Hood Theological Seminary

“A draft copy of the 990 return was presented to the finance committee for review and approval. The finance committee presented the approved draft for final approval by the full board of trustees at their regularly scheduled meeting.”

“Board trustees are asked to verbally disclose any real or potential conflicts of interest with the seminary at each meeting of the board of trustees. Any issues that may be raised regarding conflicts of interest are discussed and resolved at the board of trustees' level.”

“Compensation of the seminary's president is approved anually by the compensation committee of the board of trustees. All other compensations are discussed and decided by the president and the fiscal officer, in light of each employee's annual written evaluation, and are treated confidentially.”

“The seminary's governing documents, conflict of interest policy and financial statements are available for public inspection at the seminary offices upon request. Seminary staff are available to provide supervision and answer any questions the inquiring party may have.”

“Bad debt expense: management and general expenses 22,856. Total expenses 22,856. Telephone: program service expenses 6,996. Management and general expenses 9,214. Fundraising expenses 853. Total expenses 17,063. Consulting/honoraria: management and general expenses 3,000. Fundraising expenses 6,248. Total expenses 9,248. Bank charges: management and general expenses 7,560. Total expenses 7,560. Printing: program service expenses 1,373. Management and general expenses 5,208. Total expenses 6,581. Staff training: management and general expenses 4,016. Total expenses 4,016. Trustees: management and general expenses 3,965. Total expenses 3,965. Recruitment: management and general expenses 3,884. Total expenses 3,884. Book purchases: program service expenses 3,497. Total expenses 3,497. Postage: program service expenses 12. Management and general expenses 2,949. Total expenses 2,961. Utilities & maintenance allocated to rental: management and general expenses -39,127. Total expenses -39,127.”

“Explanation: organization oversight of audit: the finance committee of the board of trustees reviews the audit prepared by the independent auditors and holds a meeting with the auditors prior to the final release of the audit. The findings of the finance committee are then presented to the full board of trustees in the presence of the independent auditors. The auditors are available to answer questions and clarify points in the audit as needed.”