Presentation College

“The Vice President for Finance & Administration, David Cannon, is employeed by Collegiate Enterprise Solutions, an unrelated management company, for services as Vice President for Presentation College. Presentation College paid $88,698 in fiscal year June 30, 2023 for his services. Cannon's service ended December of 2022. The Chief Financial Officer, Rocky Query, who started December of 2022, is employeed by Query and Associates, an unrelated management company, for services as CFO for Presentation College. Presentation College paid $54,450 in fiscal year June 30, 2023 for his services.”

“Members of the College are the elected officers of the Congregation of the Sisters of the Presentation of the Blessed Virgin Mary of Aberdeen, South Dakota as defined by the College's Articles of Incorporation.”

“Four members of the board of trustees shall be members (and/or appointed representatives of members) of the Congregation of the Sisters of the Presentation of the Blessed Virgin Mary of Aberdeen, South Dakota. The members have the authority to appoint two to four people to the Board of Trustees.”

“The members of the organization shall have the authority to take the following actions unilaterally: (a) Appoint two to four people to the Board of Trustees. (b) Remove a Trustee appointed by the Members of this Corporation from the Board of Trustees with or without cause. (c) Require the Board of Trustees to consider or reconsider any action or item within 90 days that the Members have determined to be significant to the Presentation of the Blessed Virgin Mary or Catholic character of this Corporation. (d) Remove any or all of the members of the Board of Trustees as a group and name successor Trustees. (e) Appoint one Member of this Corporation to any presidential search committee The Board of Trustees of the organization may not take the following actions without the approval of the Members of the organization: (a) Appoint the President of the College. (b) Sell, lease, or encumber any real property owned by this Corporation. (c) Purchase real property. (d) Construct new buildings or undertake major renovation of existing buildings. (e) Incur long-term debt in excess of an amount set from time to time by the Members of this Corporation. (f) Make capital expenditures in excess of an amount set from time to time by the Members of this Corporation. (g) Elect new Trustees (h) Adopt or amend the gift policies of this Corporation.”

“Minutes are maintained for all committees however there are no committees with authority to act on behalf of the governing board. While an Executive Committee exists, their responsibilities are advisory in nature.”

“Upon receipt of the completed return, the Board Chair will review the return prior to filing with the Internal Revenue System.”

“The board members are required to disclose at every board meeting any conflicts. A statement is handed out prior to each board meeting and must complete with any elements that could be a potential conflict of interest. This becomes part of the permanent board proceeding record.”

“President - Comparison with regional salaries of similar college presidents and based on performance. Performance review is done annually. For the College administrators, including the CFO, salaries are determined by the President based on market comparables for institutions of similar size and nature. Salaries are part of the budget, which is approved by the board of trustees. Market comparisons are performed annually.”

“These documents are not available to the general public.”

“The board approved the Provisional Plan to cease educational operations at the December 2022 board meeting. The Plan was submitted to the Higher Learning Commission.”

“Change in Split-Interest Agreements -13,208. Impairment Loss on Assets -16,325,618.”

“Due to the College announcing the cessation of academic operations following the summer 2023 session, the property and equipment of the College were evaluated for impairment and were determined to have no value as a result of all assets reverting to the Presentation Sisters according to the College's articles of incorporation and by-laws; this transfer will occur subsequent to year-end. Accordingly, an impairment loss of $16,325,618 was recorded in the statement of activities at June 30, 2023, and the carrying value of the property was reduced to its estimated fair value.”