Nazareth College of Rochester

“The executive committee composition consists of the chair and vice chair of the board of trustees, the president of the university, and no fewer than two and no more than four trustees elected by the board of trustees. The executive committee shall serve for a term of one year and until their successors are elected and qualified. All committee members are on the governing board. Scope of authority - the committee shall have the power to act when the board is not in session, and may exercise all the powers of the board in all matters which in the judgment of the executive committee should not be delayed until the next meeting of the board. The executive committee shall make a formal report of its actions, if any, to the board at its next regular meeting.”

“The audit committee, a sub-committee of the governing body, reviewed the 2023 form 990 in detail prior to its filing. After approval of the audit committee, but prior to filing, access to the final draft of the form 990 is provided to the entire board of trustees via secure portal. At the same time, each trustee is notified that the return has been made available for their review.”

“While various departments within the university have specific guidelines that they follow related to document retention and destruction, there is no institution wide written document retention and destruction policy.”

“The university annually distributes the conflict of interest policy to the trustees, officers, the assistant secretary to the board and the secretary to the university. The information received is compiled, analyzed, maintained and monitored by the president's office. All results are forwarded to the chair of the board of trustees, the chair of the audit committee, the chair of the trusteeship committee, university's president, and vice president for finance and administration. On a quarterly basis the controller's office reviews all vendor payments for conflicts and discloses required activity to the audit committee at each meeting.”

“The compensation sub-committee, a sub-committee of the executive committee of the board of trustees, meets annually to review the president's performance as compared to the goals set forth from the previous fiscal year. In addition, the sub-committee's recommendations along with data from an independent compensation consultant are submitted to the executive committee for review and endorsement. Once approved by the executive committee, the recommendations are considered and voted on by the full board of trustees in executive session. Compensation levels for the vice presidents of the university are determined annually by the president, with review and endorsement from the executive committee of the board. Inputs include performance to annual goals, an overall assessment of significant contributions to and leadership of the university, as well as competitiveness of pay relative to comparable institutions. On a periodic basis, an independent consultant is engaged to review for each vice president, to provide competitive market information, and to recommend adjustments for consideration by the president and executive committee.”

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

“Other changes in net assets 128,328. Change in obligations of postretirement benefit plan -84,647.”

“No changes were made to oversight process or selection process related to independent auditors during the current year.”