Wake Technical Community College Foundation Inc.

“The form 990 is reviewed by the audit committee before it is filed.”

“Each director has the affirmative responsibility to report to the board president or to the executive director any and all knowledge of any action or conduct that appears to be contrary to foundation conflict of interest policy.”

“The organization adheres to the following compensation policy of it's related organization, wake technical community college, as the college handles all payroll for the organization. The compensation committee meets at the beginning of the fiscal year to assess and recommend the executive director's salary for the new year (july-june). Factors including performance evaluation, significant accomplishments and college growth are taken into consideration in determining the appropriate amount. Once the committee agrees on a figure, it is taken to the entire board of trustees for consideration and approval at their next meeting.”

“The organization adheres to the following compensation policy of it's related organization, wake technical community college, as the college handles all payroll for the organization. The compensation committee meets at the beginning of the fiscal year to assess and recommend salaries for the new year (july-june). Factors including performance evaluation, significant accomplishments and college growth are taken into consideration in determining the appropriate amount. Once the committee agrees on a figure, it is taken to the entire board of trustees for consideration and approval at their next meeting.”

“The written conflict of interest policy and the organization's governing documents are available to the public upon request. The financial statements are available on the organization's website.”

“On july 1, 2016, o. Morton congleton left the position of executive director and was replaced by matt smith. Mr. Congleton stayed with the organization and currently serves as the executive vice president. Matt smith did not take the executive director position until after the 6/30/16 fiscal year end and therefore is not reported on part vii as a current officer.”

“Program support is a broad classification that includes faculty and staff innovations, professional development, travel, instructional technology and equipment, classroom supplies, student success initiatives all of which program support provided benefit both curriculum and continuing education programs.”

“Intercompany income eliminated on consolidation -20,652 fundraising expenses netted with revenue 5,488 lab manual cogs netted with revenue 137,961 recovered bad debt -27,000 lab manual cogs netted with revenue -137,961 fundraising expenses netted with revenue -5,488 recovered bad debt 27,000 accrued mgmt overhead allocation to sub -3,646 total -24,298 part xi, line 8, "prior period adjustment" is reported in order to properly reflect cumulative elimination entries per audited financials with respect to subsidiary investment.”