Mount Ada College

“The executive committee of the board of trustees consists of the chair of the board of trustees, the vice chair of the board of trustees both as ex-officio voting members, and the president as a non-voting ex-officio member, and not less than five additional trustee members, except where the larger number is required by the law. The executive committee may make rules for the conduct of its business, but unless otherwise provided by the trustees or in such rules, its business shall be conducted as nearly as may be in the same manner as it provided in the by-laws for the trustees. The executive committee shall have and may exercise all of the powers of the board of trustees in the management of the business and affairs of the college when the board is not in session, to transact all business and on behalf of the corporation and to give the necessary instructions to the executive officers on behalf of the board and authorize any of the officers, on behalf of the corporation, to sign, affix the corporate seal to, and deliver any contracts, deeds, release, assignments, or other instruments in writing, except that the executive committee shall have no power to alter or amend the articles of organization of the college, to amend the by-laws, to award or confer degrees, to change the principal office of the corporation, to elect officers, to fill any vacancy in such office or reverse any prior action of the board, to remove officers or trustees from office, to authorize a merger of the corporation, to change the number of the board of trustees or to fill vacancies on the board of trustees, or as may otherwise be limited law, the articles of organization or these by-laws. The executive committee shall report to the board of trustees its findings, recommendations and actions relating to the management of the business and affairs of the college.”

“The college has a structured review process of the form 990. The form is prepared by the independent auditor using information gathered by the accounting and finance team from the financial records that have been audited and compiled for the fiscal year end financial statements. The college controller assembles the information and gives it to the independent auditors. The independent auditors prepare the form 990 and there is a 2nd review by the vp, cfo & treasurer and president. The draft form 990 is then provided to the audit committee in order that a conscientious review can be undertaken. Once the audit committee review is complete, access to the form 990 is provided to all members of the board through a secure portal of the college's website allowing time for questions and concerns to be raised and revisions made prior to the filing deadline. If the board has no changes, the vp, cfo & treasurer signs the document and sends it to the independent auditor to be submitted to the irs.”

“The college's conflict of interest policy covers trustees (including ex-officio, honorary and emeritus members of the board of trustees), committee members and executive officers. All covered individuals are required to submit an annual disclosure to the full board of trustees identifying potential relationships that might give rise to a conflict of interest, with updates to the disclosures in the event of changed circumstances. Potential conflicts are subject to the review and approval of the board of trustees to ensure that such transaction or relationship is in the best interests of the college and complies with college policy and all applicable legal and ethical guidelines. Any covered individual having a personal interest in a given transaction or other relationship shall not participate in the discussion of that transaction or relationship, except to respond to questions or inquiries from or provide information requested by the trustees or others, shall specifically abstain from voting on the transaction or relationship, and shall not be counted towards a quorum for purposes of the vote. The executive committee shall report to the board of trustees periodically, and at least annually, on all non-de minimis transactions and other financial relationships between the college and covered persons. Such report shall include a description of the transaction or relationship, the fees paid or received by the college (if any), and other relevant information.”

“The board of trustees approves the contract, if any, and all salary, incentives, bonuses, loans, subsidies, in-kind benefits, expense allowances, payments to benefit plans and retirement plans, severance payments and arrangements, and any other compensation, benefits, payments and perquisites, for or otherwise on behalf of the president from or on behalf of the college. The executive committee ("the committee") is responsible for the annual review of the president's compensation and benefits, following a performance review. The committee may delegate the performance review portion of this responsibility to the chair of the board of trustees and two or more members of the committee. Changes in compensation of the president shall be consistent with standards in the higher education community, with special reference to comparable institutions. Proposed changes, together with the committee's recommendations, shall be submitted to the board of trustees for approval. The committee shall be provided with comparative data from national or statewide surveys of comparable institutions, or from local colleges regarded as similar to mount ida college in terms of degree offerings, enrollment and budget as the committee may require in satisfying its responsibilities.”

“The college makes its governing documents, conflict of interest policy and financial statements available to the public upon request. In addition, the college's form 990 is made available on the massachusetts attorney general's website and at www.guidestar.org.”

“Change in accrued pension liability -1,513,531.”