FORM 990, PART I, LINE 5 AND PART V, LINE 2A: |
2021 FORMS W-2 - THE TOTAL OF 509 OF FORMS W-2 ISSUED IN 2021 IS MADE UP OF THE FOLLOWING: STUDENTS ON WORK-STUDY PROGRAMS: 121; FACULTY AND ADMINISTRATIVE STAFF: 250; PART-TIME EMPLOYEES: 138. |
FORM 990, PART VI, SECTION A, LINE 1A |
DELEGATION OF AUTHORITY TO EXECUTIVE COMMITTEE - THE INSTITUTE'S CODE OF REGULATIONS GRANTS THE EXECUTIVE COMMITTEE THE FULL POWER TO ACT OF BEHALF OF THE BOARD BETWEEN MEETINGS OF THE FULL BOARD. |
FORM 990, PART VI, SECTION B, LINE 11B |
REVIEW OF FORM 990 - AFTER PREPARATION OF FORM 990 BY MANAGEMENT AND ITS INDEPENDENT PUBLIC ACCOUNTANTS, AND PRIOR TO FILING, THE AUDIT COMMITTEE REVIEWS THE FORM IN DETAIL AND MANAGEMENT DISTRIBUTES AN ELECTRONIC COPY OF THE FORM 990 TO THE VOTING MEMBERS OF THE BOARD OF DIRECTORS. IN ADDITION, THE AUDIT COMMITTEE REPORTS TO THE BOARD OF DIRECTORS A SUMMARY OF ITS REVIEW OF THE RETURN WITH ITS INDEPENDENT ACCOUNTANTS AT THE NEXT REGULARLY SCHEDULED BOARD MEETING, WHICH OCCURS AFTER THE FILING OF FORM 990. |
FORM 990, PART VI, SECTION B, LINE 11B |
FORM 990 PROVIDED TO THE GOVERNING BODY - THE INSTITUTE HAS DISTRIBUTED AN ELECTRONIC COPY OF FORM 990 TO ALL VOTING MEMBERS OF THE BOARD OF DIRECTORS BUT HAS REDACTED THE NAMES AND ADDRESSES OF DONORS FROM SCHEDULE B. BECAUSE OF SCHEDULE B'S PRIVATE AND CONFIDENTIAL NATURE, THE INSTITUTE HAS CHOSEN NOT TO DISCLOSE THE IDENTITIES OF ITS DONORS TO THE BOARD, INCLUDING CASES IN WHICH THE DONOR WISHES TO REMAIN ANONYMOUS. AS SUCH, WE ARE REQUIRED TO ANSWER THE QUESTION ON LINE 11A IN PART VI "NO" EVEN THOUGH THE BOARD RECEIVES ALL OF FORM 990 EXCEPT FOR DONORS' NAMES AND ADDRESSES. |
FORM 990, PART VI, SECTION B, LINE 12C |
MONITORING AND ENFORCEMENT OF CONFLICT POLICY - EACH YEAR A CONFLICT OF INTEREST QUESTIONNAIRE IS GIVEN TO THE BOARD OF DIRECTORS, OFFICERS, AND CERTAIN OTHER EMPLOYEES TO BE COMPLETED. THE PRESIDENT AND OTHER ADMINISTRATORS REVIEW THE QUESTIONNAIRES. ANY CONFLICTS ARE THEN REVIEWED BY THE GOVERNANCE COMMITTEE OF THE BOARD. WHEN A CONFLICT ARISES, THE INDIVIDUAL WITH THE CONFLICT IS NOT PERMITTED TO VOTE OR PARTICIPATE IN THE DISCUSSION OF THE PROPOSED TRANSACTION. THE DECISION ABOUT THE TRANSACTION IS MADE BY PERSONS WHO HAVE NO CONFLICT OF INTEREST WITH THE TRANSACTION. |
FORM 990, PART VI, SECTION B, LINE 15 |
COMPENSATION DETERMINATION - THE PRESIDENT'S COMPENSATION IS DETERMINED BY THE EXECUTIVE COMMITTEE OF THE BOARD WHOSE MEMBERS ARE INDEPENDENT OF THE PRESIDENT. THE EXECUTIVE COMMITTEE USES COMPARABILITY DATA TO ENSURE REASONABLENESS OF COMPENSATION. THE SAME COMMITTEE ALSO REVIEWS COMPENSATION FOR VICE PRESIDENT POSITIONS AS PART OF THE BUDGETING PROCESS. |
FORM 990, PART VI, SECTION C, LINE 19 |
AVAILABILITY OF DOCUMENTS - THE ORGANIZATION MAKES ITS CONFLICT OF INTEREST POLICY, GOVERNING DOCUMENTS, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. |
FORM 990, PART VI, LINE 14: |
DOCUMENT RETENTION POLICY - THE INSTITUTE IS OPERATING ACCORDING TO DOCUMENT RETENTION AND DESTRUCTION GUIDELINES. THE FORMAL WRITTEN POLICY IS BEING DEVELOPED AND WILL BE PRESENTED TO THE BOARD OF DIRECTORS FOR APPROVAL WHEN COMPLETE. AS SUCH, WE ARE REQUIRED TO ANSWER THE QUESTION ON LINE 14 OF PART VI "NO" EVEN THOUGH DOCUMENT RETENTION AND DESTRUCTION PROCEDURES ARE BEING UTILIZED AT THE INSTITUTE. |
PART VII, OFFICERS' COMPENSATION EXPLANATION: |
JOHN TORTELLI ASSUMED THE ROLE OF CFO & VP BUSINESS IN JANAURY, 2022. THEREFORE, HE IS LISTED AS AN OFFICER IN PART VII. HOWEVER, NO COMPENSATION IS LISTED FOR HIM BECAUSE HE DID NOT RECEIVE FORM W-2 FOR 2021 SINCE HE WAS NOT EMPLOYED. BECAUSE COMPENSATION REPORTING ON THIS FORM 990 IS BASED ON THE 2021 CALENDAR YEAR, HE HAS NO REPORTABLE COMPENSATION. |
FORM 990, PART XI, LINE 9: |
REDEMPTION OF FORMER NONCONTROLLING INTEREST IN SUBSIDIARY -763,433. INCREASE IN NET ASSETS FROM CONSOLIDATION OF SUBSIDIARY 9,734,750. |