University Studies Abroad Consortium

“Except as otherwise provided by law, the articles of incorporation, or the by laws, the activities and affairs of usac are to be conducted and all corporate powers shall be exercised by or under the direction of the board. However, the board may delegate the management of the activities of usac to one or more committees.”

“The form 990 was prepared by a national independent accounting firm with the assistance of management. Subsequent to the preparation the return is reviewed by multiple layers of management and once finalized sent to the board for review and approval prior to filing.”

“Each director, officer, and member of a committee with board delegated powers must annually sign a conflict of interest disclosure statement. Additionally, management staff and key employees are required to complete the same annual statement. The statement affirms such person: a. Has received a copy of the conflict of interest policy; b. Has read and understands the policy; c. Has agreed to comply with the policy; and d. Understands the corporation is charitable and in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax-exempt purposes. To ensure the corporation operates in a manner consistent with charitable purposes and does not engage in activities that could jeopardize its tax-exempt status, periodic reviews are conducted. There are procedures included in the "conflict of interest annual statement" if a potential conflict is identified.”

“Per article v, section 3, of the usac bylaws, the board, or any authorized committee of the board, shall review and approve the compensation, including benefits, of the officers of the corporation to ensure that each such officer's compensation is just and reasonable. Such review and approval shall occur when the officer is initially hired, whenever the officer's term of employment is renewed or extended. During the initial hiring process compensation of key employees is screened by the human resources manager and goes through several steps of approval. The process includes research on pay rates and comparable salaries. Key employee compensation is reviewed annually during the review process.”

“All copies of our governing documents, conflict policy, and financial statements are available upon request.”

“Covid-19 was declared a global pandemic by the world health organization on march 11, 2020, and the related responses by public health and governmental authorities to contain its outbreak and spread, adversely impacted workforces, economics, and financial markets globally. During the organization's 2021 fiscal year usac was unable to operate many of its programs. This was partially due to country-based restrictions that prevented students from the united states from going to certain locations. This was also due to operational changes based on the reduced number of students able to enroll in programs. During fy21, on-line courses were introduced as a substitute for in-person courses, however these programs were not permanent, and most have been discontinued. As an organization with a mission based in international relationships and travel, usac continues to closely monitor its operations, liquidity, and capital resources as a result of covid-19 and is making changes to programs and policies as needed to accommodate the high level of uncertainty surrounding international programs.”

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