Baker College Group Return

“Pursuant to the organization's governing documents and the michigan non-profit corporation act, baker college is the sole stockholder of the subordinate organizations.”

“Pursuant to the organization's governing documents, the board of regents is appointed by the sole stockholder, baker college.”

“An appointed committee, approved by the board of regents/trustees/directors, consisting of a board member, treasurer and system president reviewed the form 990. The appointed committee was provided a draft of the return completed by the paid tax return preparers. Subsequent to the appointed committee's review and recommendations, the final copy was made available to the full board of regents/trustees/directors, either electronically or by mail, prior to the filing of the form 990 with the irs.”

“The conflicts of interest policy covers the officers, directors, trustees, and key employees of the college. These individuals have a duty to disclose any actual or possible conflicts of interest to the system finance office. After disclosure of the conflict, the corporate control office shall determine whether a financial interest exists. The system follows written procedures for addressing disclosed conflicts of interest. The system finance office will review the facts and circumstances and determine whether the transaction or arrangement is in the college's best interest, for its own benefit, and fair and reasonable to the college. The system finance office shall make its decision as to whether to enter into the transaction or arrangement in conformity with such determination.”

“Compensation for the president, who is the top management official, is reviewed and approved every year in may by the governing body. This review process occurs annually, and the college uses compensation data provided by the college of university professional association "cupa and other colleges forms 990 for similarly qualified persons functioning in comparable positions. Periodically, an independent consultant surveyed other similar educational institutions to compare the president's compensation. Written minutes are maintained that include the documentation with respect to the deliberations and decisions of the compensation for the president. A compensation review is performed every year in may/june for the officers and key employees identified in part vii of the form 990. This review is performed annually by the professional service president and the comparability data is prepared and reviewed by professional service president, treasurer, subordinate organization president, and/or a member of the board of regents. Periodically, an independent consultant will survey other similar educational institutions to compare the officers' compensation. The report is presented to the governing body for review and approval. Written minutes are maintained that include the documentation with respect to the deliberations and decisions of the compensation for the officers and key employees.”

“Financial statements, governing documents, and conflict of interest policies are not required disclosures pursuant to internal revenue code (irc) section 6104. These documents are not available to the public at this time.”

“Maynard thompson, board of regents, receives compensation for program coordination at the college. The compensation is not related to his role as a member of the board of regents.”

“Retirement medical fund adjustment -7,985,262. Impairment loss -16,384,860.”

“The process for overseeing the audit has not changed from prior year. As required by the u.s. Office of management and budget circular a-133, audits of states, local governments, and non-profit organizations, in 2021 baker college and subsidiaries received an audit for the consolidated financial statements for the fiscal year ended august 31, 2021, in accordance with the single audit act.”