Pinkney Innovation Complex for Science &

“The executive committee shall consist of the chair, the immediate past chair, the vice chair, the secretary, the treasurer, treasurer committee chair, audit and governance committee chair, academic partnerships committee chair, and real estate committee chair. The executive committee is delegated the authority and powers of the board. Activities and decisions of the executive committee shall be reported to the board at the next scheduled regular meeting.”

“The bylaws give montgomery college the authority to appoint the majority of the voting board members of this organization.”

“The form 990 is reviewed by all board members of the organization before filing with the internal revenue service.”

“The conflict of interest policy applies to each foundation board member, officer, and volunteer serving in an equivalent capacity. At the time of appointment or hiring and annually thereafter, each foundation board member, officer, or volunteer acting in an equivalent capacity must disclose his or her financial interest(s) as well as any other actual or potential interest(s) or relationship(s) that might be construed as affecting his or her independent, unbiased judgment in light of his or her decision-making authority or fiduciary responsibility. A covered person shall make such disclosures on the foundation's disclosure form and submit it to the chair of the foundation board or his/her designee at the time of appointment or hire and thereafter annually by july 1, the beginning of the foundation's fiscal year. A covered person with no reportable interest shall so indicate on the disclosure form and submit it to the foundation board chair or his/her designee. If there is any change to a covered person's financial interests or other reportable interests or relationships during the fiscal year, the covered person shall promptly amend his or her disclosure form. The board chair, in consultation with the foundation's legal counsel and executive committee, will review the disclosure forms and determine whether a covered person has an actual, potential, or apparent conflict of interest. A covered person with an actual, apparent, or potential conflict of interest may make a presentation at a meeting of the foundation board or one of its committees. A covered person must disclose his or her interest prior to the foundation board's or committee's discussion of and vote on the proposed transaction or arrangement involving the covered person's actual, apparent, or potential conflict of interest. He or she shall leave the meeting during the discussion of, and the vote on, such proposed transaction or arrangement. The foundation board or committee may approve the transaction or arrangement by a majority vote of the disinterested directors present and voting if the transaction or arrangement is fair and reasonable to the foundation. To the extent not covered by the procedures described above, the board chair, in consultation with legal counsel, the executive committee, and the covered person, shall determine appropriate measures to be taken to manage an actual, apparent, or potential conflict of interest of an officer or volunteer acting in an equivalent capacity.”

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

“Contracted services: program service expenses 113,940. Management and general expenses 0. Fundraising expenses 0. Total expenses 113,940.”

“The process for oversight of the audit and selection of an independent accountant has not changed since the prior year.”