Fairfield University

“It is the policy of fairfield university that each voting member of the finance and audit committee of the board of trustees is presented with a copy of the completed irs form 990 before it is filed with the irs. Form 990 is reviewed and approved by the vice president for finance before it is forwarded to the finance and audit committee.”

“Members of the board of trustees are asked to sign a conflict of interest statement. The statement shall be signed annually by each board member as a condition of membership on the board of trustees. Each trustee is expected to disclose in writing to the chairman of the board all situations in which conflicts might exist, or appear to exist. Conflict of interest statesments are collected and reviewed by the chief of staff. No trustee having interests conflicting with the interests of the university or appearing so shall take part in the deliberations or votes of the board involving the question concerning the conflict nor seek to influence the other trustees on that question.”

“The review process includes all of these elements (1) review and approval by the board of trustees -compensation is reviewed and approved by the board of trustees of fairfield university, provided that persons with conflicts of interest with respect to the compensation arrangement at issue are not involved in this review and approval (2) use of data as to comparable compensation-the compensation of the person is reviewed and approved using data as to comparable compensation for similarly qualified persons in functionally comparable positions at similarly situated universities. The following methods have been used a. Review by an independent third party; b. Conduct market assessment of salaries; and c. Evaluate the appropriateness of the current salary structure to ensure that we are and remain competitive with the market, as well as remain internally equitable. (3) contemporaneous documentation and recordkeeping -there is contemporaneous documentation and recordkeeping with respect to the deliberations and decisions regarding the compensation arrangement. Compensation arrangement. The last time of review was march 2015 during the board meeting.”

“Governing documents such as financial statements, conflict of interest policy and whistleblower policy are available on the university's website and also by request.”

“Fairfield university is an institution of higher learning with undergraduate, graduate and continuing education academic programs including students residing on campus. Full-time equivalent enrollment for the 2015-2016 academic year were 3,793 undergraduates and 731 graduate students with approximately 2,901 students living in on-campus residences. Also included in our program services is a secondary preparatory school with an enrollment of approximately 900 students. Fairfield university welcomed 966 members of the class of 2019 and 35 transfer students to campus in the fall of 2015. The class of 2019 is a strong class, with an average sat score of 1785, slightly higher than that of the class of 20i8. Continued refinement of the financial aid process as well as enhancements to campus programming and follow up communication efforts resulted in a class that exceeded our budgeted goals. Recognition of quality and value for the 25th consecutive year fairfield ranked in the top 2% of its peer group in surveys done by u s news and world report, fairfield was the second highest university in the north region. The university was also acclaimed for its "strong commitment to undergraduate teaching," high freshman retention rate (89%) and six-year graduation rate (82%) money magazine ranked fairfield in the top 185 (out of 706) for best valued based on quality of education, affordability and outcomes fairfield has also been recognized by the following publications and organizations: forbes magazine's american's top colleges, princeton review's top 380 colleges, kiplnger's personal finance "35 best college values in new england", bloomberg business week's list of best undergraduate business schools abroad "101 top four study abroad programs in the world". The fairfield stags continue to demonstrate prowess on both the field and in the classroom in data released by the national collegiate athletic association fairfield had the highest graduation success rate (gsr) of all 11 metro atlantic athletic conference (maac) colleges and universities and the 12th highest in the nation. Fairfield had a gsr of 96 percent with 13 sports at fairfield university achieving a 100% graduation rate.”

“Auxiliary services include the costs of room and board for approximately 2,901 full-time undergraduate students living on campus in residence halls, townhouses, and apartment complexes residing on a 200 acre campus. Graduate student housing is also offered in independent off-campus houses, and in an apartment style residence hall.”

“Other changes in net assets: loss on long-term debt advance refunding $(1,957,786) change in value of split interest agreement (100,474) ------------ $(2,058,260)”