Princeton University Press

“The audit committee will review the form 990, making the entire board aware of any issues and answering any questions. The audit committee approves the form 990 and provides the board a copy of the form 990 prior to its submission.”

“Effective september 1, 2009, all trustees and key employees are required to review the organization's conflict of interest policy and, on an annual basis, submit a statement of compliance affirmation. This process is monitored regularly by the organization's director as well as chair of the board of trustees and the chair of the executive committee.”

“Compensation for the director and associate director is determined by the joint agreement of the chair of the board of trustees and the chair of the executive committee. A competent salary survey is used to benchmark compensation for the positions utilizing industry specific reports and other studies. During these deliberations, input obtained from other board members, staff, professional advisors, and other informed community leaders is considered. The board chair notifies the director to discuss and document strengths, weaknesses, and goals for the upcoming year. Compensation for both the director and associate director for each year is communicated and documented. The key employees salary increases are determined by the director and associate director/chief financial officer, using the salary increase guidelines in the annual budget that is approved by the board.”

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

“Amortization of post-retirement benefit plan gain not included on tax return: $41,524, foreign currency exchange loss not included on tax return: $(59,365): total $(17,841)”

“Prior Period Adjustment: During the year ended June 30, 2017, Princeton University performed a review of investments included in the Universitys managed investment pool. As a result, it was determined that the Paul Mellon Fund, historically recorded as an investment of Princeton University Press, was actually gifted to Princeton University and is recorded on the universitys financial statements and thus, is not restricted to use by the Press, as previously thought. The Press will continue to receive earnings on a portion of the Paul Mellon Fund but the investment asset should not be recorded on the Press Statement of Financial Position. Accordingly, the Press has recorded a prior period adjustment in the amount of $43,779,546 to correct the investment balance. It is reported as an adjustment to beginning net assets on the Consolidated Statement of Activities and Changes in Net Assets for the year ended June 30, 2017.”