Community College of Aurora Foundation

“The form 990 is prepared by the organization's public accounting firm based on information provided by the management. Once a draft of the filing is available, the form 990 is reviewed by the executive director of the foundation. After the executive director has reviewed the form 990 it is provided to the audit committee, finance committee and to the entire board of directors for review and approval.”

“The cca foundation requires board members to annually (typically at the october board meeting) sign the conflict of interest statement, a copy of the conflict of interest policy is provided to the board members at that time. Any potential conflicts of interest are discussed at the board meetings and documented in the board minutes. If a potential conflict of interest for board member is identified, the board member will explain the potential conflict of interest. If the board deems that a conflict of interest exists, the board member with the conflict will not participate in the discussion of the topic for which a conflict exists. The board member will abstain from the vote. Both the conflict and abstention will not be noted in the meeting minutes. Additionally, all significant contracts of 10,000 or more, require board approval and all checks of 5,000 or more require two signatures (typically the executive director and a member of the executive committeee, usually the treasurer or president).”

“Each year, the president and vice president of the board of directors conducts a formal performance review of the executive director, assessing the achievement of meeting his and the organization's annual goals. These executive officers then present their review to the full board in executive session and discuss their recommendation for any changes in compensation, cost of living adjustments or otherwise. The executive committee of the board conducts a market analysis for the executive director every three years. The last review and analysis was conducted on may 31, 2023.”

“By the june 30 each year, the board of directors approves the organizational budget for the cca foundation for the upcoming year. This budget includes all compensation amounts for each employee. At the end of the fiscal year, the president and vice president of the board of directors meet with the executive director to discuss his performance evaluation and any changes to the executive directors compensation for the upcoming year. In june or july each year, the executive director presents the outcomes of the performance incentive plan for each employee and recommends any performance incentive amount based on these individual performance outcomes (performance outcomes and targeted incentive payment amounts are approved by the executive committee each fall). Then, the president of the board presents the executive director's performance incentive outcomes before the executive committee makes the final approval an all performance incentive amounts. Every three years, cca foundation conducts a comprehensive compensation market analysis for each of its employee positions. The last analysis was conducted in the 2022-2023 fiscal year.”

“Governing documents, the conflict of interest policy and the financial statements are made available upon request.”

“Change in endowment value 193,880”