Keystone College

“The final form 990 is reviewed by members of teh audit committee of the board of trustees and f. Stuart renda,vice president of finance and administration, prior to filing. The full board is provided with access to the form 990 via the board portal 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. The conflict of interest policy addresses family and business relationships as a source of potential conflicts.”

“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 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: program service expenses 0. Management and general expenses 48,539. Fundraising expenses 0. Total expenses 48,539. Consulting: program service expenses 220,093. Management and general expenses 218,923. Fundraising expenses 0. Total expenses 439,016. Contract services: program service expenses 2,061,771. Management and general expenses 1,032,329. Fundraising expenses 0. Total expenses 3,094,100.”

“Return of contribution -147,500. Change in value of beneficial interest in perpetual trusts -166,928. Change in value of annuity obligation -2,400. Gain on debt forgiveness 255,266. Proceeds from insurance claims reported as revenue 572,118.”