Embry-Riddle Aeronautical University Asia Ltd

“Independent voting members embry-riddle aeronautical university, inc. Wished to expand operations in asia and was advised to establish a local company. Most of the voting members have existing relationships and are compensated by the parent, embry-riddle aeronautical university, inc., to assure that erau asia supports the mission and goals of embry-riddle aeronautical university, inc.”

“Members and stockholders embry-riddle aeronautical university, inc. Is the sole member of erau asia.”

“Embry-riddle aeronautical university, inc., as the sole member set out in the articles of association, has the power to appoint and remove the vice chancellor and executive director, as well as vote to direct the affairs of erau asia.”

“Decisions of the organization reserved to members embry-riddle aeronautical university, inc., as the founding member, has the sole right to appoint and remove the vice chancellor and executive director of erau asia. Additionally, the founding member has the final consent to remove any other member whom the directors wish to remove from the board. The founding member cannot be expelled, excluded or removed from the company, and has the absolute discretion and power to expel, exclude, or remove and/or veto the expulsion, exclusion or removal of any member.”

“Management and/or the governing body review process: prior to filing, the form 990 is reviewed by the organization's management and independent tax accountants at kpmg. All members of the board of directors are provided an electronic copy of the complete form prior to filing with the irs.”

“Conflict of interest policy: erau asia is managed in accordance with embry-riddle aeronautical university, inc.'s policies and procedures except where specific policies and procedures cannot or do not apply to singapore. Erau asia's board members are required to complete an annual conflict of interest disclosure form submitted to the internal audit, risk, and compliance department of embry-riddle aeronautical university, inc. To ensure compliance with the university's conflict of interest policy.”

“Officers and key employees of the organization: approval and compensation of all employees is made in consultation with appropriate personnel at embry-riddle aeronautical university, inc. Specific levels of compensation are determined by comparing the compensation for similar positions.”

“Disclosure erau asia makes its governing documents, conflict of interest policy, and financial statements available to the public upon request. The form 990 and audited financial statements are disclosed on erau asia's website.”

“Deferred revenue represents the unearned portion of revenue from tuition and fees billed in advance of an academic term.”

“Other changes in net assets or fund balances are derived from foreign currency conversion fluctuation. Currency conversion adjustment ($57,960)”

“Erau asia did not change its oversight or selection processes during the tax year.”

“Erau asia does not receive u.s. Federal awards nor was the university required to undergo an audit as set forth in the uniform grant guidance.”

“Description:lecturers fees & stipends total fees:370874”

“Description:lecturers accomodations/exp. Total fees:23662”

“Description:pet - courseware development total fees:16238”

“Description:professional services total fees:9276”

“Description:agent commission total fees:5637”

“Description:lecturers allowance/per diem total fees:4197”