As required by State of Texas regulations, please see Dallas County Community College District's (the "District") answers to certain investment questions below.
- Does the institution employ outside investment advisors or managers and, if so, who are they? NO
- Do the outside investment advisors or managers have the authority to make investment decisions without obtaining prior approval? N/A
- Does the institution use soft dollar arrangements (means of paying for services through brokerage commission revenue, rather than through direct payments)? NO
- Is the institution associated with an independent endowment or foundation? YES
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In evaluating how to define the District for financial reporting purposes, management has considered all potential component units, including the Dallas County Community College Foundation, Inc. (the "Foundation"). The Foundation is a separate nonprofit organization, and its sole purpose is to provide benefits such as scholarships and grants to the students, faculty and staff of the District. The Foundation is a legally separate entity which does not provide a financial benefit or impose a financial burden on the District. The District does not appoint any of the Foundation's board members. As a result, the financial position and results of operations of the Foundation are not combined with the financial statements of the District for the year ended August 31, 2003. However, the Governmental Accounting Standards Board Statement No. 39 has been issued and will be effective for fiscal years beginning after June 15, 2003. It clarifies the inclusion criteria for affiliated entities such as the Foundation. The District is in the process of evaluating what effect the relationship of the Foundation to the District will have on the District's future financial statements in light of requirements imposed by the new standard.
The individual who manages the Foundation is:
Betheny Reid
Executive District Director
DCCCD Foundation, Inc.
701 Elm Street
Dallas, Texas 75202
As of August 31, 2008, the market value of the Foundation's investments was $23,160,802.