Monterey Peninsula College Foundation

“The 990 return is based on the annual audited financial statements which are 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. 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,and the board of directors.”

“Officers, directors and key employees are subject to the foundation's conflict of interest policy which is signed annually by each individual to acknowledge agreement with the policy. As stated in the policy, directors must disclose any potential conflicts to the foundation president or vice president, and must recuse himself or herself from all discussion and voting on any issue in which he or she has a financial interest. Additionally, the executive director is required to provide monterey peninsula college an annual disclosure of other board memberships, property owned and other situations that create a potential conflict of interest.”

“The executive committee reviews the current published salaries in the fair pay for northern california non-profits 2015 compensation and benefits survey report, as well as reviews compensation of ed's in community college foundations of similar size. The executive director, and the accounting manager prepare the annual budget then submit it to the finance committee for input and review. The budget is then taken to the board of directors for approval. Salary levels for the staff are recommended by the executive director. The executive director's salary is recommended by the executive committee and finance committee after completing the executive director's performance evaluation and in conjuction with reviewing the budget. Changes to the executive director's compensation as recommended by the executive committee are approved by the board.”

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

“Change in value split interest agreement -1,464.”