Community College of Philadelphia Foundation

“Governing body and management per the foundation's bylaws, the foundation will have no members, as such, of the corporation. The governance committee of the foundation board of directors shall prepare a list of nominees for the board of directors, which shall be presented to the board of directors for approval. The college's board of trustees shall have the exclusive right, with regard to the corporation, to appoint three members of the foundation board of directors. In addition to its exclusive right to appoint three members of the foundation board of directors, the college's board of trustees shall have the exclusive right to amend the foundation's articles of incorporation.”

“See explanation for form 990, part vi, line 7a.”

“Form 990 review process the form 990 is prepared by an outside tax accountant based on information provided by the community college of philadelphia foundation and is subsequently reviewed by management and the finance and investment committee. Once a final draft has been prepared, all members of the board of directors are invited to review the form and provide additional comments and questions prior to filing. After making any remaining edits and discussing outstanding items, the form is electronically submitted to the irs.”

“Conflict on interest policy the foundation has a written conflict of interest policy and officers are required to complete a form on an annual basis to disclose any interest that may arise into conflicts. The policy outlines the process for handling actual and potential conflicts of interest. The foundation's executive director and officers monitor and enforce compliance with the policy. Any directors with a stated conflict of interest may not participate in voting if the topic could be considered a conflict of interest.”

“Process of determining compensation the foundation relies on a process used by a related organization (community college of philadelphia) to establish, provide and monitor the compensation of its executive director, who is an employee of the college, to ensure that compensation is fair and reasonable based on the job description as well as that compensation reporting (i.e. Form w-2) is correct for federal, state and local tax purposes. The president of community college of philadelphia determines the level of compensation for this employee in coordination with information provided by the college's human resources office. Comparability data is used from a variety of national external sources such as cupa-hr, nacubo, case (council of advancement and support of education), etc. The college's board of trustees approved the hiring of the president. The foundation does not have employees and salaries are paid by the college. Officers and directors of the foundation serve on a volunteer basis and are not compensated for their service.”

“Governing documents the foundation's governing documents, conflict of interest policy, irs form 1023 and form 990, and financial statements are made available to the public on the foundation's website. The link to these documents is https://foundation.ccp.edu/financials”

“Net asset transfer from ccp 341,943.”