueIRS element (for citing)
ContributorRESTRICTEDContributorNum

Contributor Business Name ContributorBusinessName

FieldValueIRS element (for citing)
Business Name Line1RESTRICTEDBusinessNameLine1

Contributor US Address ContributorUSAddress

FieldValueIRS element (for citing)
Address Line1RESTRICTEDAddressLine1
Address Line2RESTRICTEDAddressLine2
CityRESTRICTEDCity
StateRESTRICTEDState
ZIP CodeRESTRICTEDZIPCode
FieldValueIRS element (for citing)
Total ContributionsRESTRICTEDTotalContributionsAmt

Schedule G IRS990ScheduleG

Fundraising Event Information FundraisingEventInformationGrp

FieldValueIRS element (for citing)
Event15 K RegistrationsEvent1Nm
Gross Receipts Event1$10,640GrossReceiptsEvent1Amt
Gross Revenue Event1$10,640GrossRevenueEvent1Amt
Non Cash Prizes Event1$280NonCashPrizesEvent1Amt
Rent Facility Costs Event1$92RentFacilityCostsEvent1Amt
Other Direct Expenses Event1$3,932OtherDirectExpensesEvent1Amt
Event2RaffleEvent2Nm
Gross Receipts Event2$16,755GrossReceiptsEvent2Amt
Gross Revenue Event2$16,755GrossRevenueEvent2Amt
Non Cash Prizes Event2$2,403NonCashPrizesEvent2Amt
Other Direct Expenses Event2$67OtherDirectExpensesEvent2Amt
Other Events Total9OtherEventsTotalCnt
Gross Receipts Other Events$20,870GrossReceiptsOtherEventsAmt
Gross Revenue Other Events$20,870GrossRevenueOtherEventsAmt
Non Cash Prizes Other Events$1,599NonCashPrizesOtherEventsAmt
Rent Fclty Costs Other Events$600RentFcltyCostsOtherEventsAmt
Food And Beverage Other Events$1,026FoodAndBeverageOtherEventsAmt
Oth Direct Expnss Other Events$1,857OthDirectExpnssOtherEventsAmt
Gross Receipts Total$48,265GrossReceiptsTotalAmt
Gross Revenue Total Events$48,265GrossRevenueTotalEventsAmt
Non Cash Prizes Total Events$4,282NonCashPrizesTotalEventsAmt
Rent Fclty Costs Total Events$692RentFcltyCostsTotalEventsAmt
Food And Beverage Total Events$1,026FoodAndBeverageTotalEventsAmt
Oth Direct Expnss Total Events$5,856OthDirectExpnssTotalEventsAmt
Direct Expense Summary Events$11,856DirectExpenseSummaryEventsAmt
Net Income Summary$36,409NetIncomeSummaryAmt

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (5 entries)

Form And Line ReferenceFormAndLineReferenceDescExplanationExplanationTxt
Pt III, Line 2Awareness: increase awareness about cancer diagnosis in adolescent and young adults ("AYA"). MIP Kits/Mental Health Days: provide individually tailord mental wellness driven kits or days off activities to AYA oncolocy patients. Support and Enrichment: coordinate with social workers and hospital partners to improve and enhance the psycho-social services provided to AYA oncology patients.
Pt VI, Line 15aThe board members review all compensation annually. Currently no member receives compensation.
Pt VI, Line 15bThe board members review all compensation annually. Currently no member receives compensation.
Pt VI, Line 11bA copy of Form 990 is provided to Board members for their review and comment.
Pt VI, Line 12cThe Board regularly takes time at a board meeting at least once a year to discuss the types of hypothetical situations that could result in a conflict of interest, and then discuss how the board would manage that potential conflict.