The Diakron Institute Inc. was legally incorporated by the State of Maryland in the United States, on January 4th, 2016.
The Constitution defines the fundamental parameters of The Diakron Institute’s organization, administration, and governance. It defines the Institute’s identity (ref. Art.I), presents the Institute’s stated reason for being (ref. Art.II), explains how the Institute is organized (ref. Art.III), then proceeds to describe the method by which this organization is administrated (ref. Art.IV) and governed (ref. Art.V).
An action that establishes procedural rules or guidelines for the Institute’s governmental, administrative, and operational activities, which have not been addressed by the Constitution, is termed a Bylaw. The Bylaws describe the Institute’s Operating Structure (ref. Art.VI), Operating Policy (ref. Art.VII), and Operating Procedure (ref. Art.VIII).
On September 16, 2016, The Diakron Institute was determined to be exempt from federal income tax under Internal Revenue Code (IRC) Section 501 (c) (3) and was further classified as a public charity. Donors can deduct contributions to the Institute from their federal income tax under IRC Section 170.
The Comptroller of Maryland determines that The Diakron Institute is exempt from State of Maryland income tax and will retain its exempt status as long as it remains exempt under provisions of the Internal Revenue Code.
The Diakron Institute is governed by the Council, which sets policy and has the ultimate responsibility for the actions of the Insitute. The Council consists of the Institute's two Directors and the members of the Board of Executive Consultants, and meets at least once per year to ensure the Institute is operating in accordance with its mission (ref. Art.II).
At the end of its annual tax period, ending on December 31, The Diakron Institute produces a financial report consisting of a statement of financial position, statement of activities, statement of functional expenses, and statement of cash flows for the year, and notes comprising a summary of significant accounting policies and other explanatory information.