Olympic College Foundation

“After the close of the fiscal year, a draft of the form 990 is prepared by an independent auditor. The draft is reviewed by the chair of the investment committee and the executive director together with the auditor. A final draft is then prepared and sent electronically to all voting board members prior to the foundation's next regular business meeting. Board members are instructed to read the return and to bring questions and/or discussion points to the next regular business meeting. Discussion/approval of the final draft 990 return is listed as an agenda item for that month's meeting. Members are led through discussion by the investment committee chair, and act on a motion toapprove filing the return.”

“Board members are provided with a conflict of interest declaration at the august board of directors meeting. Each board member is required to have an updated declaration on file with the olympic college foundaton office.”

“Olympic college engages in "pay banding" which includes gathering compensation data from comparable positions at other washington community colleges, and also comparing similar positions of responsibility within our institution. The foundation's executive director's job is compared to other community college foundation executive directors and then to other olympic college executive director positions like human resources and information technology. The olympic college trustees approve all pay banding levels. As the state does not give arbitrary "merit" raises, the position only gets the annual raises negotiated for all exempt administrative employees statewide. This is documented by the institution. The foundation board does not have any discretion over the executive director's compensation, and is not involved in the process.”

“The foundation makes its governing documents, conflict of interest policy and financial statements available in the olympic college foundation office during business hours.”

“This process has not changed from the prior year.”