Welch College

“Form 990 review the form 990 is prepared by an outside public accounting firm. The return is reviewed in detail by the vp for financial affairs and the president of the college. The draft is emailed to members of the board of trustees for their review and approval prior to filing the return with the internal revenue service.”

“Conflict of interest monitoring all board members are required to annually disclose certain financial interests and fiduciary relationships. Responses are reviewed to determine if further investigation is necessary and to determine if a conflict exists with respect to a certain transaction. If a conflict exists, the transaction is not to be entered into unless alternatives are fully investigated, and in their absence, the board, without the participation of the interested member(s), determines that the transaction is in the best interest of the organization. Plans to manage the conflict during the relationship are implemented. All discussions are appropriately documented. All other employees are required to disclose any circumstances, including family and business relationships, which may create a conflict of interest for the organization.”

“Compensation approval process in determining compensation of the organization's officers and key employees, the annual process performed by welch college included: a compensation survey or study and approval by the board of trustees. Additionally, all discussions and decisions are contemporaneously documented.”

“Documents upon written request the college makes it governing documents, conflict of interest policy, and financial statements available. The college's financial statements are published for the denomination at large and presented annually to the free will baptist convention. Form 990 is also available on the guidestar website.”