Woodward Hines Education Foundation

“On july 30, 2014, education services foundation (esf) amended its articles of incorporation and its bylaws. The amendment provides that esf will be operated exclusively for the benefit of, to perform the functions of, and to carry out the purposes of mississippi higher education assistance corporation (mheac). There is now a parent-subsidiary relationship between mheac and esf, with mheac serving as the parent, and esf serving as a subsidiary supporting organization of mheac.”

“The executive director distributes a copy of the tax return to the board at their regular meeting. All board members review the return and check for any changes or additions that need to be made. Once it has been decided that no further changes are necessary, the return is finalized and filed.”

“The organization requires all directors, principal officers and members of committees with governing board-delegated powers ("interested parties") to complete an annual conflict of interest statement disclosing any relationships that might pose a conflict of interest. The audit committee of the board reviews any potential conflicts of interest. If the committee determines there is an actual conflict of interest, they take appropriate actions to determine whether the transaction or arrangement is in the organization's best interest and is fair and reasonable. If the audit committee determines that an interested person has failed to disclose an actual or potential conflict of interest, the audit committee has the authority to take appropriate disciplinary and corrective action.”

“The organization's board of directors maintains a compensation committee which assumes the responsibility for determining fair and competitve compensation for the organization's officers and employees. The board of directors approves the compensation of the organization's officers and employees.”

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

“The public charity status of esf was reclassified to that of a supporting organization to mississippi higher education assistance corporation (mheac). According to its amended articles of incorporation, esf will operate exclusively for the benefit of, to perform the functions of, and to carry out the purposes of mheac.”

“The organization maintains an audit committee which assumes the responsibility for oversight of the financial statement audit by independent certified public accountants. This process has not changed from the prior year.”