Somerset County Foundation for Higher Education

“R lohr, d mickey, a cook somerset trust company board dir employees board/employee relationships pamela tokar-ickes somerset county board dir commissioner elected county commissioner”

“A copy of the form 990 is provided to all of the foundation's board members for review before it is filed. Once the form 990 is complete, board members are given the opportunity to review the contents of the form 990 and submit any any comments or questions.”

“Each board director and development staff member have received and signed the conflict of interest and confidentiality policy and have agreed to comply with each policy. Under the conflict of interest policy, each board director who has a direct or indirect financial interest through business, investment or family has a duty to disclose the existence of his or her financial interest and all material facts to the foundation's board of directors. The conflict of interest policy includes a difinition of financial interest or compensation arrangement with any entity with which the foundation has a transaction or is contemplating a transaction or arrangement. After the disclosure of financial interest and related facts, the interested person shall leave the foundation board or committee meeting while the identified conflict of interest is discussed and voted upon. A financial interest is not necessarily a conflict of interest. The foundation board shall decide if a conflict of interest exists. If there is a determination that a conflict of interest exists, the board shall decide if there is any way with reasonable efforts that the transaction or arrangement can be completed by avoiding a board director's conflict of interest. Any foundation board director with a conflict of interest shall refrain from participating in the discussion and voting on any items where their respective conflict exists.”

“All staff providing services to the foundation are paid by allegany college of maryland using established college policies. The foundation does not compensate staff.”

“All staff providing services to the foundation are paid by allegany college of maryland using established college policies. The foundation does not compensate staff.”

“Form 990 and governing documents are available for review upon request at the foundation offices in somerset, pa.”

“Mortgage debt relieved-transfer of land and bldgs 2,220,204 transfer of interest in the allegany college hsing -826,967 transfer of land and buildings to somerset county -5,359,368 total -3,966,131 other increases: ---------------------- other increases in net assets in the amount of 2,220,204 represent outstanding mortgage debt being relieved due to the transfer of land and buildings to somerset county, pennsylvania (a local governmental organization) as of july 1, 2015. Other decreases: --------------------- other decreases in net assets consisted of the transfer of the foundation's net interest in the allegany college housing, llc to the allegany college of maryland foundation (a 501(c)(3) charitable organization) as of june 30, 2015 in the amount of (826,967). The foundation was a sole member of the allegany college housing, llc prior to the transfer. See schedule n for further explanation and details. Other decreases in net assets also consisted of the net book value of land and buildings that was transferred to the county of somerset, pennsylvania (a local governmental organization) as of july 1, 2015, in the amount of (5,359,368). See schedule n for further explanation and details.”