Notre Dame Education Center Inc

“The executive director, chairperson and treasurer review the audited financial statements with the board. The board reviews and approves the financial statements. Once the financial statements are approved, the tax return is prepared and reviewed by the executive and finance committee; it is made available to the full board prior to filing.”

“All members of the board of directors and officers are required to disclose any conflicts of interest by completing a questionnaire annually. If a conflict of interest is deemed to exist, it is the duty of the individual to disclose such interest. This interest is to be recorded in the minutes of the meeting of the board and where the conflict concerns any board or committee member, the individual(s) shall not participate in any vote or deliberation on the matter. Periodic reviews are conducted to ensure that the organization is operating in a manner consistent with its charitable purposes and does not engage in activities that could jeopardize its tax-exempt status.”

“The finance committee reviews compensation for the executive director and officers annually and the board of directors approves changes, if any. The committee and board of directors may, from time to time, utilize independent, third-party advisors, consultants, and counsel to conduct periodic compensation studies, which encompass comparable, relevant market data for the organization's positions obtained from published surveys and other available sources such as peer organizations' 990 forms. Other surveys of specialized skill set or employee attributes critical to the success of the organization will also be incorporated as needed. All compensation decisions made are documented in the minutes.”

“The 990 tax return and audited financial statements can be reviewed at the education center. Appointment must be made with the director. Form 990 and financial statements are also available on guidestar.org and the ma attorney general website- www.charities.ago.state.ma.us/charities/”

“Due to recurring operating losses, the center's board of directors initiated plans to discontinue operations of the center and sell the center's property to another nonprofit organization, catholic charities bureau of the archdiocese of boston, inc. (ccab). The center entered into an asset purchase agreement on april 19, 2024, after getting court approval of the condo transfer. In exchange for the condo unit, ccab forgave the outstanding portion of the $150,000 promissory note detailed in note 5, resulting in a net charitable grant transfer to ccab in the amount of $5,533,328. The center is in the process of dissolving as a public charity in collaboration with the massachusetts attorney general's office. Any remaining assets and liabilities were received or paid by ccab after the closing of the condo.”

“See schedule n- transfer of assets to catholic charitable bureau of boston -5,533,329.”

“There has been no change in the selection process.”