Hofstra University

“As reflected on statements filed annually with the University, other than listed below, no officer, director, trustee, key employees, highest compensated employees or highest compensated professional or other independent contractors receiving any compensation from the organization is related to any other such entity through family or business relationships. Trustee Miller reported that he has an investment in a fund in which Trustee Guthart is a principal.”

“Form 990 is prepared by the University, and reviewed by an outside tax consultant. The SVP for Financial Affairs and Treasurer also reviews the return with the President and the VP for Legal Affairs and General Counsel. The final return is submitted to the Audit Committee of the Board of Trustees and the full Board of Trustees prior to signing and filing the return.”

“The Hofstra University Board of Trustees Compensation Committee has oversight of all elements of executive compensation and reports to the entire Board on such matters. Specifically, the Committee reviews the compensation of the President and officers and other key employees. The Committee assesses and approves the reasonableness of the compensation of the President; compensation for other officers are recommended by the President to the Compensation Committee of the Board of Trustees on an annual basis. As part of the annual review, the University provides the necessary data including peer comparisons compiled from 990 tax return disclosures to the Committee and the Board in order for the review to take place each year. Members of the Committee, as well as any third party providing professional advice to the Committee, must be independent and have no conflicts of interest as to the compensation being reviewed, the officer who is being reviewed, or any products or services being considered. Such review includes a comparison of data as presented on the 990 tax return of comparable institutions, adjusted as appropriate for the New York metropolitan area and updated to the present year. Consideration is given to the breadth and complexity of programs, such as medical and law schools. The review also includes an assessment of the duties and responsibilities of each officer and the overall performance of each. From time to time, the University engages an outside consultant to review the comparables and to assist the Committee. The Committee reviews its determinations with the Board of Trustees. The actions of the Committee and Board of Trustees are set forth in the minutes, including the information reviewed in determining comparability and the basis for determining that the compensation is reasonable.”

“The University's bylaws set forth a conflict of interest policy for Trustees prohibiting certain transactions and requiring disclosure of any conflict that might arise. Annually, all Trustees must complete and sign a compliance and disclosure statement which is reviewed and maintained as a matter of record by the University's General Counsel. Disclosures are brought to the attention of the Audit Committee of the Board of Trustees. In addition, there is a conflict of interest policy for all administrative employees and certain union employees prohibiting certain actions and requiring disclosure of any conflict that might arise. Annually, employees must complete and sign a compliance and disclosure statement which is reviewed and maintained as a matter of record by the Office of Human Resources. Any questionable activity is not permitted until the appropriate Vice President has determined that sufficient safeguards exist to fully protect the University's interests and the University's General Counsel has reviewed.”

“As a private University, governing documents, conflict of interest policy and financial statements are not required to be made available to the public. However, the University Bylaws and the Conflict of Interest Policy are available on the University website. In addition, the University's Form 990 (which includes financial data) is made available upon request.”

“The Bylaws of the University were last amended by the Board of Trustees on October 18, 2022, with minor updates.”

“Christie Lites New York LLC provides event production, staging, equipment and lighting for multiple events including University and High School commencement ceremonies and the annual fundraising gala.”

“In the ordinary course of business, the University provides information to students and parents regarding eligibility for Title IV student assistance, including student and parent loans, University scholarship and loan programs, and internal and external payment plan arrangements which are available to finance tuition and fees at Hofstra. In addition, the University is engaged in the collection of tuition and fee balances from students for the current and prior terms, including entering into agreements for the collection and payment of amounts due and owing.”

“Other changes in net assets are made up of the following: Postretirement Changes other than net periodic benefit costs 270,532 Other components of net periodic benefit costs (894,323) --------------- $(623,791)”

“The University provided financial assistance of $6,598,890 to certain international students attending Hofstra. This assistance is included on Schedule I, Part III as Assistance to Individuals in the United States, as the students attended classes within the United States. All amounts provided are credited to the students US based Hofstra accounts.”

“Included in Part IX, Line 24, is $7,840,534, which was received pursuant to the Higher Education Emergency Relief Fund (HEERF) established under the CARES Act. This amount was provided to the University as a pass through to students for emergency financial grants.”