Notre Dame College

“Form 990 review - see schedule o for details about the closure of the college. Data form form 990 was assembled by the chief liquidation officer and was reviewed by the outside tax professional from the audit firm of the college. After the draft of form 990 was completed, it was reviewed by the chief liquidation officer and his staff for accuracy.”

“Monitoring and enforcement of conflict policy - the conflict of interest policy covers the trustees, officers, and other key employees. The trustees, officers, and key employees complete a statement once a year to disclose any potential conflicts of interest. Any potential conflicts of interest are reviewed by the executive committee of the board or the president of the college. The college president or board shall determine whether a conflict of interest exists and, if so, authorize or reject the transaction or take any other action deemed necessary to address the conflict and protect notre dame college's best interests. An individual with a conflict of interest is prohibited from voting on any matter that deals with the conflict and from participating in any decisions that relate to the conflict of interest.”

“Compensation review and approval - the compensation of the president is determined by the compensation committee of the board of trustees. The committee uses comparability data in establishing compensation and benefits. The committee members are independent of the president. As a small college with limited resources, the compensation level of other officers does not rise to a level to necessitate comparability data.”

“Availability of documents - due to the closure of the college (see schedules n and o for details) the financial statements, conflict policy and organizing documents are not available to the general public.”

“Effective may 2, 2024, notre dame college was closed and a chief liquidation officer was appointed as a trustee. The financial and other data reflected in this form 990 was obtained from college systems before they were shut down by the chief liquidation officer's staff. There were no employees at the college to assist with gathering this information. Due to having limited access to certain data, the chief liquidator and his staff are unable to make any assurances about the accuracy and completeness of the data contained herein. Additionally, some data required to be included in this form 990 was unavailable including the following: - some benefits information required to be reported in form 990, part vii and schedule j. - donor information for schedule b. - endowment activity for the current fiscal year for schedule d, part v. - detail of fundraising events for schedule g. - non-cash donation information for schedule m.”

“Adjustment due to closure of college (see sch. N and o) -14,331,699.”

“Although the college did not undergo an audit of its financial statements due to the closure, the independent accountants issued an examination report on the college's compliance for the student financial assistance cluster and on internal control over compliance required by the uniform guidance for the period july 1, 2023 to may 2, 2024.”