Fordham University Controllers Office

“Family relationship - peter stace, officer/vp of enrollment, has a family relationship with margaret ball. Officer/university secretary.”

“The finance department works closely with kpmg llp, the universitys independent accounting firm, to prepare form 990. The finance department prepares the initial draft, which kpmg reviews together with various supporting documentation. When both kpmg and the finance staff are satisfied with the final draft, it is then carefully reviewed and edited by the controller and then by the interim sr. Vp, cfo, treasurer, who then provides the revised return to the executive committee of the board of trustees for review and approval. The board of trustees has delegated the responsibility for reviewing the return to the executive committee. Questions and comments by the executive committee are incorporated into the form 990 as appropriate. A copy of the final form 990 is provided to the full board of trustees prior to filing with the irs.”

“The university has a written conflict of interest policy covering all trustees, officers,and employees that requires, among other things, that no individual may participate in discussion or decision on any matter in which he or she has a material financial interest. All trustees, officers and individuals who have signing authority are required to certify compliance with the conflict of interest policy on an annual basis and to indicate whether the university does business with an entity in which they have material financial interest. When such relationships exist,measures are taken to mitigate any actual or perceived conflict, including requiring that such transactions be conducted at arm's length, for good and sufficient consideration, based on terms that are fair and reasonable to and for the benefit of the university, and in accordance with relevant state conflict of interest laws and the university's status under section 501(c)(3).”

“Compensation review: fordhams board of trustees has delegated responsibility for determining compensation for certain members of senior management to the boards independent compensation committee. However, the approval of the full board of trustees is required for approval of the president's annual salary. All trustees are required to complete a conflict of interest policy disclosure statement each year. The compensation committee seeks to ensure that employees are paid within the range of the going market rate for such positions at similarly situated universities in similar geographic regions, by reference to compensation surveys and other institutions' form 990 returns. Fordham keeps records to document its compensation setting process.”

“Fordham universitys governing documents and conflict of interest policy are currently available on the universitys website.”

“The mission of the university: fordham university, the jesuit university of new york, is committed to the discovery of wisdom and the transmission of learning,through research and through undergraduate, graduate and professional education of the highest quality. Guided by its catholic and jesuit traditions, fordham fosters the intellectual, moral and religious development of its students and prepares them for leadership in a global society.”

“Secured mortgages and notes payable to unrelated third parties: in july 2012, the university entered into an agreement with the jesuits of fordham, inc., a not for profit provincial order, for the purchase of loyola hall, a building located on the rose hill campus of fordham university, for $30 million. The first installment of $8 million was paid on the closing date. The balance of the purchase price will be paid pursuant to an interest free promissory note calling for eight installments of $2,750,000 each year through july 2020. The university's recorded an unamortized discount totaled $2,425,924 and $2,522,508 at june 30, 2014 and 2013, respectively.”

“Change in value of interest rate swap (77,561) loss not yet recognized as a component of net periodic cost (3,621,000) unrealized change in value of perpetual trust 598,000 expenses of affiliate (1,036,357) prior period adj for expenses of affiliate (26,952) ------------ total to form 990, part xi, line 9 (4,163,870)”