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FORM 990, PART VI, SECTION B, LINE 11B | FORM 990 REVIEW - FORM 990 IS REVIEWED BY THE BOARD OF DIRECTORS WITH THE ASSISTANCE OF THE OUTSIDE PUBLIC ACCOUNTING FIRM BEFORE IT IS FILED. |
FORM 990, PART VI, SECTION B, LINE 11B | FORM 990 PROVIDED TO GOVERNING BODY - BECAUSE OF THE CONFIDENTIAL NATURE OF DONOR INFORMATION, THE FOUNDATION HAS CHOSEN NOT TO SHARE THE NAMES AND ADDRESSES OF DONORS LISTED ON SCHEDULE B WITH THE BOARD OF DIRECTORS. THE FOUNDATION THEREFORE PROVIDED A COPY OF FORM 990 TO THE BOARD BUT REDACTED THE NAMES AND ADDRESSES OF DONORS FROM SCHEDULE B. AS SUCH, WE ARE REQUIRED TO ANSWER "NO" TO THE QUESTION ON LINE 11A OF PART VI EVEN THOUGH THE BOARD WAS GIVEN FORM 990 BEFORE IT WAS FILED. |
FORM 990, PART VI, SECTION B, LINE 12C | MONITORING AND ENFORCEMENT OF CONFLICT OF INTEREST POLICY - ANNUALLY, THE BOARD OF DIRECTORS IS REQUIRED TO REVIEW AND SIGN THE OATH OF OFFICE CONTRACT THAT ADDRESSES THE CONFLICT OF INTEREST POLICY. WHEN A CONFLICT OF INTEREST ARISES, THE PERSON IS NOT PERMITTED TO PARTICIPATE IN THE DISCUSSION OF THE PROPOSED TRANSACTION OR TO VOTE ON THE MATTER. THE DECISION ABOUT THE TRANSACTION IS MADE BY PERSONS WHO ARE INDEPENDENT OF THE INDIVIDUAL WITH THE CONFLICT. |
FORM 990, PART VI, SECTION B, LINE 15 | COMPENSATION REVIEW AND APPROVAL - COMPENSATION FOR ALL POSITIONS WITHIN THE FOUNDATION ARE DETERMINED BASED ON THE APPROVED PAY SCALES THAT ARE ESTABLISHED BY THE LORAIN COUNTY COMMUNITY COLLEGE. ALL EMPLOYEES HAVE AND MAINTAIN A WRITTEN CONTRACT, AND COMPENSATION INCREASES ARE BASED ON APPROVAL BY THE COLLEGE BOARD OF TRUSTEES. |
FORM 990, PART VI, SECTION C, LINE 19 | AVAILABILITY OF DOCUMENTS - THE FOUNDATION MAKES ITS GOVERNING DOCUMENTS, FINANCIAL STATEMENTS, AND CONFLICT POLICY AVAILABLE TO THE GENERAL PUBLIC UPON REQUEST. |
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