Midwest Foundation for Higher Education

“The executive committee consists of the chairman of the board of directors, the treasurer of the foundation, and the chairmen of the remaining committees of the foundation. The executive committee has the authority of the board in the management of the foundation at all times between meetings of the board; provided the executive committee does not have the authority of the board of directors in reference to amending, altering, or repealing the by-laws, or removing any member or any committee, or adopting a plan of merger or plan of consolidation with another corporation, or authorizing the sale, lease, exchange or mortgage of all or substantially all of the property and assets of the foundation, or of authorizing the voluntary dissolution of the foundation or revoking proceedings therefor, or adopting a plan for the distribution of the assets of the foundation, or amending, altering or repealed by such committee.”

“Diane thurber - family relationship gary thurber - family relationship”

“During the fiscal year, the organization amended its bylaws to modernize governance practices, clarify roles and oversight, and align operations more closely with union adventist university. Key changes included updating officer titles and institutional references, authorizing virtual board meetings, revising the fiscal year to align with the university's fiscal calendar, and enhancing transparency and accountability through expanded audit reporting. The amendments also clarified board and committee procedures, strengthened oversight by the university's board of trustees in areas such as director selection, major financial commitments, and bylaw amendments, and incorporated current nonprofit governance standards while preserving the organization's charitable mission and investment authority.”

“The vice president for finance of union college is a perpetual ex-officio member of the foundation's board of directors.”

“The form 990 was prepared by an independent accounting firm using data supplied by management. A copy of the form 990 was reviewed by the finance committee and provided to each member of the board of directors prior to filing with the irs.”

“The board reviews the conflict of interest policy annually to ensure that all members are complying and to update if necessary. All present and potential conflicts of interest must be disclosed: if known, in advance of any meeting, business transaction, or other activity at which the issue may be discussed or on which the issue may have a bearing on the person's approach to the issue, whether directly or indirectly; or if not known in advance, when the actual, possible, or potential conflict becomes apparent. Disclosure must be made to the person in charge of the meeting or activity and to the full meeting, or to the person's supervisor, as appropriate. The person should remove himself/herself from the room or situation to avoid participation in all discussion or deliberation on the issue, and voting. All such actions should be recorded in any minutes or records kept. Following full disclosure of the present or potential conflict, the board or equivalent group may decide that no conflict of interest exists and invite the participation of the person. Any discussion of potential conflicts of interest is documented in the board minutes.”

“The foundation makes its governing documents, conflict of interest policy and financial statements available to the public upon request.”

“Provide specific scholarship awards to students meeting criteria specified by endowment agreements.”