Chalmers Center for Economic Development at Covenant College Inc

“The eleven directors of the Board of Directors of The Chalmers Center is derived from three separate pools. Six directors (Class A) are appointed by a majority vote of the Board. Three directors (Class B) are appointed by the Executive Committee of the Covenant College Board upon nomination by the Covenant College's President and Senior Leadership Team after consulting with the Chalmers Center Executive Director and its Senior Leadership Team in accordance with the Bylaws. In practice, Class B Directors nominations have been initiated by the Executive Director and Senior Leadership Team of The Chalmers Center for submission to the Executive Committee of the Covenant College Board. Two Ex Officio Directors (Class C) include the President and the Chief Academic Officer of Covenant College.”

“Form 990 is prepared by an independent CPA firm and reviewed in detail by the organization's top management. The reviewed Form 990 is then provided to the board of directors prior to filing with the IRS.”

“The organization has a detailed written conflict of interest policy. Both Board members and employees are required to disclose conflicts and sign a disclosure statement annually. The Board Chair and the Vice President of Operations review the annually signed statements. Should any potential conflicts of interest be disclosed, the Board member or officer would be asked to refrain from participation in any deliberation or decision with regard to matters affected by the relationship.”

“Question 15a - Compensation for the Executive Director was determined by obtaining comparable external salary data from similar-sized non-profits in the region. Compensation amounts were approved by the Board and documented in the Board minutes. Question 15b - Compensation for officers and key employees included review and approval by the independent board, comparability data, and contemporaneous substantiation of the deliberation and decision.”

“Governing documents, conflict of interest policy, and financial statements are available to the public upon request. The audited financial statements are also made available on the organization's website.”

“Outside Contract Services: Program service expenses 294,849. Management and general expenses 10,938. Fundraising expenses 64,966. Total expenses 370,753. Training Fees: Program service expenses 234,118. Management and general expenses 0. Fundraising expenses 0. Total expenses 234,118. Consulting Fees: Program service expenses 0. Management and general expenses 0. Fundraising expenses 315. Total expenses 315.”

“In accordance with the principles of FASB ASU 2016-14 (ASC 958), the organization has implemented required changes to its audited financial statements for the period ended 6/30/2019. The 2018 Form 990 and its associated schedules have not been updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Part X, Lines 27-29: Line 27 - Net assets without donor restrictions $ 92,997 Line 29 - Net assets with donor restrictions $1,564,113 Total net assets $1,657,110”

“The Board's audit committee assumes responsibility for oversight of the audit of its financial statements and selection of its independent auditors. This process has not changed since the prior year.”