Sbc Foreign Programs Inc

“The 990 form and required schedules were reviewed by management prior to final submission to the irs. An electronic version was made available to the officers and directors of the organization prior to filing.”

“Officers, directors, and key employees are required to submit an annual disclosure in accordance with the sweet briar college written conflict of interest policy. Conflict of interest forms are filed with the president's office annually and are reviewed by the cfo and independent auditors. In general, when an individual covered by this policy is deemed to be in a conflict of interest situation with respect to any matter before the board or administration, that individual shall refrain from participating in the consideration of any proposed transaction which may be impaired by the potential conflict, unless specifically requested to provide information regarding the transaction in question. Such person shall not vote on or take any position for or against the proposed transaction, nor shall she or he attempt to influence the votes or positions of others. When deemed appropriate, a note in the minutes of the meeting shall specify that the person involved neither participated in consideration of the proposed transaction nor voted on the matter. In all instances where a conflict of interest is determined to exist, such conflicts, and their remedy, shall be disclosed to the board at least annually.”

“Sbc foreign programs has no full time employees in the united states. Key management personnel in support of the organization in the united states are college employees and are subject to compensation, classification and all other personnel policies of the college. The college periodically reviews its classification and compensation structure. The program employs 5 non management employees in spain who are compensated and classified in accordance with the laws of spain.”

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

“EXPENDITURES ARE REPORTED ON A MODIFIED CASH BASIS OF ACCOUNTING. UNDER MODIFIED CASH BASIS OF ACCOUNTING REVENUE IS RECOGNIZED WHEN RECEIVED RATHER THAN WHEN EARNED AND EXPENSES ARE RECOGNIZED WHEN PAID RATHER THAN WHEN AN OBLIGATION IS INCURRED, EXCEPT THAT FEES AND cERTAIN EXPENDITURES ARE DEFERRED AND RECOGNIZED IN THE SCHOOL YEAR TO WHICH THEY RELATE.”

“Other changes in net assets or fund balances of ($100,000).”