Elgin Community College Foundation

“As noted in part iii, line 2, we updated the articles of incorporation. Additionally, we have a change in the bylaws that was approved in june 2022 that changed the vote requirements from a majority vote to a 2/3rds vote. The number of board of directors was increased from 24 to 30. Directors terms were changed from four-year terms for a total of 4 consecutive terms were changed to three-year terms for a total of 3 consecutive terms with eligibility for another terms after 1 year of expiration of the third term. A director serving as a vice chair, chair, or immediate pat chair whose terms would otherwise expire may continue to serve as a memver of the board in that role.”

“The finance committee will represent the 990 review committee. Once the 990 has been completed, the finance committee will review all information and when a final draft is available, it will be emailed to the entire board for comments.”

“The board members are required to sign a conflict of interest disclosure statement annually that acknowledges his or her familiarity with the policy and shall disclose in writing any existing financial or other material interests or co-investment interest subject to this policy. Additionally, management of the foundation reviews transactions for possible conflicts.”

“Compensation process is determined by elgin community college, and is based on a salary schedule. Compensation survey or study - hay group method. Approval by board or compensation committee - ecc board approved an across the board increase for all administrators. Ecc does not have merit based raises.”

“Documents are available upon request.”

“The articles of incorporation were updated to include (although we didn't take any action with this change as it happened at the end of the fiscal year): to provide assistance to ill, low income or students and their families in need of assistance by providing them with food, clothing and other assistance whether through direct payments or in-kind donations including but not limited to partnerships with food pantries and food banks, such as feed america and the northern illinois food bank or similar charitable organizations that help the individuals in need of assistance”

“Other professional services: program service expenses 0. Management and general expenses 157,474. Fundraising expenses 0. Total expenses 157,474.”

“Increase in cash surrender value of life insurance 3,572.”