Jewell Educational Fund

“Pursuant to the organization's governing documents and the michigan non-profit corporation act, baker college is the sole stockholder of the jewell educational fund.”

“Pursuant to the organization's governing documents, the board of regents, the governing body of the jewell educational fund, is appointed by the sole stockholder, baker college.”

“An appointed committee, approved by the board of regents/trustees/directors, consisting of the board chair, baker college professional service's president, and treasurer/secretary reviewed the form 990. The appointed committee was provided a draft of the return completed by the paid tax return preparers. Subsequent to the appointed committee's review and recommendations, the final copy was made available to the full board of regents/trustees/directors, either electronically or by mail, prior to the filing of the form 990 with the irs.”

“The conflicts of interest policy covers the officers, directors, trustees, and key employees of the college. These individuals have a duty to disclose any actual or possible conflicts of interest to the corporate control office. After disclosure of the conflict, the corporate control office shall determine whether a financial interest exists. The system follows written procedures for addressing disclosed conflicts of interest. The corporate control office will review the facts and circumstances and determine whether the transaction or arrangement is in the college's best interest, for its own benefit, and fair and reasonable to the college. The corporate control office shall make its decision as to whether to enter into the transaction or arrangement in conformity with such determination.”

“Line 15a: president jacqueline spicer, top management official, does not receive compensation from the jewell educational fund. Therefore, this question has been answered "no" in accordance with the form 990 instructions. Line 15b: the organization's other officers do not receive compensation from the jewell educational fund. Therefore, this question has been answered "no" in accordance with the form 990 instructions.”

“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.”

“Retirement medical fund adjustment 7,799,054.”

“The oversight process and selection process of the independent accountant has not changed from prior years.”

“In accordance with the single audit act and as required by the u.s. Office of management and budget circular a-133, audits of states, local governments, and non-profit organizations, baker college and subsidiaries received an audit for the consolidated financial statements for the fiscal year ended august 31, 2024. Jewell educational fund is a subsidiary corporation of baker college.”