Ivy Tech Foundation Inc.

“The foundation's audit and administrative policies committee and governance committee conducted a focused review on the articles of incorporation and by laws, including updating outdated provisions, revising or removing provisions that often change, ensuring proper balance of the foundation's relationship with college, and providing clarity to provisions related to board membership for state trustees. As a result of the review, the following were the more significant changes made: 1) currently, the bylaws and articles of incorporation require there to be four (4) directors elected annually by and from the membership of the state trustees of the college. A change was made to modify the articles of incorporation to allow a minimum of four (4) and a maximum of six (6) of the directors to be serving as members of the state trustees 2) currently, the bylaws have the officers in the positions of vice president, the two (2) assistant treasurers and an assistant secretary as being those persons designated by their title within their employment with the college. A change was made to allow the president of the corporation to specifically designate those officers, regardless of title. 3) amending the bylaws to establish the use of a separate charter setting forth the duties and responsibilities, membership, and procedures for the conduct of standing committees of the board: finance, strategic initiatives, development, audit and administrative policies, and governance committees.”

“A draft of form 990 will first be thoroughly reviewed by the audit and administrative policies committee. Any appropriate revisions will be made and then the updated form 990 will be sent to all board members for their review and comments. Again, any appropriate revisions will be made before filing. If substantial revisions are needed, the form 990 will be circulated a second time to all board members before filing.”

“The conflict of interest policy includes a form to be completed and submitted annually. The form requires information regarding each recipients financial interests and employment. The contents of each form is reviewed by the assistant treasurer to assess any potential conflicts of interest. If conflicts of interest exist, the policy provides the procedural guidelines.”

“The ivy tech foundation has no employees. The foundation contracts with ivy tech community college for services performed by college employees that benefit the foundation. College salaries are established based upon comparative salary analysis of college employees in comparable positions, consideration of economies of scale, input from human resources and final approval of appropriate college officer.”

“The ivy tech foundation only files form 990 and makes it available to the public as follows: 1) ivy tech community college's website, 2) ivy tech foundation's central office location in indianapolis, in and 3) upon request.”

“The financial statements are made available to the public as follows: 1) ivy tech community college's website, 2) inclusion within ivy tech community college's annual financial report, which is available to the public and 3) upon request.”

“Administration expense paid to college: program service expenses 0. Management and general expenses 766,665. Fundraising expenses 0. Total expenses 766,665. Instruction supplies and equipment: program service expenses 657,226. Management and general expenses 0. Fundraising expenses 0. Total expenses 657,226. Bad debt expense: program service expenses 0. Management and general expenses 606,575. Fundraising expenses 0. Total expenses 606,575. Faculty and staff development: program service expenses 184,295. Management and general expenses 0. Fundraising expenses 0. Total expenses 184,295. Awards and recognition: program service expenses 64,348. Management and general expenses 0. Fundraising expenses 0. Total expenses 64,348. Other expenses: program service expenses 0. Management and general expenses 41,549. Fundraising expenses 13,095. Total expenses 54,644. Alumni association: program service expenses 38,879. Management and general expenses 0. Fundraising expenses 0. Total expenses 38,879. Annuity obligation: program service expenses 0. Management and general expenses 7,645. Fundraising expenses 0. Total expenses 7,645.”

“Gain/loss on interest rate swap -82,149.”

“This process has not changed from prior year.”