Sullivan County Community College Foundation Inc.

“Sullivan county community college foundation has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, reviewed by the audit committee and controller and is ready to be filed with the internal revenue service, it is electronically sent to the board members of the organization for any comments. Any comments are then grouped, summarized and provided to the outside accountants. Each issue is documented and addressed until the return is finalized and approved for filing.”

“Any director, principal officer, or member of a committee with board-delegated powers, who has a direct or indirect financial interest is an interested person and is subject to the organization's conflict of interest policy. In connection with any actual or possible conflicts of interest, an interested person must disclose the existence of his or her financial interest and all material facts to the directors and members of committees with board-delegated powers considering the proposed transaction or arrangement. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he or she shall leave the board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists. If the board or committee has reasonable cause to believe that member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose. If, after hearing the response of the member and making such further investigation as may be warranted in the circumstances, the board or committee determines that the member has in fact failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action. Each director, principal officer and member of a committee with board-delegated powers shall annually sign a statement which affirms that such person: has received a copy of the conflict of interest policy, has read and understands the policy, and has agreed to comply with the policy.”

“The organization's form 990 and the audited financial statement is made available for the public inspection as required under section 6104 of the internal revenue code. It is posted on new york state attorney general website, guidestar.org and other similar types of websites. In addition, the conflict of interest policy, articles of incorporation and by-laws are also available upon written request at 112 college road, loch sheldrake, ny 12759 or by calling the organization directly at (845)434-5750.”

“The sullivan county community college foundation, inc., finance committee assumes responsibility for the oversight of the audit of its financial statements and selection of its independent auditor. The policy for selection and oversight of the independent auditors has not changed since last year.”