Variety Child Learning Center

“Alan and ruth stearn have a family relationship.”

“The 990 forms was presented to the audit committee of the board of trustees. The ceo, cfo, controller and independent auditors attended the meeting to present the 990. Any questions/concerns were addressed. Subsequent to the committee review, the 990 was be submitted to the entire board for their review prior to the filing date.”

“The conflict of interest statements should be submitted to the chief executive officer and/or chief financial officer (or, if she or he is the one with the conflict, then to the board chair) who shall bring the matter to the attention of the executive committee. Disclosure involving directors should be made to the board chair (or, if she or he is the one with the conflict, then to the board vice chair) who shall bring these matters to the executive board. The board or executive committee shall determine whether a conflict exists and in the case of an existing conflict, whether the contemplated transaction may be authorized as just, fair, and reasonable to vclc. The decision of the board or executive committee on these matters will rest in their sole discretion, and their concern must be the welfare of vclc and the advancement of its purpose.”

“The executive committee of the board will obtain comparative salary/benefit information from similar organizations via guidestar and published 990 reports. In addition, the independent auditors will consult with the executive committee and/or entire board of trustees regarding comparable data in the industry and allowable costs as per the new york state education department. The board of directors reviewed compensation during the january 2015 board meeting in the executive session.”

“Variety child learning center makes its policies and financial statements available to the general public on its website and upon request. Governing documents are available upon request.”

“Loss on swap agreement -79,650.”

“This process has not changed from prior year.”