Montana State University Book Store Inc.

“The organization amended its bylaws since the prior form 990 was filed. Below is a summary of the significant changes. The qualifications for membership have been clarified. For purposes of identifying members, msu's registrar shall determine who is a "regularly registered student and msu's vice president for academic affairs shall determine who is a "regular member of the faculty." said determinations shall be made on the fifteenth (15th) class day of msu's fall semester ("census day") which, for purposes of these bylaws, shall be the "record date." the organization has updated requirements for quorum. Previously, ten percent of members constituted quorum and a two-thirds vote was required for the adoption of a policy or passage of a resolution. Under the updated bylaws, the number of members present, whether in person or by proxy, at a properly noticed meeting shall constitute quorum. Eighty percent vote is required for the adoption of a policy or passage of a resolution. The bylaws have been amended to clearly establish the position of the board chair and to define their duties. Further, a new article was added (article vi) to explain the role of president/ceo more clearly.”

“The corporation is a membership organization with one class of members. All regularly registered students and all regular members of the faculty of montana state university shall be members of the corporation.”

“The board shall consist of seven director positions comprised of three faculty directors and three msu students elected by the members. Each spring in which any elected director position is vacant or will become vacant, nominations and elections shall be held to fill said vacancy or vacancies by vote of the members of the corporation.”

“The bylaws may only be amended, altered, repealed, or restated by a vote of the majority of the board, except as provided in section 12.2 which is set forth below: in accordance with montana law, any amendment that relates to: i) quorum of membership needed; ii) the number of directors; iii) the composition of the board; iv) the term of office of directors; v) the method or way in which directors are elected or selected; or vi) termination or cancellation of members or classes of voting members must be voted upon by the membership and shall only be valid upon the affirmative vote of eighty percent (80%) of the votes cast by record members or a majority of the record membership, whichever is less.”

“Form 990 is prepared by an outside accounting firm and is then reviewed by the organization's board of directors before filing.”

“Msu bookstore has a human resource manager who monitors potential conflicts of interest. Due to the nature of conflicts of interest, self-reporting of potential conflicts is the responsibility of the party involved.”

“The compensation for the top management official of the bookstore, the chief executive officer, is determined and ordered by the board of directors of the bookstore. The process of this compensation evaluation involves comparisons with compensation schedules from across the university bookstore industry, using metrics such as store volume, similar organizational structures, length of service, educational backgrounds, type of parent institution, etc. Data sources such as the national association of colleges stores, national association of college auxiliary services, large store group of the national association of college stores, and the independent college stores association are used in this analysis. Besides national data, locally produced data is used such as sales and profit production of the store, yearly evaluation documents, employee satisfaction surveys, and performance against set goals from the prior year. The compensation for department managers is determined by the ceo. Comparability data for wages in the bozeman market, industry trends, and responsibilities and productivity of each manager are considered when determining compensation. The organization also plans to undergo a compensation review of management next year.”

“The governing documents, conflict of interest policy, and financial statements are made available to the public only upon request.”

“Residence haul - we developed a program to provide course materials delivery to the various residence halls on campus to remain relevant and relieve lines/congestion in the store in the new covid environment.”

“Textbook pick up at store - this service was shut down due to staffing shortages as well as to reduce line congestion due to covid restrictions. Campus closed - the campus was closed from march through august due to covid. While the bookstore remained operating, customers were unable to enter the store for a considerable length of time. We offered curbside pickup as an option.”