Union Theological Seminary

“Union theological seminary has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, it is reviewed and approved by the audit committee. The governing body has delegated its oversight role to the audit committee. Any comments made by the audit committee are presented to management. Each issue is documented and addressed until the return is finalized and approved for filing. A copy of the final approved version is electronically sent to the entire board after filing.”

“Union theological seminary currently has in place a conflict of interest policy which is monitored and enforced annually. The board mandates that all members of the governing body, officers, and employees annually review and sign the conflict of interest disclosure form. The coi policy also requires that after disclosure, any such conflict of interest must be approved by the employee's direct supervisor, and absent this approval, the conflict must be resolved. After a conflict is reported to an employee's supervisor and acted upon, it must be reported to the vice president for finance and operations. If an officer or a trustee had a conflict of interest, they would be excused from participating in the vote.”

“Line 15a: compensation for the president at union theological seminary are determined by union's personnel committee of the board of trustees, after reviewing guidelines and comparable data in the uts human resources office. Comparable data includes data from the association of theological schools and survey of neighboring schools. The determinations and results of the compensation process are recorded on the minutes of the board meetings. This process was last undertaken in fy24. Line 15b: compensation for key administrators at union theological seminary are determined by union's personnel committee of the board of trustees, after reviewing guidelines and comparable data in the uts human resources office. Comparable data includes data from the association of theological schools and survey of neighboring schools. The determinations and results of the compensation process are recorded on the minutes of the board meetings. This process was last undertaken in fy24.”

“The organization's form 990 and the audited financial statement is made available for the public inspection as required under section 6104 of the internal revenue code. It is posted on new york state attorney general website, guidestar.org and other similar types of websites. In addition, the conflict of interest policy, articles of incorporation and by-laws are also available upon written request.”

“Other consultant/service fees: program service expenses 2,762,496. Management and general expenses 1,594,928. Fundraising expenses 323,011. Total expenses 4,680,435.”

“Change in value of split-interest agreements 215,641. Postretirement benefit liability adjustment 218,001.”

“Union theological seminary has an audit committee that oversees the audit of its financial statements and selection of an independent accountant. The process for selecting an independent accountant and establishing a committee that assumes responsibility for oversight of the audit has not changed from prior year.”