Auburn Theological Seminary

“The form 990 is prepared by an independent accounting firm based on information provided by the organization's finance office. It is reviewed carefully by the cfao and discussed with the preparer. The return is then presented to members of the audit committee, and subsequently provided to all members of the committee and the full board for their review. The board has the opportunity to ask questions and provide comments. Any required updates are made prior to filing with the irs.”

“The conflict of interest policy is intended to ensure that the directors, officers and key employees act in auburn's best interest and comply with applicable legal requirements. The conflicts of interest policy is designed to promote the identification, disclosure, evaluation and disposition of any real, potential, or apparent conflicts of interest that might, in fact or in appearance, call into question their duty of undivided loyalty to auburn. When a director the board, officer or key employee has a direct or indirect interest in a covered arrangement, he or she must immediately disclose in writing the existence and circumstances of the covered arrangement (including the material facts concerning his or her interest) to auburn's audit committee, must refrain from attempting to influence the deliberations or voting on the covered arrangement, and may not participate in or attend the deliberations or vote on the covered arrangement. At the request of the board of directors, the director, officer or key employee may present background information or answer questions on the covered arrangement. The audit committee must confirm that the steps required under paragraph above have been and are being taken. Before approving a covered arrangement, the audit committee must determine that the covered arrangement is fair, reasonable and in the organization's best interest. If the audit committee makes a determination that the covered arrangement is material, it must promptly notify the board of this determination and may condition its approval, if any, of the covered arrangement on the further review, approval, endorsement or other input of the board. All disclosures and recusals with the basis for all determinations and approvals of the board of directors are contemporaneously documented in the board minutes. Prior to the initial election, appointment or hiring of any director, officer or key employee and annually thereafter, such individual must complete, sign and submit to auburn's executive vice president a written disclosure statement identifying to the best of his or her knowledge, which will then be forwarded to the chair of the audit committee.”

“The compensation of the president and of the chief financial and administrative officer is determined by the administration committee. The committee uses comparability data from surveys of comparable organizations and forms 990 of other organization. The compensation is approved by the board of directors, and the the deliberations and decisions are documented in the board minutes. This process last occurred in fiscal year 2024.”

“Auburn theological seminary makes its financial statements, by-laws, and conflict of interest policy available upon written request.”

“Educational consultants: program service expenses 271,289. Management and general expenses 142,059. Fundraising expenses 12,652. Total expenses 426,000. Honoraria and interns: program service expenses 29,807. Management and general expenses 15,608. Fundraising expenses 1,390. Total expenses 46,805. Payroll processing: program service expenses 20,820. Management and general expenses 10,902. Fundraising expenses 971. Total expenses 32,693.”

“The organization has an audit committee that assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. This process has not changed from the prior year.”