Kirkwood Community College Foundation

“Executive committee consists of president, vice president, secretary, treasurer and such ad hoc members of the board as the president designates, if any. The chair of each committee is an ex-officio, non-voting member of the executive committee. The executive committee is authorized to act for the board between meetings of the board and also when specifically authorized by resolution of the board, except that the executive committee is not authorized to: 1) amend the articles of incorporation; 2) adopt an agreement of merger or consolidation; 3) sell, lease, or exchange all or substantially all of kccf's property and assets; 4) initiate dissolution of kccf or a revocation of a dissolution; 5) amend the bylaws of kccf; 6) fill vacancies on the board.”

“All nominees for election to the governing body of kccf shall be made by majority vote of the board of directors of kcc. In addition the kccf board of directors shall include a maximum of two persons who are also members of the kcc board of trustees.”

“The form 990 is prepared by an independent accounting firm. The executive committee review the form 990. A copy of the form 990 is provided to the entire board prior to filing with the irs.”

“Each board member is required to complete a conflict of interest questionnaire on an annual basis, as well as self-report any potential conflicts if one were to arise during the year. A member of the audit committee reviews the conflict of interest statements and any self-reported items to determine if a conflict exists. If a conflict arises it is discussed at the first board meeting after it is discovered. Any member in conflict would recuse themselves from any discussion on the conflicted topic. All applicable parts of the process, final determination, recusal and end result would be documented in the board minutes.”

“The governing documents, conflict of interest policy and financial statements are available to the public upon request.”

“Change in cash surrender life insurance 22,080. Actuarial adjustment to annuities payable -4,100. Transfer to payable to kff -1,177,432.”

“A related organization pays the employees of the kirkwood community college foundation (kccf) and is responsible for filing all required federal employment tax returns, therefore, kccf reports zero on line 2a and blank on line 2b. The compensation in part vii, section a, represents the amounts paid for services provided to both kccf and a related organization.”