Benedict College

“The Executive Committee consists of Board Officers, Standing Committee chairs and two Board members at large nominated by the Committee on Trustees at the Board's Annual Meeting. The Executive Committee represents the Board between meetings of the Board and exercises in general the authority of the Board in matters pertaining to the regular administration of the Board except when referral with power has been given by the Board in respect to certain specific items of business.”

“Form 990 is prepared by an independent CPA firm and reviewed in detail by the organization's top management. The reviewed Form 990 is then provided to the board of directors prior to filing with the IRS.”

“The board maintains a conflict of interest policy which is signed on an annual basis. In the course of meetings or activities, everyone will disclose any interests in a transaction or decision where he/she, including their business or other non-profit affiliations, family and/or significant other, employer or close associates will receive a benefit or a gain and these are reviewed by the President. The board reviews the President's signed statement. After disclosure or any possible conflicts of interest, the person will be asked to leave the room for the discussion and will not be permitted to vote on the question.”

“Compensation for the President is determined by the Board Chair in consultation with the Executive Committee of the Board and is presented to the full Board of Directors for prior review and approval. Compensation of other senior members of management is determined through application of the Agency's written performance review/compensation policies and procedures with final written approval by the President. The Board approves compensation set (% salary increase) in conjunction with the annual budget. The College uses comparative studies from other similarly sized historically black colleges and universities. Written documentation of the decision is kept in the College's permanent records.”

“The governing documents, conflict of interest policy, and financial statements are available upon request.”

“In accordance with the principles of FASB ASU 2016-14 (ASC 958), the organization has implemented required changes to its audited financial statements for the period ended 6/30/2019. The 2018 Form 990 and its associated schedules have not been updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Part X, Lines 27-29: Line 27 - Net assets without donor restrictions $13,202,707 Line 29 - Net assets with donor restrictions 20,915,217 Total net assets $34,117,924”

“Change in Value of Perpetual Trusts Held By Others 6,366.”