Excelsior University

“The Form 990 was prepared by the accounting services department at the University. The information within the return was obtained through input from several Officers of the University. Following internal preparation of the return, it was forwarded to the University's independent auditors to seek their input before forwarding to the Audit, Compliance and Risk Management Committee of the Board of Trustees. The Audit, Compliance and Risk Management Committee reviewed the final return in depth via teleconference with the Officers of the University and accounting staff. Management at the University guided the Audit, Compliance and Risk Management Committee through various schedules included in the filing noting the purpose of the schedule and identifying the origin and sources of the content contained within. All questions posed by the Committee were answered by the management of the University as documented in the minutes to the meeting. The final return was made available for inspection and review to all Board Members before final filing with the IRS.”

“The University has maintained and periodically updated a conflicts of interest policy since 1998. The policy is annually distributed to all trustees, officers and key employees, along with disclosure statement form on which such individuals are to specify actual and potential conflicts of interest. The Chair of the Audit, Compliance and Risk Management Committee, in conjunction with the University's General Counsel, reviews and evaluates disclosure statements and takes appropriate action to ensure compliance with the policy.”

“Per the University bylaws, the Board is required to from time to time determine the compensation of the President and approve the compensation of all other officers of the University, which should in all cases be reasonable and commensurate with the services performed by them. The University, under the guidance of the Board of Trustees, conducts regular reviews of President and other senior leader compensation using purchased and other available compensation surveys and studies, as well as the intermittent use of an external independent compensation consultant. The most recent review was done in June 2024 in preparation for the renewal of the President's employment contract. This review was conducted using a highly-regarded external consulting firm and included a review of comparative data from a competitive pool of higher education institutions. This external study included a review of compensation for all officers of the university. The President's contract is subject to renewal, extension, or termination every three to five years depending on the contract terms set by the Board of Trustees. Additionally, the compensation of the President is reviewed annually, and any changes are approved by the Executive Committee of the Board of Trustees. Each year the President and the Board agree to annual goals and the President provides monthly reports on the progress toward these goals. His achievements are the basis for an annual performance review conducted by the Executive Committee of the Board. All Board discussions are documented in the Board of Trustee meeting minutes. The President's compensation is, in part, derived from the terms of his contract. The President's compensation is regularly reviewed to ensure that it is reasonable and compliant with Intermediate Sanctions guidelines according to Treasury Final Regulations Section 53.4958-1. The Office of Human Resources establishes compensation within various grade levels at the University based on several factors such as the current local job market and hiring rate in our area, the national job market and relevant compensation data, the demographics of the region including the degree of difficulty and competition in acquiring the particular talent. In addition, we conduct an annual review of our salary levels and key positions in comparison to a market salary analysis tool and adjust our compensation structure and targeted position salaries accordingly. The study gathers data at the national level as well as industry-specific data and job market information for our region of the country. Salaries within the organization were comparable against this data and targeted adjustments are made where appropriate. The study assesses positions and makes comparisons to comparable staff positions at similarly situated institutions. The review has two objectives: 1.Determine if current pay levels are commensurate with peer roles at peer institutions, and 2. Ensure that compensation is in line with Section 4958 of the Internal Revenue Code. The results of the survey suggested that the University is in line with respect to Section 4958 of the Internal Revenue Code.”

“Governing documents, the conflict-of-interest policy and the financial statements are available upon request in hard copy and electronic (.pdf) form.”

“Consultant Honoraria $86,801; Consulting Services $2,377,520; Health and Wellness Expense $14,989; Professional Service Contracts $22,500; Other Contractual Services $1,122,850; Recruiting and Onboarding $153,071; Photography-Videography $193,697; Graphic Resources $12,895; Course Development $1,305; External Call Center $208,267; External Evaluation Expense $17,125; reseller Revenue Share $3,947,189; and Real Estate Commission $26,663.”