University of Massachusetts Global

“University of massachusetts is the sole member of the corporation.”

“The bylaws of umass global provide that the sole member, university of massachusetts, has the power to appoint interested regents. The sole member also has the power to appoint chair and vice chair of the regents, who serve for a period of three (3) years.”

“Without an affirmative vote of the sole corporate member, university of massachusetts, neither umass global nor the board shall enter into any commitment to: - amend, modify or waive any provisions of the articles. - incur any indebtedness, pledge or grant liens on any assets in excess of $15 million in a single transaction or $50 million in the aggregate at any time outstanding. - incur any capital expenditures in excess of $10 million in a single transaction or series of related transactions, or in excess of $2 million per month. -enter into or effect any transaction or series of related transactions involving sale, lese, license, exchange, or other disposition of any assets, other than sales of inventory in the ordinary course of business. -establish any subsidiary or enter into any joint venture or similar business arrangement. -merge, reorganize, consolidate, dissolve, wind-up or liquidate, make an assignment for the benefit of creditors or initiate a bankruptcy proceeding.”

“The form 990 was prepared with an outside accounting firm who works closely with the umass global controller. The form is then reviewed by the coo and by the audit committee. Subsequent to its review, the audit committee reports back to the board of regents regarding its oversight of the form 990 and the final form, including all schedules, is provided to the entire voting board before the return is filed.”

“The coo is charged with monitoring proposed or ongoing transactions for conflicts of interest and addressing any potential or actual conflicts. Pursuant to the conflicts of interest policy, an annual conflict of interest questionnaire, aimed at determining any family and business relationships and transactions or other transactions that may pose a potential conflict, is distributed to all covered persons (i.e., board members, officers and executive leadership or key employees). Covered persons are required to disclose real or potential conflicts at the time when such conflicts arise. When someone becomes a covered person and annually thereafter, each covered person is required to sign a statement affirming that he/she: (1) has received a copy of the conflicts of interest policy. (2) has read the policy and understands said policy; and (3) agrees to comply with all requirements of the policy, including completing the conflicts of interest questionnaire. The completed questionnaires are reviewed by the executive vice chancellor of finance & administration/cfo and the audit committee, then the results are reported to the full board of regents as defined by the university's bylaws.”

“The board appoints an executive compensation committee, comprised solely of independent directors, none of which have a conflict of interest with respect to the compensation arrangement, to be accountable for setting reasonable compensation packages, including any retention bonuses, for the chancellor/ceo, other officers and key employees (if any). For the tax year 2024, the executive compensation committee hired a qualified independent compensation and benefits consulting firm (independent expert) to review, analyze and provide benchmarking data for the total compensation and benefits package. The comparability data obtained from the independent experts, i.e., total economic benefits paid by similarly situated organizations (peer analysis) for similar job duties, included form 990 disclosures of not-for-profit peer organizations and a number of national compensation and benefits surveys and reports. The independent experts report was reviewed by the executive compensation committee at its november 13, 2024, meeting. The executive committee's discussions and decisions were contemporaneously documented. Documentation includes: the terms of the deliberations, members present and those who voted on it, a description of the comparability data relied upon and how it was obtained, date approved, and any actions taken with respect to any potential conflicts of interest.”

“While federal tax laws do not mandate that the organization's governing documents, conflict of interest policy and financial statements be made available for public inspection, the organization makes its financial statements available upon request.”

“Other professional services: program service expenses 529,881. Management and general expenses 572,698. Fundraising expenses 0. Total expenses 1,102,579. Strategic enrollment partners: program service expenses 9,216,158. Management and general expenses 0. Fundraising expenses 0. Total expenses 9,216,158. Contracted instruction: program service expenses 4,755,067. Management and general expenses 0. Fundraising expenses 0. Total expenses 4,755,067.”

“Bad debt recovery -538,164.”