MID-Pacific Institute

“Board members are provided a copy of the tax return for their review prior to filing.”

“Transactions with mid-pacific institute by officers, directors, trustees and key employees, where there is a financial interest that may be an actual or possible conflict of interest are disclosed annually and when the transactions or arrangements are proposed. All material facts of the transactions are given to the board committees delegated oversight powers to consider the proposed transaction or arrangement. The committee will determine whether the transaction is in mid-pacific institute's best interest, and whether it is fair and reasonable or whether a more advantageous arrangement, not producing a conflict of interest is possible. If there is reasonable cause to believe an officer, director, trustee or key employee has failed to disclose an actual or possible conflict of interest that person shall be informed of the basis of such belief and shall be afforded an opportunity to explain the alleged failure to disclose. After hearing the response and after further investigation as warranted, if the over sight committee determines there has been a failure to disclose an actual or possible conflict of interest the appropriate disciplinary and corrective action will be taken.”

“An analysis is prepared by the cfo of salaries of comparable schools in hawaii and the western united states from information obtained from the national association of independent schools and guide star forms 990. If required, additional salary information is obtained from the hawaii association of independent schools. The analysis is given to the board of trustees for review to approve of annual salary levels for appropriate positions. The president's salary is determined by board of trustees.”

“Mid-pacific institute makes its governing documents, conflict of interest policy, and/or financial statements available to the public upon request.”

“The organization was granted a loan in the amount of $5,011,100, under the paycheck protection program (ppp) administered by a small business administration (sba) approved partner. The promissory note matures two years from the date of the first disbursement of the loan and bear interest at a rate of 1.00% per annum. The loan and accrued interest may be forgiven as long as the organization uses the loan proceeds for eligible purposes, including payroll costs, during the 24 week period beginning on the date of first disbursement of the loan. The organization has used the loan proceeds for purposes consistent with the ppp and believes that they have met the conditions for forgiveness of the loan. The loan proceeds are recorded as a loan payable on its balance sheet. Subsequent to year end, on august 20, 2021, the organization was notified by the sba that the loan was forgiven in full.”

“Interest expense annuity included on financial statements, but not on 990 -8,906.”