Illinois College of Optometry

“The last salary comparison for officers and key employees occurred in FY2022. There were no new hires in FY2024 of officers or key employees and therefore a comparison study was not conducted. The VP of Human Resources and the CFO does review overall compensation and compares ICO's numbers to those of other Optometric Colleges each year during the budgeting process. This is done using information on their respective 990's and concurrently, salaries of their officers and key employees are also reviewed against those of ICO.”

“On an annual basis, the executive committee of the board of trustees performs a performance review of the president. Comparability data is used and any recommendations for increases are forwarded to the board of trustees for review and approval. The review and approval are timely documented. The president's base compensation package is documented in a written employment contract.”

“There shall be an executive committee of the board which shall have such number of members, not less than six, as the board shall determine. The chairman, vice chairman, secretary and treasurer shall be members of the executive committee. The board of trustees shall elect the remaining members of the executive committee. During the intervals between meetings of the board of trustees and subject to such limitations as may be required by law or by resolution of the board of trustees, the executive committee shall have and may exercise all of the authority of the board of trustees in the management of the college. The executive committee may also from time to time formulate and recommend to the board of trustees for approval, general policies regarding management of the affairs of the college. A majority of the executive committee shall constitute a quorum. The chairman of the board of trustees shall be chairman of the executive committee and is authorized to convene a meeting upon notice in any form at any time. Meetings of the executive committee, which are not called by the chairman, shall be called at the request of any member of the executive committee other than the chairman, and shall be held upon not less than three daysice given in any form, either written or oral. Executive committee action shall require a minimum of three votes.”

“LEONARD MESSNER AND STEPHANIE MESSNER - Family relationship, ZHIYONG (DANIEL) REN AND YI PANG - Family relationship”

“Prior to filing the return with the IRS, a draft of the completed form 990 is reviewed by the organization's outside independent tax advisors. The completed draft form 990 is then provided to the full board for review and is subsequently filed with the IRS.”

“The Illinois College of Optometry (ICO) maintains a board-approved conflict of interest policy. At any time that a material change occurs for any trustee, member of a committee with Board-delegated power, administrator, faculty or an employee's interest during the year, the potential for conflict shall be promptly disclosed. This shall occur either before the consideration/initiation of a contract or transaction or within 30 days of the change in materiality. The policy requires that a conflict of interest disclosure questionnaire be completed and reviewed for every "interested person" annually. The policy defines an interested person as Trustees, members of board committees, administrators, employees with purchasing authority and faculty members of ICO. Faculty and employee questionnaires are reviewed by the Compliance Officer and any potential conflicts will then be reviewed with the appropriate department administrator. The President will review the questionnaires of the senior administrative staff. All conflicts will be evaluated and any conflict that is determined to be material will be managed, if possible, or promptly eliminated. The Dean will review all faculty questionnaires. All conflicts will be evaluated and any conflict that is determined to be material will be managed, if possible, or promptly eliminated. The disclosure questionnaires of the Trustees, all members of Board committees with Board-delegated powers and the President/CEO will be sent to the Audit Committee and the Chairman of the Board by the Audit Committee Chair. The committee members will promptly review the questionnaires to identify any material conflicts and engage a process to investigate, manage or eliminate the conflict. The following procedural guideline shall apply if the Audit Committee determines that a significant or material conflict of interest may exist: (a.) The Audit Committee shall file the disclosure questionnaire of the interested person(s) with ICO's general counsel within 14 days and shall immediately alert any Trustees, committee members and/or the President that a proposed contract, transaction, or arrangement being considered may create a possible conflict. No action shall be taken on the proposed contract, transaction, or arrangement that creates the potential conflict until all the directives of this policy are completed. (b.)The interested person(s) will fully disclose, to the Audit Committee, all material facts relating to the interest. Only the disinterested members of the Audit Committee shall discuss the conflict. The disinterested members of the Audit Committee shall present its findings to the full Board for discussion and action. All disinterested Trustees must vote to determine whether a conflict of interest exists absent the Trustees who are interested persons. Should the disinterested members of the Board determine that a conflict of interest exists with respect to a particular contract, transaction or arrangement: (a.) The disinterested members of the Board shall exercise due diligence to determine whether ICO could obtain a more advantageous contract, transaction, or arrangement with reasonable efforts under the circumstances. If appropriate, the Board shall appoint a disinterested person, administrator or committee to investigate alternatives to the proposed contract, transaction, or arrangement. Such person or committee shall report its findings to the Board. (b.) The Board may approve the contract, transaction, or arrangement with an interested party only if the disinterested Trustees determine by a majority vote that the Board has satisfied its fiduciary duties toward ICO and qualified for the rebuttable presumption of reasonableness under internal revenue code section 4958 (the "intermediate sanctions statute"). Specifically, the Board may approve the contract, transaction, or arrangement only if the disinterested Trustees determine by a majority vote that: i. The proposed contract, transaction, or arrange”

“On an annual basis, the executive committee of the board of trustees performs a performance review of the president. Comparability data is used and any recommendations for increases are forwarded to the board of trustees for review and approval. The review and approval are timely documented. The president's base compensation package is documented in a written employment contract.”

“Financial statements, governing documents, and conflict of interest policies are not required disclosures pursuant to Internal Revenue Code (IRC) Section 6104. These documents are not available to the public at this time.”

“Tracy Matchinski is compensated as a Professor of Optometry and not a Board Member. Additionally, Osvaldo Lopez, MD received compensation but not for services rendered as a trustee of ICO.”

“(Expenses $ 0 including grants of $ 0)(Revenue $ 208,309) THE ORGANIZATION RECEIVES OTHER PROGRAM SERVICE REVENUE RELATED TO ITS BOOKSTORE, FACULTY RESEARCH, STUDENT LOANS AND ADMINISTRATION OF ILLINOIS EYE INSTITUTE.”