Columbia College Chicago

“The president/ceo has the authority to hire and set initial and ongoing compensation of other officers and key employees. The board is made aware of salaries, bonuses and benefits on an annual basis.”

“The Executive Committee shall consist of the Chair, Vice Chairs, Secretary, Treasurer, and the Chairs of the standing committees. When the Board is not in session, the Executive Committee shall, except as otherwise provided by law, the Bylaws, or expressly by the Board of Trustees, have the authority to act for the Board on all matters except for the following, which shall be reserved for the board: Presidential selection and termination; Trustee and Board officer selection; changes in institutional mission and purposes; adoption, amendments to or repeal of the Articles of Incorporation or Bylaws; incurring corporate indebtedness; adoption of a plan for the distribution or sale of all or substantially all of the College assets or tangible property; adoption of the annual budget; and determination of the existence of an Adverse Circumstance pursuant to the College's Statement of Policy on Academic Freedom, Faculty Status, Tenure and Due Process. The Committee shall also oversee the management and development of the College's physical plant to ensure alignment with the College's mission and strategic plans. The Committee shall meet as often as necessary to conduct its business, as the Chair shall determine.”

“Internal management will review the form 990 with the paid tax preparer. The 990 will then be submitted to the organization's general counsel for review. The form is submitted to the audit committee for review as well as the board of trustees for review and comments before it is filed with the irs. The board will be given a deadline to submit questions and comments.”

“Pursuant to policy, directors, officers, and trustees are required to complete an annual conflict of interest questionnaire. Conflicts must be disclosed, and acknowledgement made of the duty to disclose all potential conflicts of interest. Disclosures are also submitted by staff. During the year, the board of trustees completed and submitted conflict of interest forms. Reported conflicts are submitted to the audit committee for evaluation. Conflicted board members are prohibited from voting on and participating in discussion of conflicted transactions.”

“The presidential evaluation committee of the board of trustees, using various data sources including comparative data, creates a multi-year employment contract for the president. The awarded contract is presented to the executive committee of the board of trustees for approval and is ratified by the board of trustees which is documented in the minutes. Annually, the presidential evaluation committee of the board of trustees reviews the base salary and performance bonus for the president. The committee met on june 7, 2023, and based upon their recommendation the annual base salary was increased, a performance bonus was awarded, and a modification was made to future deferred compensation payments. This was presented to the executive committee of the board of trustees and was subsequently approved.”

“Audited financial statements are available to the public on the organization's website. The governing documents and conflict of interest policy are available upon request”

“CONTRACTED EDUCATION & TRAINING SERVICES - Total Revenue: 10000, Related or Exempt Function Revenue: 10000, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; COST RECOVERIES, NONPROFIT RENTALS, ADVERTISING - Total Revenue: 248159, Related or Exempt Function Revenue: 248159, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ;”

“Change in pension cost - 1065201; net periodic pension cost - -1292211; loss on extinguishment of debt - -73684;”