Technical Education Research Centers Inc

“Review Process: The CFO completes the majority of the form with input from the Director of HR and the president. The president reviews the completed form. Once approved by the president, the Board Finance Committee (BFC) is sent a draft copy of the form and a meeting or a telephone conference call is scheduled. The CFO presents the 990 to the committee, discussing each section and answering any questions the committee may have. The BFC approves the submission of the 990 to the IRS. Once that approval is obtained the CFO submits the 990 form electronically to the IRS. A final copy of the 990 is sent to the full TERC Board for their information with a note conveying the review process for the 990.”

“Annually the Conflict of Interest Statement Policy adopted by the Board of Trustees is distributed to each trustee, with a request to submit annually to the Clerk of the corporation a list of all corporate Boards on which the trustee serves and other companies/entities with which the trustee has a business/personal relationship. The Clerk forwards a copy of each trustee submittal to the President, who thereafter distributes a copy of each submittal to the CFO. Each of the President and the CFO, upon becoming aware of a potential conflict of interest, would advise the trustee of same. The Policy directs a trustee to report a potential conflict to the Chairperson of the Board of Trustees, who would then refer the matter to the Governance Committee of the Board. The Governance Committee would consider and resolve the matter by a majority vote of the Committee. The Minutes of the Governance Committee considering any such matter would be reported to the full Board at its next meeting and filed by the Clerk with the corporate records.”

“- Compensation review for President: The process for determining compensation for the President is conducted by an independent group consisting of members of the Board of Trustees. Care is taken to ensure that there is no conflict of interest with respect to Board members selected to conduct the review. Recommendations for compensation are presented to and approved in Executive Session of the Board at its February meeting. Increases approved are retroactive to the first pay period in February. As part of its review the Board subcommittee requests of the Director of Human Resources (DHR) compensation data on similarly qualified persons in functionally comparable positions at similarly situated organizations. The comparability is based on a comparison of the job duties of the President with a similarly situated position at another organization similar to TERC in size, nonprofit status, and overall mission. The DHR obtains this data from (1) 990s filed with Guidestar and (2) a commissioned study from professional compensations consultants. The last commissioned study occurred in 2010. The result of the review of the compensation for the President is recorded by the chair of the subcommittee and forwarded to the DHR for placement in the personnel file of the President. A written notice from the Chair of the Board of Trustees serves as instruction to process the salary increase. - Compensation review for Chief Financial Officer: The compensation for The Chief Financial Officer (CFO) is determined by the President, to whom the CFO reports. As with all positions at TERC, the appropriate range for the position is determined through a compensation study conducted by an independent consultant, using survey data from comparable organizations and matched with the job responsibilities and level of experience required to fulfill the CFO position. The last compensation survey was conducted in 2010. The salary of the CFO is reviewed by the President annually as part of the salary review process. Any recommendation for a raise based on new duties assumed or extraordinary growth in the position is documented by the President and presented to the Salary Committee for review. Documentation on the final salary is maintained in the office of the Director of Human Resources.”

“TERC financial information is available to the public via the following channels: 1) TERC 990 form, Form PC and Audited Financial Statements are available on the official website of Attorney General of Massachusetts. 2) A summary of TERC financial statements is available on Dun & Bradstreet website www.dnb.com 3)Available upon request. TERC documents of incorporation are available for inspection in the Attorney General office. An inspection of these documents at TERC office can be requested. TERC conflict of interest policy is available for inspection only at TERC office.”