Barton County Junior College Endowment Association

“The audit report, financials, and form 990 are reviewed with the president, executive director, and the bookkeeping staff. After this meeting, the information is left with these individuals in order to allow them time to review the financial statements in greater detail, if needed. If no additional changes or questions arise, then the audited financial statements and form 990 are distributed to the board prior to the next board meeting. The audited financial statements and form 990 are approved by the entire board.”

“The board of directors monitor any changes in related parties and/or conflicts of interest with members of the board annually (or during the year if needed). Board members are required to sign a conflict of interest statement annually. Where a member may be associated in any way to any individual, firm or organization with which the foundation may do or may consider doing business, that relationship shall be disclosed by the member to the administrative board or to the executive director, as appropriate. Where his/her business or other relationship may be involved in a financial transaction, the transaction shall be made as a result of competitive bidding or other objective measure in the best interest of the foundation. The member concerned may properly participate in such discussions, may be counted in the quorum, but shall not vote in the final decision.”

“Believing it is fundamental to pay employees a fair and equitable amount for their services, the barton community college pursued the purchase of salary administration software that is (1)internally consistent; (2)externally competitive; and (3)responsive to changes in economic conditions. The compease salary administration software was purchased by the college through kocher goodwin and associates, inc. (kg) who are compensation and performance consultants out of wichita, ks. Through a 10-factor job evaluation, the focus is on the job and not the person holding it. The job evaluation process attempts to: (1)establish the relative worth of jobs; (2)group jobs into appropriate pay grades; (3)ensure a basis for disciplined rather than arbitrary judgments; and (4)provide consistent, understandable measure of the worth of each job. The 10 compensatory factors are grouped into three categories, which are: knowledge/skills, problem solving (effort), and accountability. The evaluation method is essentially a point/factor comparison plan built around a group of jobs called benchmarks which are: (1)well established, clear-cut, clearly understood jobs within the college; (2)representative of large employee populations (more applicable at lower levels); and (3) easily compared to like jobs outside the organization. Through the use of salary administration software containing benchmark jobs that is utilized by other educational entities across the u.s., along with the knowledge and expertise of kg consultants during the comparison study and the continued kg consulting services, the college has now set up (2008 academic year) a system to judge what is a fair and a competitive wage for each described position held at barton community college. Once a year, normally in time for the college's budget-setting process (late spring), the president reviews the executive director's performance agreement showing the past year's goals and objective results and the future year's goals and objectives. He/she then recommends any compensation increase. The dean of administration and the human resource office reviews the recommendation, compares the request to the compease evaluation formula and either approves or denies the president's request. The new compensation rate becomes effective on july 1st of each academic year.”

“These documents are available upon request at barton county community college foundation's office.”

“Adjust remainder interest in smith and getz trust at fmv -25,166. Change in value of beneficial interest 6. Rounding -2.”