Le Moyne College

“The board of trustees has delegated broad authority to the executive committee. The executive committee has at least 10 members, consisting of the board officers, president, the chairs of the standing committees and at-large members, nominated by the committee on board development and elected by the board of trustees. Members of the executive committee serve a one-year term and may be re-elected for an unlimited number of additional terms. The executive committee has the authority to act for the board of trustees on matters which cannot or should not be deferred to the board's next scheduled meeting, except for the following which shall be reserved for the board: presidential election and termination; trustee and board officer election; standing committee membership and chair selection; changes in institutional mission and purposes; changes to the charter or by-laws; incurring of corporate indebtedness; sale of college assets or tangible property; adoption of the annual budget and conferral of degrees. The executive committee reports to the full board at each meeting on all actions taken by it since the last board meeting. In addition to its authority to take action on matters which cannot or should not be deferred to the board's next scheduled meeting, the executive committee oversees the college's planning process and progress on planning goals, the board's responsibility to support the president and assess their performance, annually review the president's compensation and conditions of employment, and when requested by the board, oversee the work of board committees.”

“The form 990 is prepared internally under the review of the senior vice president for finance and administration and treasurer. The completed form is distributed to the finance committee to review with management. The officer/employee compensation disclosures are reviewed by the executive committee of the board of trustees. After the finance committee reviews the form 990, the completed form is distributed to the board of trustees prior to filing the form with the irs.”

“Prior to the beginning of each academic year each vice president receives a list of administrative-level and executive employees in his or her division who received a conflict of interest form in the prior year. The vice presidents review the lists for their respective division for completeness and accuracy, making any adjustments necessary. Each identified employee receives a conflict of interest form to complete, as well as a copy of the conflict of interest policy. The employee listings and completed forms are kept in a confidential file in the senior vice president for finance, and administration and treasurer's office. Regular follow-up with employees occurs during the year to ensure all conflict of interest forms are received. In addition to administrative-level and executive employees, all board of trustees members receive a conflict of interest form to complete and a copy of the policy. Regular follow up occurs during the year to ensure conflict of interest forms are received.”

“Line 15a: the process for determining the compensation plan of the president meets the three requirements of the rebuttable presumption provisions under treasury regulation 53.4958-6. The compensation plan of the president is approved in advance by the executive committee. Prior to making a compensation decision, the executive committee obtained and relied upon appropriate data as to comparability. The comparability data is used to obtain an objective third party assessment of the total compensation plan to ensure the components and total plan is reasonable, customary and within market. This assessment is prepared annually on a rotating basis, internally and by an independent consultant; using comparative compensation data, including overall market factors determined to impact compensation. The executive committee of the college's board of trustees adequately and timely documents the basis for setting the president's compensation plan concurrently with the making of the determination. The president's compensation is formally incorporated into her employment contract. Line 15b: the process for determining the compensation plans of the officers and key employees, meet the three requirements of the rebuttable presumption provisions under treasury regulation 53.4958-6. The compensation plan of the officers and key employees are approved in advance by the president. Prior to making compensation decisions, the president obtained and relied upon appropriate data as to comparability. The comparability data is used to obtain an objective third party assessment of the total compensation plans to ensure the components and total plans are reasonable, customary and within market. These assessments are prepared annually on a rotating basis, internally and by an independent consultant; using comparative compensation data, including overall market factors determined to impact compensation. The president presents their decision to the executive committee of the college's board of trustees for review and the determination and decision is documented in the minutes of the executive committee. The compensation is formally incorporated into each individual's salary letter.”

“Hard copies of the college's financial statements and form 990 are kept on file for public review. In addition, the college's form 990 is available on the website of guidestar usa, inc. At www.guidestar.org. An electronic version of the college's conflict of interest policy is available at http://www.lemoyne.edu/college-administration/finance-and-admininstration the college's governing documents are not made publicly available.”

“Change in value of fin 47 liability -67,911. Change in value of sfas 158 postretirement care liability 422,473. Change in value of bond amortization 116,576. Prior year adjustment to bond interest 76,892.”