Curry College

“The form 990 was prepared by the college's independent tax firm with information provided by management and reviewed by the chief financial officer, the director of finance, and the controller. A complete copy of the 990 was provided to all board members for their review prior to the form 990 being submitted to the internal revenue service.”

“The college has two conflict of interest policies, one that covers all board members and a second that covers all employees. Both policies are under the oversight of the board of trustees. The college distributes an annual questionnaire to be completed by officers and the board of trustees. The cfo and/or president review potential conflicts of interest by employees and all non-interested trustees review potential conflicts of interest by trustees. The person with the potential conflict would provide information to the board or cfo/president as applicable. In the case of trustees with a potential conflict of interest, they would leave the board meeting during the discussion of, and the vote on, the transaction or arrangement which resulted in the conflict.”

“Curry college maintains a compensation policy which covers all employees. When determining initial salaries, the following are considered: level of essential functions and responsibilities, required education, skills and relevant experience, both internal and external equity and budgeted amount. In reviewing salaries of existing employees, additional considerations include a substantial and permanent change in job duties, the change involves increase levels of responsibilities in terms of decision-making and problem solving, job complexity and/or additional knowledge and skills required. Changes to a position can occur as the result of organizational changes, both internal and external equity and availability of budgeted funds. The office of human resources regularly reviews the external market to ensure the college is compensating positions competitively. Market data comes from a variety of generally accepted benchmarking sources. In addition, research is conducted on hiring ranges for appropriate matches at local and other higher education institutions. Different aspects of data are collected depending on the position being reviewed in order to ensure an appropriate compensation comparison. The compensation of the president is reviewed and approved by the board of trustees and there is contemporaneous documentation of the deliberation and decision.”

“The college makes its governing documents, conflict of interest policy, and financial statements available to the public on request.”

“The outbreak of covid-19 has caused domestic and global disruption in operations of higher education institutions. Consequently, the college closed its campus beginning in mid-march 2020 and taught the remainder of the spring 2020 semester on-line. As a result, the college refunded approximately $5,500,000 of room and board to students during fiscal year 2020. The college returned to on campus classes during fiscal 2021. However, the full impact of covid-19 and the scope of any impact on the college's operations and financial condition cannot be determined. Accordingly, the extent to which covid-19 may impact the college's financial position and changes in net assets and cash flows is uncertain and the accompanying financial statements include no adjustments relating to the effects of this pandemic.”

“The number from 2020 form 1096 box 3 includes 3,546 forms 1098-t.”