Somerset County Foundation for Higher Education

“R lohr, d mickey, a cook somerset trust company board dir employees board/employee relationships”

“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.”

“Prior to july 1, 2017, all staff providing services to the foundation were paid by allegany college of maryland using established college policies. Subsequent to june 30, 2017, the compensation for the executive director of the organization is reviewed annually by the board of directors. Annual compensation is determined based on completion of goals established annually by the board of directors.”

“Prior to july 1, 2017, all staff providing services to the foundation were paid by allegany college of maryland using established college policies. Subsequent to june 30, 2017, the foundation does have paid staff.”

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

“Transfer of equipment to somerset county -212,725 other decrease in net assets consist of the transfer of the foundation's equipment to the county of somerset, pennsylvania (a local government organization) as of june 30, 2017, in the amount of 212,725. The equipment was transferred at net book value.”