Clark Community College District 14 Foundation

“The form 990 is initially prepared by the foundation's cfo then reviewed by an independent cpa firm. The final 990 draft is reviewed by the foundation's cfo, ceo and finance committee. A copy of the final 990 draft is emailed to all board members for review prior to filing.”

“The foundation's code of ethics and conflict of interest statement are part of the same form that is reviewed and signed by each board member annually. This regular exposure provides a consistent reminder of the policy and the necessity of compliance. The foundation has always taken great pride in following governance best practices so potential conflict of interests are exposed and evaluated. Foundation key employees asked to disclose annually any intrests that would give rise to conflicts.”

“Executive level compensation is determined annually through a series of economic and market based comparisons. From an economic standpoint, the foundation manages salaries and benefits as constrained by resources available through endowment distributions and other unrestricted resources available. While these assessments are being conducted, a market scan of local and regional salary data is used, via a consulting firm, to ensure market competitiveness. Final compensation is determined by the foundation's ceo for staff and other executive level positions. The compensation package recommendation is forwarded to the executive committee for approval. This committee also utilizes the comparative data to determine compensation for the ceo. Following executive committee approval, all staffing compensation is approved by the board of directors during the formal budget setting process. The compensation setting process was last undertaken in june 2020.”

“Governing documents and conflict of interest policy are available for public review in the foundation offices. Financial highlights are posted on the foundation's website and full audited finanical statements are available for reivew upon request.”

“During fiscal year 2020, the foundation entered into an agreement with a local developer regarding its ridgefield, washingtion property. The developer agreed to construct a road on foundation land which would be transferred to the city of ridgefield upon completion. The road would provide access to the developer's property as well as foundation and clark college property. The value of the roadway accruing to the foundation was $685,421 which is included in the balance on form 990, part viii, line 7a, ii other. As part of the agreement a portion of land seperated from the foundation's main parcels by the roadway was transferred to the developer. The book value of this land was $450,560. This reduced the balance of land, buildings, and equipment as noted at form 990, part x, line 10c, column b (end of year balance). The gain of $234,861 is included in the balance on form 990, part viii, line 7c, ii other. In june 2020, the city of ridgefield approved the constuction of the roadway and the foundation began the process of transferring deed to the city. All contractual obligations were met at year end to record the liability for this transfer totaling $1,211,064. This amount is included in the balance at form 990, part x, line 17, column b (end of year balance) accounts payable and accrued expenses, as an outstanding liability and form 990, part ix, line 24d, land/road transfer, as an expense. In september 2020 the transfer of the deed to the city was completed.”

“Grants to clark college include 10 acres of land donated to the state of washington for a future clack college academic building. The book value of the land was $1,625,936. This reduced the balance of land, buildings, and equipment as noted on form 990, part x, line 10c, column b (end of year balance).”

“Split interest gift revenue -43,135. Passthrough income -55,127.”