Dutchess Community College Association Inc.

“The form 990 is reviewed by the association's treasurer and board of directors at the spring meeting before it is filed with the irs. Any questions or comments are relayed to the association's accounting staff, who will then forward those questions to the accountants who prepared the return.”

“To protect the integrity of the decision-making process of the board of directors, and to ensure that the constituents have confidence in the integrity of the board, all board members are required to make full disclosure of interests, relationships, and holdings annually that could potentially result in a conflict of interest. During any decision-making process, board members are required to disclose any interest in a transaction or purchase where the board member, inluding their business or other non-profit affiliates, family members, employer (other than dutchess community college) or close associates, may receive a financial benefit or gain. After disclosure, the board member will abstain from voting on any action to be taken regarding said transaction or purchase. The conflict of interest statement is signed by each board member, and kept on file with the secretary of the association.”

“Compensation for all employees, including the executive director of the association are approved by the board of directors and are based on comparable salaries provided to dutchess community college employees through union contracts and management confidential guidelines. The board's approval is documented and memorialized in a contract document signed by the board president and the executive director. This process was last undertaken in 2016.”

“The association makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is posted on guidestar.org and other similar types of websites. In addition, the financial statements, conflict of interest policy, articles of incorporation and by-laws are also available upon written request at 53 pendell road, poughkeepsie, new york 12601, or by calling the association directly at 845-431-8000.”

“In june 2017, management outsourced the bookstore operations. The association sold the contents and operations of its bookstore to an unrelated third party. The association entered into an operating agreement with the buyer and will continue to generate commissions based on bookstore sales.”

“Service contracts: program service expenses 472,585. Management and general expenses 56,555. Fundraising expenses 0. Total expenses 529,140. Armored car services: program service expenses 0. Management and general expenses 2,071. Fundraising expenses 0. Total expenses 2,071.”

“Change in fair value of interest rate swap agreement -339,314.”

“The association's board of directors fulfills its oversight responsibilities relating to the integrity of the association's financial statements, its compliance with legal and regulatory requirements, the qualifications, independence, and performance of the foundation's independent auditors, its code of ethics and business conduct, and any conflict of interest transactions. This process has not changed from the prior year.”