Westchester Community College Foundation

“Significant changed items in wccf by-laws as of september 2024: includes new mission statement, adopted by the board 4/25/24. Strengthened language to consider virtual participation in meetings as participation. A board officer approves unbudgeted or over-budget expenditures greater than $5,000 other than payments to the college. Added standing committees that were not in the earlier version: scholarship and special events. Added in sections about the role of the executive director and the cfo of the foundation. Provided more flexibility about the timing of the board meetings, which are currently clustered together in april and june and september and november. This was originally to accommodate winter and summer travel but, with the option of virtual meetings, meetings can be spread more evenly through the year. The 2016 by-laws state that the president must execute all documents on behalf of the foundation; in practice, the executive director or cfo execute documents on behalf of the foundation such as signing grant agreements or event venue contracts. The revision allows the president to designate the executive director, cfo or any officer to sign documents on behalf of the foundation. Improved and expanded the "no liability" provisions for directors, officers and employees. Described the role of the outsourced chief investment officer (ocio) and how the ocio is retained. Updated committee charges.”

“The form 990 is reviewed in detail by the foundation executives and is made available electronically and/or by paper when requested for the audit committee and board of directors for their review and comments prior to filing form 990 with the irs.”

“Board of directors and officers are required to complete conflict of interest disclosure forms annually. In addition, new board members are required to complete the disclosure form upon appointment. All disclosures required under the policy shall be made to the secretary of the board of directors and should a conflict of interest exist, a director is to refrain from participation in any consideration of the matter at issue.”

“The wcc foundation's executive director and other highly compensated employees are employed by a related entity, westchester community college of westchester county. The related entity establishes job classes with salary ranges that are based upon many factors. Officers also paid by the wcc foundation are guided by the same job classes and salary ranges established by westchester community college of westchester county for their highly compensated employees which is approved by the officers of the board.”

“A copy of the most recent governing documents, conflict of interest policy, financial statements and form 990 is maintained at the westchester community college office and is made available for public inspection upon request and through westchester community college's website.”

“Change in value of gift annuity 116,442.”