St John'S College

“Form 990, Part VI, SECTION B, Line 11 A COPY OF THE COMPLETED FULL FORM 990 IS FURNISHED TO THE AUDIT AND COMPLIANCE COMMITTEE OF THE BOARD. THE COMMITTEE WILL CONDUCT A REVIEW OF THE 990. UPON DISCUSSION AND REVIEW, THE COMMITTEE WILL MOTION AND APPROVE THE ACCEPTANCE OF THE FORM 990 AND POST A COPY OF THE COMPLETED 990 (EXCLUDING SCHEDULE B) ON A SECURE PORTAL FOR FULL BOARD REVIEW. THE AUDIT AND COMPLIANCE COMMITTEE WILL ALSO GRANT THE ANNAPOLIS CAMPUS TREASURER PERMISSION TO PROCEED WITH SIGNING AND FILING THE FORM 990.”

“Form 990, part vi, section b, line 12c the conflict of interest policy is monitored and compliance is enforced through a yearly statement along with the college's policy being distributed to all board members, officers, and key employees for review and signature. The signed statements are returned to the president of the annapolis campus for review and follow-up. Any potential conflicts are discussed between the parties and a resolution is made to resolve the conflict.”

“FORM 990, PART VI, SECTION B, LINE 15 WITH RESPECT TO THE COMPENSATION OF THE DEANS, VICE PRESIDENTS AND TREASURERS, THE PRESIDENTS CONSULTED WITH AN INDEPENDENT CONSULTING FIRM WHICH SPECIALIZES IN PROVIDING EXECUTIVE COMPENSATION ADVICE TO COLLEGES AND UNIVERSITIES. ONE OF THE PRIMARY PURPOSES OF ENGAGING AN OUTSIDE FIRM WAS TO ASSURE COMPLIANCE WITH IRS REGULATORY REQUIREMENTS REGARDING THE REASONABLENESS OF EXECUTIVE COMPENSATION IN 501(c)(3) ORGANIZATIONS. THE EXECUTIVE COMMITTEE HAS ESTABLISHED WHAT IS KNOWN AS A REBUTTABLE PRESUMPTION OF THE REASONABLENESS OF COMPENSATION BY SATISFYING THREE REGULATORY REQUIREMENTS: (1) COMPENSATION RECOMMENDATIONS HAVE BEEN DEVELOPED BY AN INDEPENDENT COMMITTEE OF THE BOARD, (2) APPROPRIATE COMPARABILITY DATA HAS BEEN USED (PROVIDED BY THE CONSULTANT BASED ON ITS SURVEY), AND (3) THE PROCESS HAS BEEN ADEQUATELY DOCUMENTED THROUGH THE MINUTES OF THE EXECUTIVE COMMITTEE. THAT COMMITTEE CONSIDERS THE RECOMMENDATIONS OF THE PRESIDENTS RELATIVE TO THE VICE-PRESIDENTS AND TREASURERS, AND CONSIDERS THE PROJECTED FORMULA-BASED SALARIES OF THE DEANS, ALL IN LIGHT OF THE EXTERNAL COMPARISONS PROVIDED BY THE CONSULTANT. THE COMMITTEE ALSO CONSIDERS THE BENEFITS PROVIDED TO THE OFFICERS THAT MAKE UP A PART OF THE TOTAL COMPENSATION PACKAGE. THE EXECUTIVE COMMITTEE MAKES THE FINAL DECISIONS AS TO EACH INDIVIDUAL'S COMPENSATION. AS FOR THE RECOMMENDATIONS RELATIVE TO THE PRESIDENTS, THOSE SALARIES AND BENEFITS ARE REVIEWED BY THE EXECUTIVE COMMITTEE IN THE ABSENCE OF THE PRESIDENTS AND AFTER RECEIVING REPORTS FROM THE BOARD CHAIR CONCERNING THE PERFORMANCE OF THE PRESIDENTS UPON REVIEW BY THE PRESIDENTIAL REVIEW COMMITTEE. THE EXECUTIVE COMMITTEE REVIEWS THE SAME DATA AND COMPARISONS PROVIDED BY THE CONSULTANT FOR THE OTHER OFFICERS. THE EXECUTIVE COMMITTEE MAKES ITS RECOMMENDATION TO THE FULL BOARD, ACTING IN EXECUTIVE SESSION, WHICH ACTS AFTER GETTING THE FULL REPORT FROM THE COMMITTEE.”

“Form 990, part vi, section c, line 19 form 1023, form 990, governing documents, conflict of interest policy, and financial statements are available upon request. In addition, the form 990 is available on guidestar and the conflict of interest policy is published annually in the staff handbook.”

“Change in value of split interest agreements $ 70,532 loss on redemption of bond $(203,576)”