Keystone College

“Dr. Betty j. Turock and dr. David l. Turock, both trustees, are related to each other as mother and son. In order to determine whether or not there are any business or family relationships between officers, directors, trustees or key employees, interviews are performed by human resources, followed by the responsible managers, vice president, and possibly the president and/or a search committee comprised of several employees and board members. The director of human resources conducts the conflict of interest question and business and family relationship questions, and prepares a log of the responses. This information is forwarded to the president.”

“The final form 990 is reviewed by members of the audit committee of the board of trustees and kevin m. Wilson, vice president of finance and administration prior to filing. The audit committee reviews and then disseminates the return to the full board prior to filing with the irs.”

“The college requires all covered parties such as trustees, key employees and officers to complete conflict questionnaires on an annual basis. The vp of finance and administration collects and reviews these questionnaires and reports any conflicts to the president and chairman of the board. Board members abstain from voting when conflicts arise. In addition, the vice president of finance & administration reviews the approved vendor list on an annual basis noting any potential conflicts which may have been improperly disclosed.”

“Compensation for the chief executive officer and the president was determined by the chairman of the board of trustees, an independent trustee. The chairman consulted with other independent members of the board of trustees, at her discretion, and reviewed executive compensation data provided by the chief financial officer, the vice president of finance and administration/treasurer. This information included, but was not limited to: industry survey data from the chronicle of higher education, nacubo, yaffe and company, and aicup. Compensation for other key employees was determined by the president, who consulted with members of the board of trustees, at his discretion. He also reviewed information from industry sources, such as those listed above. Salary decisions are documented in the board committee minutes.”

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

“The organization adopted a whistleblower policy and a document retention policy during the fiscal year ended may 31, 2016. These questions have been answered no on this return because the policies were not in place during this filing year.”

“Contracted services: program service expenses 1,618,013. Management and general expenses 213,574. Fundraising expenses 18,598. Total expenses 1,850,185. Food service: program service expenses 1,662,297. Management and general expenses 229,282. Fundraising expenses 19,107. Total expenses 1,910,686. Consulting: program service expenses 585,594. Management and general expenses 80,772. Fundraising expenses 6,731. Total expenses 673,097.”

“Unrealized gain on interest rate swap -27,984. Change in value of beneficial interest in perpetual trusts 37,686. Change in value of annuity obligations -26,615.”