Assumption University

“Management (chief financial officer) reviews the form 990 filing in a draft form and then distributes to the board of trustees prior to filing with the irs.”

“During the fall of each year, the secretary of the board mails to all university trustees and officers a questionnaire asking them to disclose any related party transactions with the university. A total of seven questions are asked. The memorandum explains the necessity of completing the related party questionnaire and emphasizes the fact that the university expects a 100% response. In addition to the questionnaire and memorandum, the trustees and officers also receive a two-page instructional document which explains in simple terms what a conflict of interest is and why full disclosure of a real or perceived conflict of interest is important. This document also includes a number of recommendations on the subject put forth by the massachusetts attorney general. Once completed, the questionnaires are returned to the secretary of the board who monitors their response and follows up with those trustees and officers who are tardy in completing and returning their questionnaires. Any individual who it is determined has a conflict of interest cannot participate in the vote related to the conflict.”

“A compensation committee, made up of four university trustees (the chair, the vice chair, the chair of the finance committee, and the chair of the student experience committee), establishes the compensation of the president of the university on an annual basis. The compensation committee uses comparable data which is published annually in the chronicle of higher education and reports received from independent compensation consultants. Additionally, the entire board conducts an annual performance review of the president. Other officers and key employees are normally reviewed by the president of the university who makes an adjustment in their salary based on performance factors and also based on the chronicle of higher education. The compensation of the vice presidents is reviewed by the compensation committee annually.”

“For interested third parties, all of the university's governing documents, conflict of interest policy, form 990 (public disclosure copy) and financial statements are available on request from the secretary at assumption university (500 salisbury street, worcester, ma 01609) for the same period of disclosure as set forth in section 6104(d). For all employees of the university, all of the policies and procedures including the whistleblower policy, conflict of interest policy and others are available via our internal online portal system. A copy of the form 990 without schedule b is available via candid (fka guidestar) and the massachusetts attorney general's website.”

“Change in value of split interest agreements 35,408. Change in value of beneficial interest in trust 132,105.”