Cambridge College Inc

“Executive committee the established executive committee consists of the chairs of all standing board committees, as described in section 4.13(a), and the officers of the board. The chair acts as the chair of the executive committee, and the vice chair acts as vice chair of the executive committee. The president serves as a member of the executive committee, ex-officio, with vote. The executive committee has the authority to act for the board of trustees to address routine business between regular board meetings; it assists and advises the chair and the president in their responsibilities to help the board of trustees function effectively and efficiently; and has the authority to act for the board of trustees on all matters except for the following, which are reserved for the board: selection and termination of the president; adoption of the annual budget; selection and removal of trustees or officers appointed by the trustees; incurring of substantial indebtedness on behalf of the college; capital expenditures that require approval by the board under applicable board of trustees policy; relocation of the college or major decisions pertaining to the principal office of the college; and any actions which require by law the vote of the board,including amendment of the articles of organization or the bylaws; merger or consolidation of the college; dissolution of the college; or the initiation of bankruptcy proceedings.”

“Form 990 review process the 990 was prepared and reviewed by a national advisory firm using information provided by the controller. The form is subsequently reviewed by the vp of finance and administration, as well as the president. Prior to filing, a copy of form 990 was provided to the entire board of trustees.”

“Conflict of interest policy monitoring & enforcement the college uses a conflict of interest disclosure form to monitor compliance with the conflict of interest policy. Annually, officers and directors are required to complete the disclosure form. The process is administered by the trustees and governance committee with assistance from the office of the president. Effective implementation of this policy requires, first, the full disclosure of individual interests that might conflict with the best interests of the college. Second, the trustees, officers, employees, and other representatives who have disclosed a potential conflict of interest shall refrain from participating in the college's consideration of any proposed business or financial relationship in which he or she is interested, except to respond to questions or to provide further information. If a transaction or relationship requires a vote, the interested party should not be present at the time of the vote.”

“Process for determining compensation the executive committee of the board of trustees serves as the compensation committee. When determining the president's compensation, human resources provides a compensation analysis for similarly situated presidential salaries. A written contract is negotiated and the employment and compensation package is then approved by the board of trustees.”

“Availability of form 990 for public inspection cambridge college's form 990 is available via request from the college. The form 990 is also available online from guidestar, the massachsuett's attorney general's office and other such sources.”

“How documents are made available to the public cambridge college makes available copies of its by-laws, conflict of interest policy, and financial statements to the general public upon request.”

“Certain individuals reported on part vii, section a and schedule j, part ii, receive compensation for teaching courses at the college.”

“On july 1, 2024, cambridge college contributed substantially all of its assets to bpu acquisition, llc d/b/a cambridge college at bay path university, a massachusetts limited liability company and public charity that is wholly controlled by the massachusetts nonprofit corporation that owns and operates bay path university. As a result of this transaction, cambridge college ceased doing business and is in the process of dissolving the corporate legal entity and winding up its affairs. The transaction is subject to final regulatory approvals of the department of education and massachusetts attorney general, among others. Form 990, part i, line 1, description of organization mission: time-efficient, and cost-effective higher education for a diverse population of working adults.”

“Effective july 1, 2024, the college transferred essentially all of its assets and liabilities to bpu acquisition, llc d/b/a cambridge college at bay path university, and has begun the process of dissolving the corporate legal entity and winding up its affairs.”

“The amount listed has been reduced by the number of forms 1098-t that were filed. The organization filed 2,629 forms 1098-t.”

“Transfer of net assets to bpu acquisition, llc -11,096,975. Loss on disposal of fixed and intangible assets -6,396,540. Write-off of uncollectible pledges -641,767. Change in value of split-interest agreement -28,333.”

“As part of the acquisition transaction effective july 1, 2024, the college received audited financial statements prepared in accordance with u.s. Generally accepted accounting principles (gaap) for the period ending june 30, 2024. The financial statements disclose the college's activities prior to the cessation of the college's operations and the dissolution of its net assets. However, for federal tax reporting purposes, the college retained its original fiscal year ending august 31, 2024, in order to fully report the transfer of net assets and related activities through the end of the fiscal year. As a result, the college did not receive audited financial statements covering the full tax year ending august 31, 2024. Accordingly, form 990, part iv, line 12a and part xii, line 2b are answered "no" to reflect that audited financial statements were not prepared for the complete fiscal year.”