Clayton Early Learning

“The draft form 990 is initially reviewed by the chief financial officer as soon as it is received from the external auditor. Any edits or changes from the cfo are completed prior to sending the return to the chair of the finance committee. The finance committee meets and reviews the form 990 and gives approval to distribute it to the full governing board as soon as any of their questions are answered. The form 990 will be filed when the board of directors have all reviewed and approved the return.”

“Each board member and officer of the organization is required to complete the organization's conflict of interest form in writing annually in september. The board secretary ensures that the completed form is received from all and forwards the forms to the board chair for review. The board chair may bring any conflicts of interest to the attention of the full board to enable all members to be aware of and discuss any conflict of interest. The forms are also provided to the organization's external auditors so that any conflicts can be disclosed in the notes to the annual audited financial reports or in form 990 when appropriate. The conflict of interest form has been approved by the external auditors.”

“The responsibility for determining compensation for the organization's president/ceo is with the clayton early learning board of trustees. Each year the board as a whole goes into executive session and conducts a review of the president's performance over the past twelve months. When this has taken place, the chair of the board consults a survey for compensation of non-profit ceo's in the rocky mountain region using data available from the mountain states employers council annual salary survey. The target is to match the compensation of the clayton ceo with the midpoint in the survey for ceo's in non-profit organizations the same size as this organization, from an annual budget perspective. A salary adjustment for the ceo is then made based upon this data and forwarded to the organization's human resources director, giving an effective date and approval of the salary amount in writing from the board chair. A similar approach is used for the chief financial officer, chief operations officer, the executive secretary/board secretary and the two vice presidents, except that the performance review and compensation adjustment is done by the president/ceo. The comparability data used for these positions annually is the most recent mountain states employers council annual salary survey in which non-profit salary data is available. The goal is to have clayton early learning salaries match approximately the midpoint for each comparable management position.”

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

“Accounting and auditing services: program service expenses 21,248. Management and general expenses 55,256. Fundraising expenses 618. Total expenses 77,122. Other: program service expenses 1,526,733. Management and general expenses 361,933. Fundraising expenses 18,083. Total expenses 1,906,749.”

“The board of directors assumes the responsibility for oversight of the audit of its financial statements and the selection of an independent accountant. This process has not changed from the prior years.”