Los Medanos College Foundation

“The executive committee shall be comprised of the chair of the board, vice chair, secretary, treasurer, the college president, and the executive director and shall have such other duties as are prescribed from time to time by the board. The executive committee shall exercise its powers consistent with law, other bylaws and with resolutions and policy set by the board. The executive committee shall have all powers of the board of directors between meetings of the board except the right to encumber property, to reverse previous board actions, or to fiscally obligate the corporation in any way not in the approved budget.”

“Form 990 is prepared by an independent cpa firm in conjunction with the organization's management team. A draft of form 990 is reviewed by the management team, and any corrections or modifications are made by the outside cpa. The revised draft is then reviewed by the finance committee. Any concerns are raised with the cpa firm and a consensus is achieved. The 990 is then shared with the board at large. The return is then finalized and electronically filed with the taxing authorities.”

“All board members are asked to sign the conflict of interest policy upon approval of membership. No board member, their relatives, or their company, should receive payment for services. Board member prospects are vetted for any potential conflicts of interest. This includes any college staff that act as liaison members to the board - they are not allowed to vote on funding that can directly impact their college program area. All members are asked to disclose any potential conflict that may arise throughout membership with the board. Annually the executive director and the audit committee review the conflict of interest statements completed by the board of directors who interact with outside organizations or businesses on behalf of the corporation. The disclosures are presented to the audit committee for review and consideration. It is documented in the board meeting minutes that members with potential conflicts recuse themselves from involvement in discussions/board actions relating to the potential conflicts. Management of potential conflicts would be disclosed to audit committee.”

“The organization's top management official's compensation is paid by the contra costa community college district, a related organization for services rendered in his/her capacity as officer of the foundation. The governing board of the district reviews and approves the foundation director's compensation in may or june of each fiscal year, following the district's established salary compensation schedule. Prior to the hiring of the current top management offical, an outside consultant was engaged to provide comparability data to the district's hr department. The consultant' recommendations were then presented to and approved by the governing board and by the hr department. The organization does not have any other officers or key employees that receive compensation for their role at the foundation. The other officers and key employees receive compensation from a related organization for their role at the related organization.”

“Financial statements, governing documents, and conflict of interest policies are available upon request.”

“The organization participates in the public employee retirement system of california, a defined benefit plan, due to the size and varied participants in this plan the actuarial value is not calculated on a per employee basis. No amount is included in column f for a reasonable estimate of the increase in actuarial value.”