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 chairperson, past chairperson, vice chairperson, secretary, treasurer, president, and, provided that such person is a director of this corporation, the chairperson of each standing committee of this corporation and of the public policy committee of minnesota private college council. The executive committee has the authority of the board of directors in the management of the business of the corporation in the interval between meetings of the board of directors. The executive committee is at all times subject to the control and direction of the board of directors.”

“It was the consensus of both the Audit and Executive Committees that, as a matter of best practice, the president should not be a voting member of the Audit Committee, and this change should be implemented by July 1. The Bylaws were amended to reflect this change.”

“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, a related organization.”

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

“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.”