Delta College Foundation

“The Form 990 and the Audited Financial Statements were distributed to the members of the Board of Directors who serve on the Finance Committee. They reviewed the materials and met with the Executive Director, the Treasurer and the Accountant who prepared the Form 990. Committee members were able to ask questions, make amendments and approve the Form 990 content prior to submitting it to the IRS. The committee members followed up by reporting the meeting results to the full Board of Directors at their next quarterly meeting. The entire Board of Directors reviews the quarterly financial statements throughout the year at their regularly scheduled meetings.”

“The Conflict of Interest Policy is distributed to the entire Board of Directors each year. The Directors are asked to independently review it and complete a Disclosure Statement which is reviewed by the Executive Director for potential conflicts. If any issues are identified, they would be brought to the attention of the Board Chair and the College President who serves as an Officer on the Foundation Board.”

“Foundation Officers include the Executive Director, Treasurer and Secretary, who are employees of Delta College, a related organization. Their compensation is determined and paid by the College based on the board-approved evaluation process which incorporates salary market comparisons and a uniformly applied Performance Management System. Annual increases to compensation, if any, are approved by the College Board of Trustees.”

“Written copies of the Foundation's policies, Audited Financial Statements and Form 990 with Schedules will be provided within three business days of receiving a request. Requests may be sent to: Delta College Foundation, 1961 Delta Road, University Center, MI 48710. The College's most recent Audited Financial Statements include a condensed version of the Foundation's Statements and can be viewed online at: www.delta.edu/transparency.”

“Non-academic student assistance included payments for rent, utilities, car repairs, groceries, and graduation cap, gown and tassel sets for the 2021 graduating class. This aid totaling $14,881 was provided to benefit Delta College students attending classes who had barriers that threatened their ability to successfully complete their courses or participate in the graduation ceremony. The students who received aid were referred by College staff. Emergency assistance was paid directly to the service providers on behalf of the students and helped approximately 330 students.”

“Net assets decreased from $7,176,098 to $1,967,052, or 73%, during the year as shown in Part X due to cash transfers to the College. Although this amount exceeds 25%, Schedule N instructions state that "Grants or other assistance made in the ordinary course of the organizations exempt activities to accomplish the organization's exempt purpose" do not need to be reported, so the "No" box was checked. The large decrease in net assets resulted from transferring funds to the College for the construction of the new Midland Center building.”

“The Foundation received eleven donated automobiles from a manufacturer and several car dealerships. We were not required to issue Form 1098-C for these donations because these vehicles were part of their sales inventories in their "ordinary course of business". The vehicles were transferred to the College's Technical Trades and Manufacturing Division for automotive service training.”