TY 2022 Form 990 Schedule O

efile Public Visual Render ObjectId: 202411369349316371 - Submission: 2024-05-15 TIN: 54-0506457

SCHEDULE O
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
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Attach to Form 990 or 990-EZ.
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Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2022

Open to Public
Inspection

Name of the organization

FERRUM COLLEGE

Employer identification number

54-0506457

Return Reference	Explanation
FORM 990, PART VI, SECTION A, LINE 7A	FOUR EX-OFFICIO TRUSTEES SHALL SERVE WITH THE VOTE - THEY ARE 1) PRESIDENT OF FERRUM COLLEGE ALUMNI ASSOCIATION, 2) PRESIDING BISHOP OF THE VIRGINIA ANNUAL CONFERENCE OF THE UNITED METHODIST CHURCH OR DESIGNEE, 3) THE DISTRICT SUPERINTENDENT OF THE DANVILLE DISTRICT OF THE VIRGINIA ANNUAL CONFERENCE OF THE UNITED METHODIST CHURCH OR DESIGNEE, AND 4) THE PRESIDENT OF THE UNITED WOMEN IN FAITH OF THE VIRGINIA ANNUAL CONFERENCE OF THE UNITED METHODIST CHURCH OR DESIGNEE (EX-OFFICIO); THE REMAINDER OF THE VOTING TRUSTEES ARE ELECTED BY THE BOARD OF TRUSTEES.
FORM 990, PART VI, SECTION B, LINE 11B	THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES ACCEPTS RESPONSIBILITY FOR DETAILED REVIEW OF THE 990 AND AFTER THEIR REVIEW, THE 990 IS MADE AVAILABLE FOR THE FULL BOARD OF TRUSTEES FOR REVIEW PRIOR TO FILING.
FORM 990, PART VI, SECTION B, LINE 12C	FERRUM COLLEGE HAS POLICIES FOR REGULARLY AND CONSISTENTLY MONITORING POTENTIAL CONFLICTS OF INTEREST FOR THE GOVERNING BOARD AND EMPLOYEES. IN BOTH CASES, AT A MINIMUM BOARD MEMBERS AND EMPLOYEES ARE REQUIRED TO COMPLETE CONFLICT OF INTEREST FORMS WHICH REQUIRE NOTICE OF POTENTIAL CONFLICT OF INTEREST IF IT SHOULD ARISE WITHIN THE ANNUAL REPORTING PERIOD. THIS NOTICE WOULD BE PROVIDED TO THE CHAIR OF THE BOARD IF FROM A TRUSTEE OR THE DIRECTOR OF HUMAN RESOURCES IF AN EMPLOYEE. THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS THE CONFLICT OF INTEREST POLICY AS IT RELATES TO THE BOARD OF TRUSTEES TO ENSURE THAT POTENTIAL CONFLICTS ARE ADEQUATELY RESOLVED AND DOCUMENTED. THEY ALSO REVIEW RELATED PARTY TRANSACTION OF BOARD MEMBERS. THE PRESIDENT HAS DELEGATED THE RESPONSIBILITY OF OVERSIGHT OF THE EMPLOYEE CONFLICT OF INTEREST POLICY TO THE DIRECTOR OF HUMAN RESOURCES AND THE VICE PRESIDENTS FOR THE FUNCTIONAL AREAS OF THE COLLEGE. IF A BOARD MEMBER IS DEEMED TO HAVE A CONFLICT OF INTEREST HE OR SHE SHALL BE DISQUALIFIED FROM VOTING ON ANY MATTER THAT PRESENTS A CONFLICT UNLESS SUCH DISQUALIFICATION HAS BEEN WAIVED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES.
FORM 990, PART VI, SECTION B, LINE 15	IN ESTABLISHING COMPENSATION FOR THE PRESIDENT, THE EXECUTIVE COMMITTEE OF THE BOARD OBTAINS COMPARATIVE DATA FROM SIMILAR INSTITUTIONS, CONDUCTS AN ANNUAL REVIEW OF PERFORMANCE, AND MAY USE A FIRM SPECIALIZING IN COMPENSATION AND BENEFITS FOR EXECUTIVE OFFICERS. NOTES REGARDING COMPENSATION DISCUSSIONS ARE MADE BY THE CHAIR OF THE BOARD, A MEMBER OF THE EXECUTIVE COMMITTEE, AND PRESENTED VERBALLY DURING AN EXECUTIVE SESSION OF FULL BOARD IN WHICH THE FULL BOARD VOTES FOR/AGAINST THE RECOMMENDATION BY THE COMMITTEE. THIS PROCESS LAST OCCURRED IN DECEMBER 2022. THE PRESIDENT'S COUNCIL RECEIVES NORMAL BUDGETED INCREASES. HOWEVER, THERE WERE NO BUDGETED INCREASES IN FY 2022-2023. IF THE PRESIDENT DETERMINES THAT AN ADDITIONAL INCREASE IS DESERVED BASED ON ADDITIONAL RESPONSIBILITIES, EXCEPTIONAL PERFORMANCE, OR OTHER FACTORS, HE/SHE REVIEWS COMPARABLE SALARY DATA PREPARED BY YAFFE & COMPANY WHEN ESTABLISHING AN AMOUNT. HE/SHE REPORTS ANY CHANGES TO THE PRESIDENT'S COUNCIL COMPENSATION TO THE EXECUTIVE COMMITTEE AT THE NEXT EXECUTIBE COMMITTEE MEETING FOLLOWING THE COMPENSATION ADJUSTMENT.
FORM 990, PART VI, SECTION C, LINE 19	NO SUCH DOCUMENTS WERE MADE AVAILABLE TO THE PUBLIC.
FORM 990, PART XII, LINE 2C:	THERE WERE NO CHANGES TO THIS PROCESS.
FORM 990, PART VIII, LINE IE	GOVERNMENT GRANTS (CONTRIBUTIONS) INCLUDE THE COVID-19 STIMULUS FUNDING THAT IS COMPRISED OF STUDENT AID AND INSTITUTIONAL AID. THE COLLEGE IS ACCOUNTING FOR THESE FUNDS AS CONDITIONAL CONTRIBUTIONS, RECORDING REVENUE AS QUALIFYING EXPENSES ARE INCURRED. THE STUDENT AID PORTION TOTALED $0. THE INSTITUTIONAL PORTION TOTALED $291,018.
FORM 990, PART IX, LINE 24C	THE COLLEGE RECEIVED HIGHER EDUCATION EMERGENCY RELIEF FUNDS (HEERF) OF $291,018, OF WHICH $317,964 OF EXPENSES WERE INCURRED FOR COVID-19 RELATED EXPENSES. $131,069 OF THOSE EXPENSES WERE FOR THE STUDENT AID PORTION OF THE GRANT, AND THE REMAINING $186,895 WERE FOR THE INSTITUTIONAL PORTION OF THE GRANT.

Return Reference

Explanation

FORM 990, PART VI, SECTION A, LINE 7A

FOUR EX-OFFICIO TRUSTEES SHALL SERVE WITH THE VOTE - THEY ARE 1) PRESIDENT OF FERRUM COLLEGE ALUMNI ASSOCIATION, 2) PRESIDING BISHOP OF THE VIRGINIA ANNUAL CONFERENCE OF THE UNITED METHODIST CHURCH OR DESIGNEE, 3) THE DISTRICT SUPERINTENDENT OF THE DANVILLE DISTRICT OF THE VIRGINIA ANNUAL CONFERENCE OF THE UNITED METHODIST CHURCH OR DESIGNEE, AND 4) THE PRESIDENT OF THE UNITED WOMEN IN FAITH OF THE VIRGINIA ANNUAL CONFERENCE OF THE UNITED METHODIST CHURCH OR DESIGNEE (EX-OFFICIO); THE REMAINDER OF THE VOTING TRUSTEES ARE ELECTED BY THE BOARD OF TRUSTEES.

FORM 990, PART VI, SECTION B, LINE 11B

THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES ACCEPTS RESPONSIBILITY FOR DETAILED REVIEW OF THE 990 AND AFTER THEIR REVIEW, THE 990 IS MADE AVAILABLE FOR THE FULL BOARD OF TRUSTEES FOR REVIEW PRIOR TO FILING.

FORM 990, PART VI, SECTION B, LINE 12C

FERRUM COLLEGE HAS POLICIES FOR REGULARLY AND CONSISTENTLY MONITORING POTENTIAL CONFLICTS OF INTEREST FOR THE GOVERNING BOARD AND EMPLOYEES. IN BOTH CASES, AT A MINIMUM BOARD MEMBERS AND EMPLOYEES ARE REQUIRED TO COMPLETE CONFLICT OF INTEREST FORMS WHICH REQUIRE NOTICE OF POTENTIAL CONFLICT OF INTEREST IF IT SHOULD ARISE WITHIN THE ANNUAL REPORTING PERIOD. THIS NOTICE WOULD BE PROVIDED TO THE CHAIR OF THE BOARD IF FROM A TRUSTEE OR THE DIRECTOR OF HUMAN RESOURCES IF AN EMPLOYEE. THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS THE CONFLICT OF INTEREST POLICY AS IT RELATES TO THE BOARD OF TRUSTEES TO ENSURE THAT POTENTIAL CONFLICTS ARE ADEQUATELY RESOLVED AND DOCUMENTED. THEY ALSO REVIEW RELATED PARTY TRANSACTION OF BOARD MEMBERS. THE PRESIDENT HAS DELEGATED THE RESPONSIBILITY OF OVERSIGHT OF THE EMPLOYEE CONFLICT OF INTEREST POLICY TO THE DIRECTOR OF HUMAN RESOURCES AND THE VICE PRESIDENTS FOR THE FUNCTIONAL AREAS OF THE COLLEGE. IF A BOARD MEMBER IS DEEMED TO HAVE A CONFLICT OF INTEREST HE OR SHE SHALL BE DISQUALIFIED FROM VOTING ON ANY MATTER THAT PRESENTS A CONFLICT UNLESS SUCH DISQUALIFICATION HAS BEEN WAIVED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES.

FORM 990, PART VI, SECTION B, LINE 15

IN ESTABLISHING COMPENSATION FOR THE PRESIDENT, THE EXECUTIVE COMMITTEE OF THE BOARD OBTAINS COMPARATIVE DATA FROM SIMILAR INSTITUTIONS, CONDUCTS AN ANNUAL REVIEW OF PERFORMANCE, AND MAY USE A FIRM SPECIALIZING IN COMPENSATION AND BENEFITS FOR EXECUTIVE OFFICERS. NOTES REGARDING COMPENSATION DISCUSSIONS ARE MADE BY THE CHAIR OF THE BOARD, A MEMBER OF THE EXECUTIVE COMMITTEE, AND PRESENTED VERBALLY DURING AN EXECUTIVE SESSION OF FULL BOARD IN WHICH THE FULL BOARD VOTES FOR/AGAINST THE RECOMMENDATION BY THE COMMITTEE. THIS PROCESS LAST OCCURRED IN DECEMBER 2022. THE PRESIDENT'S COUNCIL RECEIVES NORMAL BUDGETED INCREASES. HOWEVER, THERE WERE NO BUDGETED INCREASES IN FY 2022-2023. IF THE PRESIDENT DETERMINES THAT AN ADDITIONAL INCREASE IS DESERVED BASED ON ADDITIONAL RESPONSIBILITIES, EXCEPTIONAL PERFORMANCE, OR OTHER FACTORS, HE/SHE REVIEWS COMPARABLE SALARY DATA PREPARED BY YAFFE & COMPANY WHEN ESTABLISHING AN AMOUNT. HE/SHE REPORTS ANY CHANGES TO THE PRESIDENT'S COUNCIL COMPENSATION TO THE EXECUTIVE COMMITTEE AT THE NEXT EXECUTIBE COMMITTEE MEETING FOLLOWING THE COMPENSATION ADJUSTMENT.

FORM 990, PART VI, SECTION C, LINE 19

NO SUCH DOCUMENTS WERE MADE AVAILABLE TO THE PUBLIC.

FORM 990, PART XII, LINE 2C:

THERE WERE NO CHANGES TO THIS PROCESS.

FORM 990, PART VIII, LINE IE

GOVERNMENT GRANTS (CONTRIBUTIONS) INCLUDE THE COVID-19 STIMULUS FUNDING THAT IS COMPRISED OF STUDENT AID AND INSTITUTIONAL AID. THE COLLEGE IS ACCOUNTING FOR THESE FUNDS AS CONDITIONAL CONTRIBUTIONS, RECORDING REVENUE AS QUALIFYING EXPENSES ARE INCURRED. THE STUDENT AID PORTION TOTALED $0. THE INSTITUTIONAL PORTION TOTALED $291,018.

FORM 990, PART IX, LINE 24C

THE COLLEGE RECEIVED HIGHER EDUCATION EMERGENCY RELIEF FUNDS (HEERF) OF $291,018, OF WHICH $317,964 OF EXPENSES WERE INCURRED FOR COVID-19 RELATED EXPENSES. $131,069 OF THOSE EXPENSES WERE FOR THE STUDENT AID PORTION OF THE GRANT, AND THE REMAINING $186,895 WERE FOR THE INSTITUTIONAL PORTION OF THE GRANT.

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990) 2022

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