St. Michaels High School Foundation

“The foundation's board of directors engages an independent contractor as its executive director. Duties include day-to-day operations, such as budget management, hiring/firing contractors, gift receipts, fundraising, event management, donor relations, etc. All significant management decisions are referred to the board of directors for a vote.”

“The form 990 is reviewed by the treasurer and executive director prior to filing with the irs. The 990 is available to all board members at board meetings.”

“All directors and the executive director of the foundation shall avoid where possible even the appearance of conflict of interest. The following procedures apply with regard to any potential conflict: 1. Identify and disclose the potential conflict of interest; 2. Not participate in duscussion of the program, motion or issue being considered; 3. Not vote on the issue; 4. Not participate in carrying out the program, motion or issue that presents the conflict of interest. The disclosure and resolution of of any conflict is recorded in the minutes of the board including a description of how the procedures and criteria of the policy were used to resolve the conflict.”

“Documents are available upon request.”

“On december 31, 2018, the st. Michael's high school foundation (smhsf) entered into an agreement to manage the endowment fund of the santa fe chapter of the alumni association of the college of santa fe (csfaa). It was unclear at that time whether smhsf had ownership or was merely a trustee of the endowment fund. In june, 2021, the smhsf entered into a retroactive memorandum agreement regarding the endowment fund agreement with the csfaa, to clarify the nature of the agreement as to ownership. The memorandum agreement specifically states that the smhsf has full ownership of the endowment and there is specifically no trustee relationship. As a result of this clarification, a restricted charitable contribution for a permanently restricted endowment from the csfaa would have been recorded in the year ended june 30, 2019. The change in net assets of 1,345,059 is reflective of this clarification in the memorandum agreement.”