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 f. Stuart renda, vice president of finance and administration prior to filing.”

“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 his 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 and with the chief human resources officer. 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.”

“Other services: program service expenses 4,152,905. Management and general expenses 572,815. Fundraising expenses 47,735. Total expenses 4,773,455.”

“Unrealized gain on interest rate swap 240,120. Change in value of beneficial interest in perpetual trusts 39,342. Change in value of annuity obligations 6,247.”

“The organization has not changed its auditor oversight or selection process during the tax year.”