Menlo College

“The ByLaws were amended in May 2016 to reeflect the discontinuation of one of the referenced standing committees (Audit & Budget) and the formulation of two new standing committees (the Audit Committee and the Finance Committee).”

“Before filing, the form 990 is reviewed by the board audit committee, and is then shared with the full board membership.”

“The Conflict of Interest policy applies to Interested Persons, which include any director, principal officer, or member of a committee with board delegated powers who have a direct or indirect financial interest in a potential transaction with Menlo College. Trustees are required to sign an annual Conflict of Interest form disclosing any potential conflicts at the October board meeting. A person with a potential conflict of interest may present material facts to the board or committee contemplating the potentially conflicted transaction. Non-interested members then determine whether a conflict of interest exists. If a conflict is determined to exist, the non-interested board or committee members investigate whether there is a more advantageous option available to Menlo College that would not present a conflict of interest. After evaluating options, a majority vote of non-interested members is needed to proceed with the proposed conflicted transaction. Persons with a potential conflict of interest are not permitted to participate in discussion or voting on matters pertaining to the potential conflict. Failure to disclose possible or actual conflicts of interest will result in investigation and/or appropriate disciplinary and corrective action.”

“Comparable data was reviewed, and compensation and benefit payments were determined and approved by the Board and/or the Board's Executive Committee, and the CEO.”

“Upon written request, the Organization will provide copies of financial statements and filed tax returns. The Organization relies on Guidestar to publish their tax return on the internet.”

“Change in MOU Funds Value -7,473.”

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

“During a review of the carrying values of fixed assets during 2016, management of the College determined the value of certain fixed assets transferred to the College in previous years in conjunction with the 1994 Separation Agreement between the College, the Supporting Charity and Menlo School were overstated. The College determined that the transaction met all the conditions stipulated by accounting principles generally accepted in the U.S. to qualify as an asset transfer, and that the carrying value on the books of the Supporting Charity at the date of the transfer approximated the fair value due to various factors including the age of the buildings and planned replacement and renovation costs. The effect of the restatement resulted in a reduction of depreciation expense and an increase to the change in net assets of $783,968 in each of the years ended June 30, 2015 and 2014, and a reduction of fixed assets, net, unrestricted net assets and total net assets of $22,275,738 and $23,059,706 as of June 30, 2015 and June 30, 2014, respectively.”