Bard College

“The bylaws of bard college were updated during the fiscal year. While most of the changes are not substantive, there are several changes to note: 1. Section 1.3: substitute "may elect" for "shall elect" trustee candidates nominated by the alumni association (giving the board the right to decline any nominee); 2. Section 1.7: increase the maximum number of life trustees from 12 to 21; and 3. Section 2.1: change "shall" to "may" (making regular trustee status for officers optional rather than mandatory. Each of the committee charters that were previously approved by the board are amended in one respect. Each charter has been amended to reflect the process set forth in section 4.2 of the bylaws for the nomination and appointment of committee chairs and committee members ("the chair and the members of the committees of the board and the committees of the corporation shall be nominated by the executive committee, taking into account the recommendations of each committee chair, and shall be appointed by the chair, such appointments being subject to the approval of the board").”

“Prior to filing, a draft of the 990 is reviewed and approved by the audit committee. The audit committee then reports to the full board that they have approved the 990 for filing. A copy of the final 990 is provided to the board.”

“The board of trustees, officers and key employees are required to review annually and updated conflict of interest policy and disclosure, with a signature page that is required to be signed and returned to the organization and kept on file. Appropriate actions are taken if necessary.”

“The president's compensation is reviewed and approved by the compensation committee of the board of trustees. Compensation is determined on the basis of performance evaluation, seniority, and compensation comparisons with other colleges. The president's compensation package is reported to the board by the compensation committee at a regular board meeting. The executive and senior vice presidents' compensation is determined by the president on the basis of performance evaluation, seniority, and compensation comparisons at other colleges and policy institutes. Other officer and key employee compensation is determined by the senior vice president on the basis of performance evaluations, seniority, and compensation comparisons at other colleges available from the college and university professional association for human resources.”

“The governing documents, conflict of interest policy, and audited financial statements of bard college are made available to the public upon request. In addition, the college's form 990 is available on www.guidestar.org.”

“Other non-operating gain 255,166. Foreign currency exchange gain 255,304.”

“Net assets with donor restrictions as of june 30, 2023 were restated to correct an understatement of pledges receivable, net totaling $21,982,750. Due to the long term-nature of these pledges receivable, net amounts as of june 30, 2024 were revised as indicated. Schedule a has been revised to reflect these pledges as income in the years in which the pledges were received. Tax year 2020: pledge of $20,000,000 tax year 2021: pledge of $5,063,000 financial statement discount impact: -$3,080,250”