Goldey-Beacom College Inc

“The board bylaws were updated february 2024 as follows: the president shall be authorized to enter into agreements, purchases and/or contracts with a total value up to $250,000 without review by the board of trustees. Any agreement with a total value of $250,000 or above must receive board of trustee or executive committee review and approval.”

“The following process will be used to allow the trustees to review the form 990 prior to its submission: 1) the auditor submits recommended completed form 990 to the vice president of finance/cfo (vp) for review. 2) upon the vp's approval of the completed form 990, the vp electronically sends the recommended copy to the full board asking them to review the form and get back to the vp by a designated date with any questions they have. 3) if questions are received from the trustees, the vp is responsible for obtaining the answers and replying to the trustees promptly. 4) once all trustee questions have been answered, the vp will sign the form 990 and initiate the electronic submission to the irs.”

“Each trustee and executive leadership team member is required to review the conflict of interest policy and sign a statement acknowledging their understanding and compliance with the policy. The vice president for finance/cfo collects and reviews the statements. Under the college's personnel policy manual, paid officers and all other employees are advised to avoid any potential conflicts of interest and are required to notify the college immediately should any such conflicts arise.”

“The executive compensation process is used to determine the annual compensation for the president, the vice presidents, and any other key employee earning more than $150,000 per year at goldey-beacom college. President - the chairman of the executive committee of the board of trustees, who is also always the chair of the full board, reviews and determines the annual compensation of the president of the college. In his/her deliberations, the chairman generally consults with the other independent members of the board's executive committee. The chairman and all other members of the committee, excluding the president, are always independent individuals who must not draw any benefits from the college. They are also required to sign a written no-conflict-of-interest declaration for the record. In determining the annual compensation of the president, the chairman and his/her associates normally take into consideration the widely reported and published data of presidential compensation in such publications as the chronicle of higher education and the college and university professional association for human resources (cupahr). After finalizing the decision, the chairman communicates it to the president in a meeting. Vice presidents/key employees earning more than $150,000 per year - the president of the college initiates the review of the compensation of the vice presidents and all key employees who earn more than $150,000 per year. In his/her review, the president takes into consideration the compensation data published by the college and university professional association for human resources (cupahr) and consultation with a 3rd party compensation consultant. Based on the compensation data and the performance of the employees making more than $150,000, the president reviews and determines the new compensation for these employees for the subsequent year.”

“The college's annual audit report is available in the college library. When a specific request is received for a copy of the audit or form 990, a copy is supplied. Also, the college's governing documents and conflict of interest policy are made available to the public for review upon request. The current mission and philosophy statement are available on the college website at www.gbc.edu.”