St Vincent'S College Inc

“In determining the compensation of the organization's ceo, the process performed by st. Vincent's medical center, a related organization of st. Vincent's college, inc., included a review and approval by independent persons, comparability data, and contemporaneous substantiation of the deliberation and decision. The compensation committee reviewed and approved the compensation. In the review of the compensation, the ceo was compared to individuals at other organizations in the area who hold the same title. During the review and approval of the compensation, documentation of the decision was recorded in the committee minutes. The individual was not present when his compensation was decided.”

“In determining compensation of the organization's officers and key employees, the process performed by st. Vincent's medical center, a related organization of st. Vincent's college, inc., included a review and approval by independent persons, comparability data, and contemporaneous substantiation of the deliberation and decision. The executive compensation committee reviewed and approved the compensation. In the review of the compensation, the officers' salaries were compared to individuals at other organizations in the area who hold the same title. During the review and approval of the compensation, documentation of the decision was recorded in the minutes. Individuals were not present when their compensation was decided.”

“St. Vincent's College has a single corporate member, St. Vincent's Medical Center.”

“St. Vincent's College has a single corporate member, St. Vincent's Medical Center, who has the ability to elect members to the governing body of St. Vincent's College.”

“All decisions that have a material impact to St. Vincent's College financial information or corporation as a whole are subject to approval by its sole corporate member, St. Vincent's Medical Center.”

“During the return preparation process, the tax department works with other functional areas including finance, accounting, treasury, legal, human resources, and corporate compliance for advice, information and assistance in order to prepare a complete and accurate return. Upon completion, the form 990 is reviewed by the organization's internal tax department which consists of attorneys and cpas. A complete final copy of the return is provided to the organization's president, financial officer, and/or other key officers in lieu of the full board.”

“The organization regularly and consistently monitors and enforces compliance with the conflict of interest policy in that any director, principal officer, or member of a committee with governing board delegated powers, who has a direct or indirect financial interest, must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the directors and members of the committees with governing board delegated powers considering the proposed transaction or arrangement. The remaining individuals on the governing board or committee will decide if conflicts of interest exist. Each director, principal officer and member of a committee with governing board delegated powers annually signs a statement which affirms such person has received a copy of the conflict of interest policy, has read and understands the policy, has agreed to comply with the policy, and understands that the organization is charitable and in order to maintain its federal tax exemption it must engage primarily in activities which accomplish its tax-exempt purpose.”

“The Organization will provide any documents open to public inspection upon request.”

“On July 5, 2017, St. Vincent's College, Inc. (the College) and Sacred Heart University (Sacred Heart) entered into a management agreement. Under the terms of this agreement, Sacred Heart is providing assistance with the operation of some of the College's offices such as financial aid, bursar, and institutional research. The management agreement anticipates a change in ownership of the College with all of its programs being transferred to Sacred Heart as either a division of Sacred Heart or a subsidiary. The transfer will be part of a master agreement that requires accreditation and regulatory approvals which are expected in the Spring of 2018. Once the necessary approvals are received, it is anticipated the College will transfer the remaining programs to Sacred Heart at the end of the Summer I term. Until the necessary approvals are received for the transition to occur, the College will continue to operate for the currently enrolled students.”

“FAS 158 PENSION ADJUSTMENT - 18613; Change in Assets Held by St. Vincent's Foundation - -26203; TRANSFERS WITH AFFILIATES - 1029410;”