Bay Path University

“Prior to the filing of the Form 990, a complete copy is reviewed by the University's Vice President for Finance & Administrative Services, as well as the Audit Committee of the Board of Trustees. A public disclosure copy is provided, via the Trustees internet portal, to all members of the Board of Trustees prior to the filing date. At the June meeting of the full Board of Trustees, the Audit Committee chairperson delivers a summary report on the Form 990.”

“In accordance with the University's Conflict of Interest Policy for Trustees, as contained in the Board of Trustees Bylaws, all trustees and officers are required to complete at least annually a Conflict of Interest Questionnaire and submit it to the Audit Committee of the Board of Trustees. Additionally, any potential conflict of interest which arises mid-term is required to be submitted to the Audit Committee at the earliest practical time. No trustee or officer shall vote or participate in any discussion on any matter under consideration at a Board or committee meeting, in which such trustee or officer has a conflict of interest. Any trustee or officer who is uncertain whether he/she has a conflict of interest may request the Audit Committee to make a determination in such regard, and the Audit Committee may seek an opinion from counsel for the University in such matter. The University also requires all employees to complete annually a Conflict of Interest Disclosure Form and submit it to their respective divisional vice president for review. If an employee discloses active or intended participation in an activity that is a potential conflict of interest, the supervisor and divisional vice president will evaluate the disclosure to determine the appropriate action to be taken. The employee may be asked to discontinue participation in the activity if determined to be a conflict of interest.”

“The Compensation Sub-committee ("Sub-committee") of the Executive Committee of the Board of Trustees has the responsibility for reviewing and recommending the University President's and Officers'/Key Employees' compensation to the Executive Committee. The Sub-committee considers comparative data from peer institutions, other women's colleges and other colleges in Massachusetts in determining the amount of compensation. The Sub-committee also reviews accomplishments in comparison to planned goals and objectives. The Executive Committee, comprised of independent Board of Trustee members, approves the President's and Officers'/Key Employees' compensation.”

“The University's Forms 990 and 990-T are available for public inspection at the office of the Vice President for Finance & Administrative Services upon written request. Additionally, the University's Forms 990 and PC, as well as audited financial statements, are available on the website of the Massachusetts Attorney General's office, Public Charities Division. Requests for copies of bylaws, conflict of interest policies and financial statements are directed to the Vice President for Finance & Administrative Services for a response.”

“Net assets per this Form 990 decreased $242,971 to reflect the dissolution of the related taxable entity Travel Education Corporation. Additionally $5,330 is reflected in income from gaming activities in this Form 990 but in liabilities on the audited financial statements.”