Ivy Tech Foundation Inc.

“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 content 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 files form 990 and makes it available to the public as follows: 1) ivy tech community college's website, 2) ivy tech foundation's 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.”

“Administrative expense paid to college: program service expenses 0. Management and general expenses 1,087,695. Fundraising expenses 0. Total expenses 1,087,695. Uncollectible pledge expenses: program service expenses 0. Management and general expenses 660,688. Fundraising expenses 0. Total expenses 660,688. In-kind expenses: program service expenses 627,975. Management and general expenses 0. Fundraising expenses 0. Total expenses 627,975. Other expenses: program service expenses 247,076. Management and general expenses 117,051. Fundraising expenses 16,967. Total expenses 381,094.”

“Gain/loss on interest rate swap 103,715. Transfer to ivy tech properties, inc. (net) 1,647,888. Transfer from community enterprises, inc. (net) -1,700. Change in beneficial interest of trust -50,546.”

“Neither the audit oversight nor independent accountant selection processes have change from the prior year.”