Emerson College Dept of Finance

“A draft form 990 is given to the audit committee for their review. During this review, questions regarding the draft form 990 are answered by management. Changes are made if appropriate. The form 990 is then provided to all members of the convening body by way of a secure, password protected website on which the entire form 990 and all required schedules are available for review. All trustees are asked to review the filing and forward any comments to management for consideration and discussion if necessary with the tax return preparer, currently kpmg. At the end of the review period, the final return, as it will be filed with the irs, is provided to all members of the governing body prior to filing.”

“The by-laws of the board of trustees contain a written conflict of interest policy. Members of the board annually acknowledge receipt of, and familiarity with, the policy. When a member of the board discloses a possible conflict of interest, or when a possible conflict is otherwise identified, it is referred to the president of the college and the chair of the board of trustees. The chair reviews the possible conflict of interest and, if warranted, selects an ad hoc committee to review the possible conflict of interest. The president and the vice president and general counsel of the college prepare a memorandum describing the potential conflict of interest that is sent to the members of the ad hoc committee. The members of the ad hoc committee meet and determine whether to permit the potential conflict of interest.”

“The college reviewed and revised the compensation paid to its president; vice presidents for information technology, general counsel, development, public affairs adn enrollment management. The college was assisted throughout the process by independent outside counsel experienced with respect to the applicable duties and requirements. At the outset of the process, counsel advised the board members in writing as to the applicable standards and procedures. Vice president compensation recommendations by the president were initially reviewed by the compensation committee of the board of trustees. The committee and counsel first determined that no member of the committee had a conflict of interest. Then, the president and the committee considered the responsibilities of each position, the college's needs and expectations with respect to each position, the job performance of each vice president, the financial health of the college, and comprehensive comparability data provided by an independent national compensation consulting firm. After discussion, the committee approved recommended compensations to be submitted to the full board of trustees. The president and vice president compensations were then considered at a meeting of the full board of trustees. First, counsel and the trustees determined that no trustee present at the meeting had a conflict of interest. Then, in the board's consideration of the proposed compensations, the trustees gave particular attention to the responsibilities of the president and each vice president position, the college's needs and expectations with respect to each position, the financial health of the college, the job performance of the president and each vice president, the recommendations of the president and the compensation committee, and the comprehensive comparability data that was also considered by the president and the compensation committee. After discussion, the board of trustees approved compensation terms for the president and each vice president. The above process, including identification of the board members who were present and approved the compensations, was documented in the minutes of the board of trustees meeting. These minutes were then approved at the next board of trustees meeting. The compensation procedures of the college meet the requirements of the rebuttable presumption.”

“Emerson college makes available form 990 and form 990t upon request. During the year, the college receives regular requests for the tax documents and these requests are normally fulfilled within a day. The college makes available its governing documents (by-laws) on the college's website. The college makes available on its website its conflict of interest policy and its financial statements.”

“The college identified the areas and departments that use volunteers during the tax year. These departments were asked to estimate the number of volunteers used for the various programs. The types of services provided by these volunteers include phone-a-thons, orientation, campus tour guides, and information sessions. The number does not include members of the governing body and employees.”

“Change in pv crt $ 108,483 non-stock, non-cash contributions ( 39,175) miscellaneous 1,356 ___________ total $ 70,664”