St Joseph'S University New York

“Enforcement of conflict of interest policy each officer, director, trustee and key employee of the college is required to annually disclose any conflicts of interest that arise by virtue of their employment, board service, or position with the college. The college monitors compliance with its conflict of interest policy through an annual questionnaire/disclosure statement that is distributed to these individuals. Potential conflicts are investigated immediately.”

“Process for determining compensation the college undertakes a thorough process to ensure that the executive compensation it pays to its top management official and all of its officers and key employees is reasonable given the market in which the college operates. In relevant part, the board of directors has established a compensation committee of independent persons that have no personal interest in the proposed compensation agreement. The compensation committee compares data from other institutions to ensure that the college compensates its executives commensurate with the market.”

“Availability of documents to the public the organization makes its form 990 available to the public by retaining a copy at its place of business. The form 990 is likewise published on the internet at www.guidestar.org. The organization's financial statements, governing documents and conflict of interest policy are not ordinarily made available to the public, but, if requested, will be provided at management's discretion.”

“THE ORGANIZATION AS A RESULT OF THE COVID-19 PANDEMIC, IN MARCH 2020 THE COLLEGE CHANGED IT MODALITY OF EDUCATION TO REMOTE LEARNING. To mitigate the impact of the COVID-19 pandemic, the College participated in several governmental programs, including the Higher Education Emergency Relief Fund ("HEERF") and the Paycheck Protection Program. The College received $4,021,024 in HEERF funding (and this grant is reported as governmental revenue on Part VIII of the 990). During the year ended JUNE 30, 2020, $1,246,250 WAS DISBURSED TO QUALIFYING STUDENTS FOR EMERGENCY RELIEF FUNDS. THE CARES FUNDING WAS RECORDED AS REVENUE WITHIN GOVERNMENT GRANTS AND CONTRACTED SERVICES ON THE ACCOMPANYING STATEMENTS OF ACTIVITIES AND THE STUDENT AWARDS TO QUALIFYING STUDENTS FOR EMERGENCY RELIEF FROM THE CARES ACT WERE RECORDED AS AN EXPENSE IN THE ACCOMPANYING STATEMENTS OF ACTIVITIES. THE BALANCE OF $626,614 OF CARES FUNDING FOR STUDENT AWARDS IS INCLUDED IN DEFERRED REVENUE ON THE ACCOMPANYING STATEMENT OF FINANCIAL POSITION AND WAS FULLY DISBURSED BY OCTOBER 5, 2020. GRANT PAYMENTS, WHICH ARE CONSIDERED NON-EXCHANGE TRANSACTIONS FROM THE FEDERAL GOVERNMENT DISTRIBUTED UNDER THE CARES ACT, TOTALED $516,717. THESE PAYMENTS ARE SUBJECT TO AUDIT AND COMPLIANCE WITH FEDERAL REGULATIONS. THE COLLEGE BELIEVES IT HAS MET THE CONDITIONS TO RETAIN THESE FUNDS, AND NO AMOUNTS ARE RESERVED FOR REPAYMENT AT JUNE 30, 2020 IN THE ACCOMPANYING STATEMENTS OF FINANCIAL POSITION. THE BALANCE OF THE CARES FUNDING RECEIVED RELATED TO THIS GRANT, $1,630,443, IS INCLUDED IN DEFERRED REVENUE ON THE ACCOMPANYING STATEMENTS OF FINANCIAL POSITION. THE COLLEGE MET THE REMAINING CONDITIONS OF THIS GRANT AND, THEREFORE, RECOGNIZED THE REMAINING BALANCE AS REVENUE IN FISCAL 2021. FORM 990, PART VI, LINE 11 PROCESS USED TO REVIEW FORM 990 THE FORM 990 WAS PREPARED BY A NATIONALLY RENOWNED ACCOUNTING FIRM IN CONJUNCTION WITH THE ORGANIZATION'S FINANCIAL DEPARTMENT. A COPY OF THE DRAFT FORM 990 WAS CIRCULATED TO THE FULL BOARD OF TRUSTEES FOR DISCUSSION AND COMMENT. EACH BOARD MEMBER WAS PROVIDED AMPLE OPPORTUNITY TO COMMENT ON THE INFORMATION CONTAINED IN THE 990 PRIOR TO ITS FILING WITH THE INTERNAL REVENUE SERVICE.”

“Reconciliation of net assets change in beneficial interest of trusts: $(519)”