Culinary Institute of America

“The institute's form 990 is primarily prepared by the institute's controller. Once completed, it is reviewed by the v.p. Of finance and/or the director of finance and accounting. A final review, is also done by the institute's independent public accounting firm. After revisions are made, the form is then electronically filed and made available to the public via online, primarily through the guidestar.org website.”

“Conflicts of interest for board members are clearly defined by the institute's board of trustees policy manual. Trustees are required to disclose to the board any possible conflict of interest, and to abstain from voting on any matters, in which they have a conflict of interest. Individual trustees, and members of their family or any organization in which a trustee or member of his or her family is a stockholder, may not have existing or potential financial or other interests that might impair their independent, unbiased judgment in the discharge of their responsibilities to the college . The college maintains a current completed conflict of interest statement for all trustees. This review is done annually for each board member. The institute's audit committee monitors to ensure that there is compliance with the policy. Key employees, upon hiring are also require to complete similar questionaires.”

“The board of trustees has the overall responsibility for the compensation review of the president. An annual review is based on four factors, summative performance appraisal, achievement of annual goals, market analysis and institutional needs. The president submits a status report on the current year's goals, year end results and proposed goals for the upcoming year. The compensation committee will also receive appropriate peer and benchmark data from the human resources office. The compensation committee of the board of trustees will review the president's performance and discuss their conclusions orally with the president to ensure the accurate and fairness of judgements. The compensation committee will then discuss its conclusions and compensation recommendation with the president. The president has a written employment contract. The president has the overall responsibility for the compensation review of the vice presidents. A market analysis is done by the human resources office which also includes peer and benchamark data. This analysis is then used as a tool for determining salary changes and is reviewed with the compensation committee prior to implementation. The committee contemporanousely documents its discussion on the compensation analysis. The compensation procedures meet the three requirements of the rebuttable presumption: (1) the compensation arrangement is approved in advance by a committee free of conflicts of interests; (2) the committee relied on appropriate comparability data; (3) the committee adequately and timely documented the basis for the decision.”

“The form 990 and the accompanying financial statements are readily available to the public as required. These documents can be obtained upon request by the public or is readily available on the internet (www. Guidestar.org).”

“Other fees for services, primarily include contracted facilities management costs , student dining services , restaurants and other educational programs , copy center and mailroom services, admissions leads and inquiry services, human resources and employee recruitment.”

“GAIN ON LAND LEASE”