Watkins Institute

“The form 990 is prepared by the accounting firm who conducts the audit. The form 990 is based on the audit and is reviewed by the board treasurer, board chair, president, the cfo and the accounting firm prior to submission.”

“Compliance with the conflict of interest policy is done by having the board members complete an annual conflict of interest disclosure form.”

“The compensation of the chief executive was established during the latest contract renewal done on december 16, 2013. The negotiations were conducted by the organization's chairman and vice chairman and took into consideration salary information available from the chronicle of higher education, the association of independent colleges of art and design and other relevant sources. The terms of the employment agreement, including the compensation provisions were approved by the entire board and such action is reflected in the minutes of the meeting at which such action was taken. The compensation of the cfo is an internal function done by the president using data on comparable compensation for similarly persons in comparable institutions for comparable positions.”

“Watkins institute makes its governing documents, conflict of interest policy, and financial statements available to the public upon request. The form 990 is available to the public upon request and can also be located on the website http://www.givingmatters.com.”

“Property & equip rental: program service expenses 71,832. Management and general expenses 5,098. Fundraising expenses 0. Total expenses 76,930. Contract payments: program service expenses 66,997. Management and general expenses 7,726. Fundraising expenses 229. Total expenses 74,952. Communications: program service expenses 72,945. Management and general expenses 850. Fundraising expenses 850. Total expenses 74,645. Work study: program service expenses 54,486. Management and general expenses 17,856. Fundraising expenses 463. Total expenses 72,805. Repairs and maintenance: program service expenses 68,157. Management and general expenses 2,443. Fundraising expenses 932. Total expenses 71,532. Bad debt: program service expenses 0. Management and general expenses 69,457. Fundraising expenses 0. Total expenses 69,457. Dues & subscriptions: program service expenses 11,598. Management and general expenses 31,360. Fundraising expenses 1,370. Total expenses 44,328. Program events: program service expenses 40,536. Management and general expenses 948. Fundraising expenses 175. Total expenses 41,659. Postage: program service expenses 26,697. Management and general expenses 7,400. Fundraising expenses 6,107. Total expenses 40,204. Copy expense: program service expenses 30,776. Management and general expenses 2,944. Fundraising expenses 1,710. Total expenses 35,430. Bank fees: program service expenses 7,728. Management and general expenses 26,691. Fundraising expenses 0. Total expenses 34,419. Ra housing: program service expenses 28,315. Management and general expenses 0. Fundraising expenses 0. Total expenses 28,315. Accreditation: program service expenses 17,113. Management and general expenses 0. Fundraising expenses 0. Total expenses 17,113. Training: program service expenses 14,289. Management and general expenses 598. Fundraising expenses 548. Total expenses 15,435. Library: program service expenses 11,541. Management and general expenses 0. Fundraising expenses 0. Total expenses 11,541. Miscellaneous: program service expenses 1,719. Management and general expenses 168. Fundraising expenses 9,157. Total expenses 11,044. Graduation: program service expenses 9,259. Management and general expenses 1,172. Fundraising expenses 0. Total expenses 10,431. Models: program service expenses 3,078. Management and general expenses 0. Fundraising expenses 0. Total expenses 3,078.”

“Interest rate swaps change 11,201.”

“No changes from prior year.”