College of Southern Maryland

“The board of directors shall delegate its power to manage, direct, and control the operation and affairs of the foundation to the executive committee. All actions of the executive committee shall be reported to the directors at the next meeting of the board. The executive committee shall consist of current officers of the board, a college trustee representative, and chairs of standing committees.”

“The college of southern maryland department of financial services, the vice president of advancement, and the audit and executive committees of the board of directors oversee the preparation of the 990 by the cpa firm that audits the foundation. Both vice presidents review the 990 and present it to the foundation's board of directors and the president of the college before it is filed with the irs.”

“The organization's conflict of interest policy applies to any director of a board or committee with board delegated powers. In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the entire csm foundation board or to the foundation executive committee considering the proposed transaction or arrangement. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the board or committee meeting if requested to do so while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists. An interested person may make a presentation at the board or committee meeting, but after the presentation, he/she shall leave the meeting if requested to do so during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. The chairperson of the board or committee shall, if appropriate and at his discretion, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. After exercising due diligence, the board or committee shall determine whether the transaction or arrangement is reasonable and priced at fair market value. Provided, however, that in no event shall a director with a conflict of interest vote on the matter. The minutes of the board and all committees with board delegated powers shall contain: the names of the persons who disclosed or otherwise were found to have a financial interest in connection with an actual or possible conflict of interest, the nature of the financial interest, any action taken to determine whether a conflict of interest was present, and the boards or committee's decision as to whether a conflict of interest in fact existed; the names of the persons who were present for discussions and votes relating to the transaction or arrangement and a record of any votes taken in connection with the proceedings.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available on its website and upon request.”

“Change in value of beneficial interest in a charitable trust 344,312. Change in cash surrender value of life insurance -650.”