Colgate University Treasurers Office

“Trustee herling and key employee murray decock have a family relationship.”

“Management works together with its tax professionals to gather the required information necessary to prepare a draft of the form 990. Once a draft is completed, it is then reviewed with the audit committee, management, and the tax professionals. Once the review is completed and edits are made, a complete copy of the university's final form 990 (including all required schedules), as ultimately filed with the irs, is distributed to the full board before its filing with the irs.”

“Each trustee and officer of colgate university is required to complete annually, in writing, colgate's disclosure form, which requires disclosure of (a) any financial or business relationships that he or she, or any family member, has with colgate or any affiliated organizations, and (b) other personal, family, financial, or business relationships that otherwise could be construed to affect the independence or unbiased judgment of such trustee or officer in light of his or her decision-making authority or responsibilities for colgate. The disclosure statements are submitted to the treasurer's office and are reviewed by that office, outside counsel to the university and the chair of the audit committee of the board of trustees. A report is made to the full audit committee and the board of trustees. In the event a conflict of interest is identified, the matter is addressed initially by the audit committee and, if necessary, by the executive committee of the board of trustees.”

“Colgate university has an independent compensation committee that annually reviews the compensation of the organization's officers and key employees. The compensation committee considers market and survey data. The committee's deliberations are reflected in its minutes. The process for determining the compensation of the organization's top management officials, including the president, all officers, and key employees, is reasonable and satisfies the rebuttable presumption of treasury regulation 53.4958-6. The compensation arrangement is approved in advance by the organization's executive compensation committee. The committee is appointed by the board of trustees for the purpose of assisting the board in fulfilling its responsibility to the organization and the community to ensure that the compensation complies with the organization's policies. The committee is comprised of trustees who are independent of management and the organization and free of conflicts of interest, thereby placing them in a position to exercise independent judgment. Prior to making any compensation decisions, the executive compensation committee obtained and relied upon appropriate compensation data from comparable institutions. The committee contracts with an independent compensation consultant and uses local and national compensation surveys to set compensation levels. Finally, the executive compensation committee adequately and contemporaneously documented the basis for its compensation decisions.”

“The university makes its financial statements available to the public via its website. Its governing documents and conflict of interest policy are available to the public upon request.”

“Form 990, part i, line 1 & form 990, part iii, line 1 colgate university's mission is to provide a demanding, expansive educational experience to a select group of diverse, talented, intellectually sophisticated students who are capable of challenging themselves, their peers and their teachers in a setting that brings together living and learning. The purpose of the university is to develop wise, thoughtful, critical thinkers and perceptive leaders by encouraging young men and women to fulfill their potential through residence in a community that values all forms of intellectual rigor and respects the complexity of human understanding. Form 990, part i, line 7b unrelated business taxable income colgate university's unrelated business taxable income for tax year 2017 included $62,155 in expenses incurred to maintain employee parking spaces on campus. Under internal revenue code section 512(a)(7), such expenses are included in unrelated business taxable income as amounts paid for disallowed fringes and are therefore reflected in part i, line 7b. Part i, line 7a includes only revenues reported on part viii, column (c) as unrelated business revenue.”

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“Change in Value of Split Interest Agreements $1,634,877 Postretirement Benefit Obligation $1,399,062 Total $3,033,939”