Minnesota Private College Fund

“The executive committee is comprised of any directors who are nominated by the nominating committee and elected to the executive committee by the board of directors, as well as the board chair, past chair, vice chair, secretary, treasurer, president, and provided that such person is a director, the chairperson of each standing committee and of the fundraising committee of minnesota private college fund. The executive committee has the authority of the board in the management of the business of the organization in the interval between meetings of the board, and is subject at all time to the control and direction of the board.”

“The audit committee of the board performs a detailed review of the form 990 at its fall meeting and officially approves it for filing. Following the audit committee's approval, the 990 is provided to every board member at least two weeks prior to its filing. There is no formal board action on the irs 990 submission unless requested by a member of the board.”

“All board members and senior staff are asked annually to fill out a conflict of interest disclosure. Persons disclosing a conflict of interest must leave the governing board or committee meeting while the determination of conflict of interest is discussed and voted upon. An interested person may make a presentation at the governing board or committee meeting regarding the proposed transaction or arrangement, but then must leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving possible conflict of interest.”

“The president's compensation was determined by the minnesota private college council using the methods checked in schedule j, part i, line 3.”

“The fund will provide copies of its governing documents, conflict of interest policy, and financial statements to the public upon request.”

“The compensation listed for the president and vice president is determined by, and entirely paid for, by the minnesota private college council, inc., a related nonprofit association. The minnesota private college council, inc. Donates these services in their entirety to the minnesota private college fund; no minnesota private college fund resources or contributions raised are used to pay for the compensation of the president and vice president for services rendered.”

“The minnesota private college council, inc. And minnesota private college fund are related nonprofit associations utilizing a common board of directors and administration exclusively for the benefit of charitable and educational purposes with the objective of promoting the general welfare of higher education and the advancement of learning for the public good. The membership of the fund is limited to nonprofit, tax-exempt, independent college and universities in the state of minnesota with curriculums leading to a bachelor's degree that are fully accredited by the north central association of colleges and secondary schools. There are currently 17 members. Minnesota private college council, inc. Serves as employer for all employed personnel providing services to the minnesota private college council, inc., and minnesota private college fund. The minnesota private college fund reimburses the minnesota private college council, inc. For the services of three council employees spending 100% of their time on fund activities. To a limited extent, other council employees from time to time provide management, administrative, or program support services for the fund, and to the extent that such services are provided, the council provides these services to the fund on a donated basis.”

“The process for the oversight and selection for the audit of the financial statements did not change.”