Trustees of Clark University

“The audit & strategic risk committee of the board of trustees was authorized and requested to review the administration's draft responses to the form 990. This was completed at the 2/3/2023 meeting of the committee. The board has authorized submission to the internal revenue service with the approval of the audit & strategic risk committee. In addition, a draft of the 990 is posted on the trustee web page and each member is notified of the opportunity to review before submission. Grant thornton reviews the form 990 throughout its preparation and signs the final form 990 as a paid preparer.”

“Each trustee, senior administrator, and faculty member is required to complete annually a conflict of interest disclosure form. Faculty forms are reviewed by the grants office within the office of academic affairs. Trustees and senior administrators' disclosures are reviewed by the secretary of the corporation and the executive vice president, who is also the treasurer of the board of trustees. If a potential conflict arises, the chair of the audit and strategic risk committee will meet with the members of the audit and strategic risk committee to review the potential conflict and, in consultation with the board chair, make a determination on what, if any, action is necessary.”

“The process for determining compensation for the university's president, other officers and key employees is based upon the rebuttable presumption that a transaction is not an excess benefit transaction, to establish the presumption of reasonable compensation. The university's board of trustees has formed an executive compensation committee which is charged with establishing the president's compensation and approving the president's written employment contract. The committee engages independent compensation consultants and reviews comparable industry data when determining the president's compensation. Benefits and compensation for other officers and key employees are determined based on benchmarking total compensation at comparable institutions using input from search firms and other external resources as needed.”

“Clark university's governing documents, conflict of interest policy, and financial documents are all considered public documents. The governing documents, including the provisions of jonas clark's will, the by-laws of the university and the articles of incorporation are available for viewing in goddard library and are also publicly available as a result of several public debt issuances through the massachusetts development finance agency (mdfa). Financial statements are similarly available and are also posted on the university's website and through guidestar. The conflict of interest policy is available upon request from the board of trustees and the office of sponsored programs and research.”

“Matthew malsky and nancy budwig are listed as former key employees as they no longer hold the positions that designated them as key employees in prior years. They are, however, still employed by the university as faculty. Yuko aoyama is listed as former due to a change in the criteria for key employees.”

“Clark university's mission is to educate undergraduate and graduate students to be imaginative and contributing citizens of the world, and to advance the frontiers of knowledge and understanding through rigorous scholarship and creative effort. Clark fosters a commitment to excellence in studying traditional academic disciplines, as well as innovation in exploring questions that cross disciplinary boundaries.”

“Change in value of split interest agreement -25,953. Change in value of interest rate swap 590,066. Change in value of beneficial interest in outside trust 137,628. Student loan activity - net 4,635. Change in post-retirement health obligation 22,277. Adjustment for asu 842 175,523.”