Monterey Peninsula College Foundation

“The 990 return is based on the annual audited financial statements which is first reviewed by the audit committee and is then presented to the executive committee and finally the full board. The audit report is a condensed version of the internal financial report which is also used to supply the detail needed for the 990. This document is reviewed by the treasurer and the full board. Subsequent to the completion of the audit, the return is prepared. Prior to filing, the return is reviewed by the executive director, internal accounting staff, the foundation's treasurer, and the audit committee or a member thereof. The executive committee shall, during the intervals between the meetings of the board of directors, have and exercise all of the powers of the board of directors in the management of the business and affairs of this corporation-artivle v, section 5.1 of the bylaws dated 11/03/10. Upon filing the 990, it is posted to the foundation's web site with the exception of the schedule b. The complete return is available in the corporate offices for inspection by the board members.”

“Officers, directors and key employees are subject to conflict of interest policies, includung disclosures. Disclosures are monitored by executive director, if a potential or actual conflict is identified, it is brought to the attention of the president and if appropriate, the executive committee. If a conflict arises, the board member is asked to recuse himself or herself from all discussion and voting on the issue. Additionally the executive director is required to provide monterey peninsula college a form which discloses other board memberships, property owned and other situations which might create a potential conflict of interest.”

“The executive committee reviews the current published salaries in the center for non-profit manangement compensation benefits survey, as well as reviews compensation of ed's in community college foundations of similar size. The finance committee, the executive director, and the accounting manager prepare the annual budget which is submitted to the executive committee for input and approval. The budget is then approved by the board as a whole. Guidance as to appropriate salary levels for staff are suggested by the executive director while the suggestions for the executive director's salary are provided by the executive committee after reviewing the budget and other resources as described above. The executive committee recomends the amount which should be allocated to the executive director. The amount is approved by the executive committee.”

“Documents are available at the business address during normal business hours upon request.”

“Change in value split interest agreement -2,804.”