2026-04-16T10:11:34-05:00 2025-06-30 410746749 CLIFTONLARSONALLEN LLP TWO INTERNATIONAL PLACE 22ND FLOOR BOSTON MA 02110 990 2024-07-01 521267008 MONTGOMERY COLLEGE FOUNDATION MONT 2405677381 9221 CORPORATE BOULEVARD ROCKVILLE MD 20850 LULADEY HURLEY EXECUTIVE DIRECTOR OF FINANCE & OP. 2405677381 2026-02-18 1 1 LINDSEY PIGG P01268923 7819821001 2026-02-18 2024 2025-03-06 01:10:19Z LULADEY HURLEY 9221 CORPORATE BOULEVARD ROCKVILLE MD 20850 12791444 0 X HTTP://MONTGOMERYCOLLEGE.EDU/FOUNDATION X 1982 MD THE ORGANIZATION SUPPORTS THE EDUCATIONAL ACTIVITIES OF MONTGOMERY COLLEGE. 19 19 0 80 0 0 6641254 5344307 2267636 2038828 3653595 2359162 28838 34039 12591323 9776336 4372695 4781745 0 0 0 0 0 0 355958 2604653 2509306 6977348 7291051 5613975 2485285 113406253 112783343 62524000 57570882 50882253 55212461 X MONTGOMERY COLLEGE FOUNDATION PROVIDES CRITICAL FINANCIAL AND NON-FINANCIAL RESOURCES IN ADVANCING THE MONTGOMERY COLLEGE MISSION TO TRANSFORM STUDENT LIVES AND ENRICH THE DIVERSE COMMUNITIES IT SERVES. 0 0 3350968 3350968 0 SCHOLARSHIPS:THIS YEAR THE MONTGOMERY COLLEGE FOUNDATION WAS ABLE TO DISTRIBUTE OVER $3.3 MILLION IN SCHOLARSHIP AID TO MORE THAN 2,300 STUDENTS. THIS WOULD NOT HAVE BEEN POSSIBLE WITHOUT THE GENEROSITY AND VISION OF OUR DONORS, WHO RECOGNIZE THAT EDUCATION IS THE KEY TO LIFTING INDIVIDUALS AND FAMILIES OUT OF POVERTY, WHICH IS THE GREATEST BARRIER TO A COLLEGE DEGREE. THROUGH THE GENEROSITY OF OUR DONORS, THE FOUNDATION HAS SUPPORTED NUMEROUS PROGRAMS INCLUDING OUR COMMUNITY-CHANGING ACHIEVING COLLEGIATE EXCELLENCE AND SUCCESS (ACES) PROGRAM, WHICH IS DESIGNED TO REACH THE MOST VULNERABLE STUDENTS IN OUR COMMUNITY. THIS FORWARD-THINKING PROGRAM PROVIDES COACHING SUPPORT TO STUDENTS WHO HAVE BOTH THE DESIRE AND THE CAPACITY TO PURSUE A COLLEGE DEGREE WHILE THEY ARE STILL IN AREA HIGH SCHOOLS IN ORDER TO PREPARE THEM TO ATTEND MONTGOMERY COLLEGE AND, ULTIMATELY, TO RECEIVE THEIR BACHELOR'S DEGREE. THE MONTGOMERY COLLEGE FOUNDATION ALSO PROVIDED SCHOLARSHIPS TO STUDENTS PARTICIPATING IN NURSING AND HEALTHCARE PROGRAMS INCLUDING THOSE IN PURSUIT OF NURSING ASSOCIATES OF SCIENCE DEGREES. THE NURSING & HEALTHCARE PROGRAMS PROVIDE A DYNAMIC LEARNING EXPERIENCE APPLIED TO MEETING THE NEEDS OF INDIVIDUALS THROUGHOUT THE LIFE CYCLE AND ALONG THE HEALTH-ILLNESS CONTINUUM. STUDENTS RECEIVE TRAINING TO PROMOTE WELLNESS, ASSIST WITH RESTORATION AND MAINTENANCE OF HEALTH OR ADAPTATION TO CHRONIC ILLNESS, AND PROVIDE COMFORT TO PATIENTS THROUGH DEDICATED TRAINING IN THE MAJOR AREAS OF NURSING. THE MONTGOMERY COLLEGE FOUNDATION PROVIDED SCHOLARSHIPS TO SUPPORT STUDENTS ENROLLED IN WORKFORCE DEVELOPMENT AND CONTINUING EDUCATION NONCREDIT COURSES, DESIGNED TO ENHANCE BUSINESS AND TECHNICAL SKILLS OR GAIN INDUSTRY CERTIFICATIONS TO ENRICH THE COMMUNITY WORKFORCE. OUR FACULTY AND STAFF ARE DEDICATED TO ENSURING THE COLLEGE FULFILLS ITS MISSION, WHICH IS TO EMPOWER OUR STUDENTS TO CHANGE THEIR LIVES AND ENRICH THE LIFE OF OUR COMMUNITY, AND WE THANK OUR DONORS WHO MAKE THIS POSSIBLE. 1795761 0 2038828 FACILITIES EXPANSION SUPPORT:THE PURPOSE OF THE FOUNDATION IS TO RAISE FUNDS FOR THE BENEFIT OF AND TO OTHERWISE SUPPORT MONTGOMERY COLLEGE. IN ADDITION, THE FOUNDATION BORROWS FUNDS ON BEHALF OF THE COLLEGE TO PURCHASE REAL ESTATE FOR THE USE OF THE COLLEGE OR OTHERWISE IN FURTHERANCE OF THE COLLEGE'S MISSION. THE FOUNDATION HAS PROVIDED ASSISTANCE TO THE COLLEGE THROUGH A SERIES OF MUNICIPAL BOND OFFERINGS. THROUGH THESE PROJECTS, THE COLLEGE HAS BEEN ABLE TO BUILD TWO PARKING GARAGES, PURCHASE TWO BUILDINGS FOR OFFICES AND CLASSROOMS, AND REMODEL A BUILDING TO CREATE AN ART CENTER. 1430777 1430777 0 STUDENT AND FACULTY SUPPORT:THIS YEAR THE MONTGOMERY COLLEGE FOUNDATION WAS ABLE TO DISTRIBUTE OVER $1,400,000 IN GRANTS SUPPORTING A VARIETY OF ACADEMIC PROGRAMS THAT REFLECT THE TALENTS AND INTERESTS OF MONTGOMERY COLLEGE'S STUDENT BODY INCLUDING, BUT NOT LIMITED TO, OUR GLOBAL HUMANITIES INSTITUTE (GHI), OUR SOUTHERN MANAGEMENT LEADERSHIP PROGRAM AND OUR MACKLIN BUSINESS INSTITUTE (MBI). GHI WAS CREATED TO ENSURE OUR CURRICULA ARE DEVELOPED WITH A GLOBAL PERSPECTIVE IN ORDER TO PREPARE OUR STUDENTS FOR THE NEEDS OF TODAY'S EMPLOYERS. THIS PROGRAM WAS LAUNCHED AFTER WE SECURED A PRESTIGIOUS CHALLENGE GRANT FROM THE NATIONAL ENDOWMENT FOR THE HUMANITIES, WHICH LED TO THE COLLEGE EMBARKING ON A $1 MILLION FUNDRAISING CAMPAIGN. THE SOUTHERN MANAGEMENT LEADERSHIP PROGRAM IS A SCHOLARSHIP INITIATIVE DESIGNED TO EDUCATE OUR STUDENTS WHO HAVE AN INTEREST IN ENTREPRENEURSHIP AND AN ENTHUSIASM FOR STARTING A BUSINESS VENTURE OR LEADING A COMPANY. THE GOAL OF THIS INNOVATIVE PROGRAM IS TO SUPPORT, DEVELOP, AND GRADUATE ETHICAL LEADERS WHO WANT TO ENERGIZE AND GIVE BACK TO THEIR LOCAL COMMUNITIES. ADDITIONALLY, OUR MACKLIN BUSINESS INSTITUTE PROVIDES ITS BUSINESS STUDENTS WITH AN EXPERIENTIAL LEARNING PROGRAM, PROVIDING A HANDS-ON EXPERIENCE IN THE BUSINESS WORLD WITHIN OUR COMMUNITY. BY COUPLING REAL-LIFE EXPERIENCE WITH WHAT STUDENTS ARE LEARNING IN BUSINESS CLASSES, MBI STUDENTS ARE OFTEN BETTER PREPARED TO SUCCEED WHEN THEY TRANSFER TO TOP BUSINESS SCHOOLS. STUDENTS ALSO HAVE ACCESS TO THE STATE OF THE ART MACKLIN FINANCE LAB, WHERE STUDENTS CAN UTILIZE FINANCIAL SOFTWARE USED IN INVESTMENT BANKS, BROKERAGE HOUSES, AND HEDGE FUNDS ON WALL STREET. THIS EXTRAORDINARY OPPORTUNITY FOR STUDENTS IN A COMMUNITY COLLEGE SETTING WAS MADE POSSIBLE THROUGH A $1.22 MILLION DONATION FROM THE MACKLIN FOUNDATION. THE MONTGOMERY COLLEGE FOUNDATION CONTINUES TO SUPPORT STUDENT WITH EMERGENCY NEEDS. THIS YEAR MORE THAN $130,000 WAS PROVIDED IN EMERGENCY ASSISTANCE. 6577506 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 21 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 19 19 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 CA FL MA MD MI NJ NY NH PA SC WV X LULADEY HURLEY 2405677381 9221 CORPORATE BLVD ROCKVILLE MD 20850 WILLIAM C FOOTE TREASURER 5.00 X X 0 0 0 MARY PAT ALCUS CHAIR 5.00 X X 0 0 0 ERICA L WEBBER VICE CHAIR 5.00 X X 0 0 0 KENNETH H BECKER DIRECTOR 1.00 X 0 0 0 ASHLEY B CHENG DIRECTOR 1.00 X 0 0 0 LAUREN CHIN DIRECTOR 1.00 X 0 0 0 MARTIN P COLBURN DIRECTOR 1.00 X 0 0 0 KENNETH C COOK DIRECTOR 1.00 X 0 0 0 ANNE L GUNSTEENS DIRECTOR 1.00 X 0 0 0 R WILLIAM HARD DIRECTOR 1.00 X 0 0 0 BILL KEATING DIRECTOR 1.00 X 0 0 0 LESLIE LEVINE UNTIL 0924 DIRECTOR 1.00 X 0 0 0 CONNIE O MCGUIRE DIRECTOR 1.00 X 0 0 0 CRISTINA RABADAN-DIEHL DIRECTOR 1.00 X 0 0 0 STEVEN V ROBERTS DIRECTOR 1.00 X 0 0 0 CHRISTOPHER SACA DIRECTOR 1.00 X 0 0 0 EMAN SAQIB DIRECTOR 1.00 X 0 0 0 ROBERTA SHULMAN DIRECTOR 1.00 X 0 0 0 MORGAN SULLIVAN DIRECTOR 1.00 X 0 0 0 CRISTOPHER J WHITE DIRECTOR 1.00 X 0 0 0 JOYCE MATTHEWS UNTIL 0125 EXEC DIR/VP OF DEV & ALUMNI RELATIONS 40.00 X 0 203325 24122 DONNA M PINA DIRECTOR OF FOUNDATION FINANCE 40.00 X 0 164292 17755 BERNADETTE MALDONADO AS OF 0125 EXEC DIR/VP OF DEV & ALUMNI 40.00 X 0 0 0 0 367617 41877 0 0 1 0 0 2756 462797 4878754 611232 5344307 RENTAL INCOME FROM COLLEGE 532000 2038828 2038828 2038828 1247342 1247342 20882 20882 4112453 3000633 1111820 1111820 1111820 19725 2756 13050 6675 6675 2690 1425 1265 1265 OTHER INCOME 900099 5217 5217 5217 9776336 2038828 0 2393201 1430777 1430777 3350968 3350968 49297 49297 22991 22991 157316 157316 347660 84451 263209 77727 12989 64738 10786 6072 4714 1795761 1795761 9803 9803 INSTITUTIONAL SUPPORT 23297 23297 MEMBERSHIPS & LICENSE 14668 14668 7291051 6577506 357587 355958 2062275 2071789 5953270 7523593 3672454 3569649 5954 13796 30779 33241 2750000 2750000 2750000 40166079 42757213 58765442 54064062 113406253 112783343 428149 406746 60571972 55667870 830000 830000 693879 666266 62524000 57570882 X 1893062 2353249 48989191 52859212 50882253 55212461 113406253 112783343 X 2485285 1926966 -82043 X 0 1 X 1 0 X 4854658 3955378 4786797 6641251 5344307 25582391 602390 532717 578502 641575 583346 2938530 5457048 4488095 5365299 7282826 5927653 28520921 398254 28122667 564140 594066 978013 1194882 1268224 4599325 24654 13115 27632 65401 33185647 12228935 0.84740 0.84670 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2022 AMOUNT: $ 7,400. 2024 AMOUNT: $ 5,217. GROSS FUNDRAISING INCOME - 2022 AMOUNT: $ 17,254. 2023 AMOUNT: $ 13,115. 2024 AMOUNT: $ 19,725. GROSS GAMING INCOME - 2024 AMOUNT: $ 2,690. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 39663939 1707103 3707662 1667363 43411341 34550297 1984081 4204187 1074626 39663939 32443716 1195831 2287718 1376968 34550297 38592668 927161 -5552484 1523629 32443716 28906970 1665344 7996785 -23569 38592668 0.00000 0.76776 0.23223 0 0 2750000 2750000 2750000 DIPLOMA FRAMES 4062 NET INVESTMENT IN CAPITAL LEASE 54060000 54064062 ANNUITIES PAYABLE 666266 666266 12172447 1926966 583346 28640 2538952 9633495 157316 -14475 142841 9776336 7842239 583346 110683 694029 7148210 157316 -14475 142841 7291051 PART V, LINE 4: ENDOWMENT FUNDS ARE USED TO PROVIDE SCHOLARSHIPS FOR STUDENTS OR SUPPORT FOR COLLEGE PROGRAMS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF ANNUITY 28,640. PART XI, LINE 4B - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSE -13,050. GAMING EXPENSE -1,425. PART XII, LINE 2D - OTHER ADJUSTMENTS: ANNUITY PAYMENTS 79,536. UNCOLLECTIBLE PLEDGES 31,147. PART XII, LINE 4B - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSE -13,050. GAMING EXPENSE -1,425. COMMENCEMENT 5512 5512 3441 DOGFISHING 7219 2756 4463 517 1 9750 9750 7842 1250 22481 2756 19725 7842 5208 13050 6675 1 1 MONTGOMERY COLLEGE 9221 CORPORATE BOULEVARD ROCKVILLE MD 20850 520891845 STATE OF MARYLAND 882505 340722 DONOR REPORTED SUPPLIES, EQUIPMENT, DONATIONS SUPPORT OF COLLEGE INITIATIVES 1 0 SCHOLARSHIPS 2360 3350968 N/A N/A PART I, LINE 2: SCHOLARSHIP AWARDS ARE MADE ACCORDING TO DONOR CRITERIA. ALTHOUGH THERE ARE A FEW MERIT BASED SCHOLARSHIPS, MOST SCHOLARSHIPS ARE AWARDED BASED ON FINANCIAL NEED (USING INFORMATION FROM FAFSA). IN ADDITION TO DONOR CRITERIA AND FINANCIAL NEED, SCHOLARSHIP RECIPIENTS ARE REQUIRED TO WRITE A THANK YOU NOTE AND SIGN AN ACCEPTANCE LETTER. THE FOUNDATION WORKS VERY CLOSELY WITH MONTGOMERY COLLEGE'S FINANCIAL AID OFFICE WHICH DETERMINES NEED WITHIN THE STUDENT'S COST OF ATTENDANCE. THE FOUNDATION PROVIDES A SCHOLARSHIP DATA BASE TO THE FINANCIAL AID OFFICE THAT INCLUDES THE CRITERIA FOR THE SCHOLARSHIP AND THE AWARD AMOUNT AVAILABLE. THIS DATA BASE IS USED TO MATCH STUDENTS WITH THE SCHOLARSHIP. SATISFACTORY ACADEMIC PROGRESS IS MONITORED BY THE FINANCIAL AID OFFICE AND IF A STUDENT IS NOT MEETING THE REQUIREMENTS OF THE SCHOLARSHIP, THE SCHOLARSHIP IS EITHER REMOVED OR NOT RENEWED. STUDENT RECIPIENTS ARE TRACKED BY SCHOLARSHIP IN THE ACCOUNTING DATABASE. DONORS RECEIVE THANK YOU NOTES FROM THEIR RECIPIENTS. IN ADDITION, THOSE DONORS WITH ENDOWMENTS, ALSO RECEIVE AN ACCOUNTING OF THEIR ENDOWMENT FUND AND A LIST OF THEIR SCHOLARSHIP RECIPIENTS. 0 0 0 0 0 0 0 0 0 JOYCE MATTHEWS UNTIL 0125 EXEC DIR/VP OF DEV & ALUMNI RELATION 0 199325 0 0 0 4000 0 18953 0 5169 0 227447 0 0 DONNA M PINA DIRECTOR OF FOUNDATION FINANCE 0 164292 0 0 0 0 0 12153 0 5602 0 182047 0 0 PART I, LINE 3 EXECUTIVE DIRECTOR COMPENSATION WAS DETERMINED BY THE FOUNDATION'S RELATED ORGANIZATION, MONTGOMERY COLLEGE. THE COLLEGE'S CLASSIFICATION AND COMPENSATION TEAM ADMINISTERS THE COLLEGE'S COMPENSATION PROGRAM. AMONG OTHER DUTIES, TEAM ACTIVITIES INCLUDE: ENSURING COMPLIANCE WITH FEDERAL AND STATE LAWS AND REGULATIONS, AS WELL AS COLLEGE POLICIES AND PROCEDURES GOVERNING CLASSIFICATION AND COMPENSATION. ENSURING THAT THE COLLEGE'S COMPENSATION PROGRAM IS GUIDED BY AND SUPPORTS THE COMPENSATION PHILOSOPHY AND THE COLLEGE'S MISSION AND GOALS. EVALUATING DUTIES AND RESPONSIBILITIES OF INDIVIDUAL POSITIONS AND OCCUPATIONAL CLASSES TO ENSURE THAT POSITIONS ARE CORRECTLY ASSIGNED TO AN APPROPRIATE GRADE LEVEL WITHIN THE ORGANIZATION. CONDUCTING MARKET SALARY SURVEYS AND ANALYSES TO ENSURE THAT COLLEGE PAY LEVELS ARE COMPETITIVE WITH THE EXTERNAL JOB MARKET. CONDUCTING STUDIES OF POSITIONS AND JOB CLASSES ON A REGULAR MAINTENANCE SCHEDULE OR IN RESPONSE TO REORGANIZATION, REALLOCATION OF RESOURCES, MAJOR CHANGES IN WORK RESPONSIBILITIES OR TECHNOLOGY, OR IN RESPONSE TO UNIQUE OR UNANTICIPATED CIRCUMSTANCES. A MONTGOMERY COUNTY REVENUE AUTHORITY 520694793 613366JJ3 2011-09-01 6988453 SERIES 2011A BONDS 0 0 0 B MONTGOMERY COUNTY REVENUE AUTHORITY 520694793 613366JW4 2014-11-19 24765089 SERIES 2014 BONDS 0 0 0 C MONTGOMERY COUNTY REVENUE AUTHORITY 520694793 61336RBX4 2015-06-23 29666104 SERIES 2015 BONDS 0 0 0 D MONTGOMERY COUNTY MARYLAND 526000980 61334EBV9 2016-07-27 24378788 SERIES 2016 BONDS 0 0 0 A 148453 6988453 130383 6797193 60877 2011 0 0 1 1 B 15955089 24765089 24384744 380345 2014 0 1 1 1 C 11286104 29666104 759619 15198671 457813 13250001 2015 0 1 1 1 D 6418788 24378788 404615 23051413 922760 2016 0 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 D 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 0 B 0 0 0 1 0 0 0 0 0 C 0 0 0 1 0 0 0 0 0 D 0 0 0 1 0 0 0 0 0 A 1 B 1 C 1 D 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MONTGOMERY COUNTY REVENUE AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 02/28/2025 ISSUER NAME: MONTGOMERY COUNTY REVENUE AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 03/07/2025 ISSUER NAME: MONTGOMERY COUNTY REVENUE AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 03/07/2025 ISSUER NAME: MONTGOMERY COUNTY, MARYLAND DATE THE REBATE COMPUTATION WAS PERFORMED: 10/19/2021 FORM 990, SCHEDULE K: THE FOUNDATION BORROWED THE PROCEEDS OF THE SERIES 2011A BONDS TO PURCHASE A BUILDING ON THE GERMANTOWN CAMPUS OF MONTGOMERY COLLEGE. THE FOUNDATION BORROWED THE PROCEEDS OF THE SERIES 2014 BONDS TO REFUND ALL OF THE OUTSTANDING SERIES 2005A BONDS WHICH FINANCED THE RENOVATION AND CONSTRUCTION OF THE CAFRITZ ART CENTER. THE FOUNDATION BORROWED THE PROCEEDS OF THE SERIES 2015 BONDS TO REFUND ALL OF THE OUTSTANDING SERIES 2008A BONDS, WHICH FINANCED THE CONSTRUCTION OF A PARKING GARAGE ON THE TAKOMA PARK/SILVER SPRING CAMPUS OF MONTGOMERY COLLEGE, AND FINANCED A PORTION OF THE CONSTRUCTION OF A PARKING GARAGE ON THE ROCKVILLE CAMPUS OF MONTGOMERY COLLEGE. THE FOUNDATION BORROWED THE PROCEEDS OF THE SERIES 2016 CERTIFICATES OF PARTICIPATION TO PURCHASE AND RENOVATE A BUILDING OF APPROXIMATELY 115,000 SQUARE FEET TO HOUSE MONTGOMERY COLLEGE CENTRAL SERVICES AND ADMINISTRATIVE SERVICES OFFICES. THE LAST REQUIRED REBATE COMPUTATIONS WERE PERFORMED ON 10/19/21 FOR SERIES 2016, 03/07/25 FOR SERIES 2015, 03/07/25 FOR SERIES 2014, AND 02/28/25 FOR SERIES 2011. NO ARBITRAGE REBATE LIABILITY EXISTS FOR ANY BOND ISSUANCE. X 25 DONOR VALUE X 237 DONOR VALUE X 29 270510 AVERAGE STOCK VALUE X SUPPLIES 13 277586 DONOR VALUE X GROCERY & RESTUARANT 27 51928 DONOR VALUE X EQUIPMENT 7 9294 DONOR VALUE X EVENT TICKETS 6 1222 DONOR VALUE X HOTEL 1 280 DONOR VALUE X JEWELRY 1 150 DONOR VALUE 0 0 1 0 PART I, COLUMN (B): THE AMOUNT REPORTED IN COLUMN B REPRESENTS THE NUMBER OF ITEMS RECEIVED. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE IS DELEGATED THE AUTHORITY AND POWERS OF THE BOARD WHEN THE BOARD IS NOT IN SESSION. NOTWITHSTANDING THE FOREGOING, THE EXECUTIVE COMMITTEE SHALL NOT HAVE THE FOLLOWING POWERS: AMENDING THE ARTICLES OF INCORPORATION OR BYLAWS; AUTHORIZING LOANS, UNLESS DELEGATED BY RESOLUTION OF THE BOARD; CONVEYING OR TRANSFERRING ANY PROPERTY OR ASSETS OF THE FOUNDATION, UNLESS DELEGATED BY RESOLUTION OF THE BOARD; OR ACTING ON MATTERS RESERVED FOR ACTION BY THE BOARD IN THE ARTICLES OF INCORPORATION BYLAWS. THE EXECUTIVE COMMITTEE SHALL CONSIST OF: CHAIR; VICE CHAIR; TREASURER; IMMEDIATE PAST CHAIR; AT LEAST ONE DIRECTOR ELECTED AS AN AT LARGE REPRESENTATIVE OF THE BOARD AT THE ANNUAL MEETING FOR A ONE-YEAR TERM; CHAIR OF THE DEVELOPMENT AND IMPACT COMMITTEE; CHAIR OF THE REAL ESTATE COMMITTEE; CHAIR OF THE GOVERNANCE COMMITTEE; AND CHAIR OF THE STRATEGIC PLANNING COMMITTEE. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS PREPARED BY AN INDEPENDENT ACCOUNTANT AND IS REVIEWED BY THE FOUNDATION FINANCE STAFF. QUESTIONS AND PROPOSED CHANGES ARE THEN DISCUSSED WITH THE FOUNDATION'S INDEPENDENT ACCOUNTANT, AND APPROPRIATE REVISIONS ARE MADE. FOUNDATION FINANCE STAFF AND THE FOUNDATION'S INDEPENDENT ACCOUNTANT THEN MEET WITH THE FOUNDATION'S TREASURER'S COMMITTEE TO REVIEW THE 990. ADDITIONAL CHANGES, IF ANY, ARE INCORPORATED INTO THE 990 WHICH IS THEN PRESENTED TO THE FOUNDATION EXECUTIVE COMMITEE FOR ADDITIONAL REVIEW. FINALLY, IT IS PRESENTED TO THE FOUNDATION BOARD FOR APPROVAL PRIOR TO SUBMISSION TO THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C AT THE TIME OF APPOINTMENT OR HIRING AND ANNUALLY THEREAFTER, EACH FOUNDATION BOARD MEMBER, OFFICER, OR VOLUNTEER ACTING IN AN EQUIVALENT CAPACITY (EACH A "COVERED PERSON") MUST DISCLOSE HIS OR HER (AND A FAMILY MEMBER'S) FINANCIAL INTEREST(S) AS WELL AS ANY OTHER ACTUAL OR POTENTIAL INTEREST(S) OR RELATIONSHIP(S) THAT MIGHT BE CONSTRUED AS AFFECTING HIS OR HER INDEPENDENT, UNBIASED JUDGMENT IN LIGHT OF HIS OR HER DECISION-MAKING AUTHORITY OR FIDUCIARY RESPONSIBILITY. A COVERED PERSON SHALL MAKE SUCH DISCLOSURES ON THE FOUNDATION'S DISCLOSURE FORM AND SUBMIT IT TO THE CHAIR OF THE FOUNDATION BOARD OR HIS/HER DESIGNEE AT THE TIME OF APPOINTMENT OR HIRE AND THEREAFTER ANNUALLY BY JULY 1, THE BEGINNING OF THE FOUNDATION'S FISCAL YEAR. IF THERE IS ANY CHANGE TO A COVERED PERSON'S FINANCIAL INTERESTS OR OTHER REPORTABLE INTERESTS OR RELATIONSHIPS DURING THE FISCAL YEAR, THE COVERED PERSON SHALL PROMPTLY AMEND HIS OR HER DISCLOSURE FORM. THE BOARD CHAIR, IN CONSULTATION WITH THE FOUNDATION'S LEGAL COUNSEL AND EXECUTIVE COMMITTEE, WILL REVIEW THE DISCLOSURE FORMS AND DETERMINE WHETHER A COVERED PERSON HAS AN ACTUAL, POTENTIAL, OR APPARENT CONFLICT OF INTEREST. A COVERED PERSON WITH AN ACTUAL, APPARENT, OR POTENTIAL CONFLICT OF INTEREST MAY MAKE A PRESENTATION AT A MEETING OF THE FOUNDATION BOARD OR ONE OF ITS COMMITTEES. A COVERED PERSON MUST DISCLOSE HIS OR HER INTEREST PRIOR TO THE FOUNDATION BOARD'S OR COMMITTEE'S DISCUSSION OF AND VOTE ON THE PROPOSED TRANSACTION OR ARRANGEMENT INVOLVING THE COVERED PERSON'S ACTUAL, APPARENT, OR POTENTIAL CONFLICT OF INTEREST. HE OR SHE SHALL LEAVE THE MEETING DURING THE DISCUSSION OF, AND THE VOTE ON, SUCH PROPOSED TRANSACTION OR ARRANGEMENT. THE FOUNDATION BOARD OR COMMITTEE MAY APPROVE THE TRANSACTION OR ARRANGEMENT BY A MAJORITY VOTE OF THE DISINTERESTED DIRECTORS PRESENT AND VOTING IF THE TRANSACTION OR ARRANGEMENT IS FAIR AND REASONABLE TO THE FOUNDATION. MINUTES OF A FOUNDATION BOARD, COMMITTEE, OR ANY OTHER SUCH MEETING SHALL INCLUDE THE NAME(S) OF ANY PERSON WHO DISCLOSED OR WAS OTHERWISE DETERMINED TO HAVE AN ACTUAL, APPARENT, OR POTENTIAL CONFLICT OF INTEREST IN A PROPOSED TRANSACTION OR ARRANGEMENT, THE NATURE OF THE INTEREST, AND THE BOARD CHAIR'S CONCLUSION AS TO WHETHER A CONFLICT OF INTEREST EXISTED. THE MINUTES SHALL ALSO IDENTIFY THE PERSONS WHO WERE PRESENT DURING DISCUSSIONS AND VOTES REGARDING THE PROPOSED TRANSACTION OR ARRANGEMENT, DESCRIBE THE SUBSTANCE OF THE DISCUSSION (INCLUDING CONSIDERATION OF ANY ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT), AND RECORD ANY VOTES TAKEN IN RELATION TO THE PROPOSED TRANSACTION OR ARRANGEMENT. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION'S EXECUTIVE DIRECTOR AND FINANCE DIRECTOR ARE COMPENSATED BY ITS RELATED ORGANIZATION, MONTGOMERY COLLEGE, AND THEREFORE COMPENSATION DETERMINATION IS PERFORMED BY THE COLLEGE. SEE SUPPLEMENTAL INFORMATION INCLUDED ON SCH J, PART III. FORM 990, PART VI, SECTION C, LINE 19 THE FOUNDATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST FORM 990, PART VI, SECTION B, LINE 13: THE FOUNDATION DOES NOT EMPLOY ANY INDIVIDUALS; ALL INDIVIDUALS WHO WORK FOR THE FOUNDATION ARE INSTEAD EMPLOYED BY ITS RELATED ORGANIZATION, MONTGOMERY COLLEGE. THE COLLEGE HAS ADOPTED A WHISTLEBLOWER POLICY WHICH COVERS ALL EMPLOYEES. FORM 990, PART XI, LINE 9: CHANGE IN VALUE - ANNUITY 28,640. UNCOLLECTIBLE PLEDGES -31,147. ANNUITY PAYMENTS -79,536. MONTGOMERY COLLEGE 9221 CORPORATE BLVD ROCKVILLE MD 20850 520891845 COLLEGE - EDUCATION MD 115 N/A 0 0 1 0 1 0 0 0 0 0 1 0 1 0 1 1 0 0 0 0 MONTGOMERY COLLEGE B 882505 INCURRED AND RECOGNIZED EXPENSE MONTGOMERY COLLEGE J 2038828 EARNED AND RECOGNIZED REVENUE MONTGOMERY COLLEGE O 583346 FMV OF CONTRIBUTED SERVICES