Baltimore Educational Scholarship Trust Inc.

“A copy of the form 990 is distributed to the ad-hoc audit committee of the board so they may review, edit, and approve the document. Once the draft is reviewed, edited, and approved, the form 990 is distributed to the finance committee. Once the finance committee approves the document, the form 990 is considered complete and the executive director signs the final version.”

“All trustees are required each year to sign the conflict of interest policy. The signed forms are stored at b.e.s.t. In the trustee's confidential files in the executive office. If a conflict exists with a trustee, the board president, in conjunction with the executive committee, would review. If a conflict exists with the board president, the executive committee would review. All employees sign the conflict of interest policy every year and their forms are filed in their personnel files. If a conflict exists with an employee, the executive director would review with the board president. If a conflict of interest exists with the executive director, the board chair in conjunction with the executive committee would review.”

“Research of salaries for similar positions and similar organizations is reviewed and compared every few years. The board president and executive committee reviewed the salary of the executive director. The executive director reviewed the salary for the admissions and data base manager, the director of enrollment management, the director of finance and operations, the director of advancement, the director of programs and alumni relations, and the development and program associate.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“The process has not changed from the prior year.”

“During fiscal year 2019, the organization determined that previously reported accumulated endowment earnings prior to june 30, 2012 were greater than the actual earnings on the endowment portfolio. The effect of the restatement was to reclassify $177,733 from net assets with donor restrictions to net assets without donor restrictions. Also, the organization reevaluated the endowment portfolio and noted that the chick lord portfolio should not have been classified with the endowment portfolio. The adjustment impacted endowment earnings from fiscal year 2016 through 2019. This created an additional reclass of $530,740 for the current tax year. The reclass of $708,473 ($177,733 + $530,740) was included in the schedule d part v, line 1e as reduction to the endowment funds.”