Monmouth University

“There are three classes of trustees who serve on the board of trustees: elected trustees, life trustees and trustees emeriti. Any current elected trustee who has served with great distinction for at least two consecutive terms without interruption may be elected a life trustee upon two-thirds vote of the committee on trustees, a two-thirds vote of the full membership of the executive committee and a two-thirds vote of the full board of trustees. Life trustees shall serve in all respects as full members of the board of trustees during their five year term of service except they shall not serve as an officer of the board. Any current of former member of the board of trustees who has served with distinction for at least two consecutive terms without interruption may be elected a trustee emeritus/emerita upon recommendation by the committee on trustees, a majority vote of the full membership of the executive committee and two-thirds vote of the full board of trustees. Trustees emeriti shall be eligible to vote at committee meetings other than those matters where the committee action constitutes final action on behalf of the board. The board of trustees has an executive committee that is authorized to act on behalf of the full board of trustees. The executive committee is composed of the four officers of the board (chair, vice chair, treasurer and secretary), the chairs of all standing committees, two at-large members of the board appointed by the chair of the board, the immediate past chair of the board and the president of the university. All members of the executive committee are members of the board of trustees. The executive committee may not take any action inconsistent with a prior act of the board of trustees, award degrees (other than honorary degrees), select or appoint trustees or officers, change the university's mission or purpose, sell university's assets or property, adopt the annual budget, alter bylaws, locate permanent buildings on property held for university purposes, remove or appoint the president of the university, or take any action which has been reserved for the full board of trustees. The executive committee also has authority to purchase, manage and sell land, buildings and capital equipment, the construction of new buildings and the renovations of existing buildings costing between $500,000 and $1,000,000. The executive committee may also take any action delegated to it by the full board of trustees.”

“Board members christopher d. Maher and jeana m. Piscatelli have a business relationship.”

“The board of trustees has designated the audit committee to be responsible for the review of form 990 prior to submission to the internal revenue service. This responsibility is included in the audit committee's charter. A final draft of the form 990 is presented to the audit committee at a regular meeting for their review and comment. Modifications resulting from the review, if any, are made before filing the form. In addition, an email is sent out to each member of the board letting them know the draft is available for review and to allow them an opportunity to comment on it. All board members receive a copy of the final version (with donor names redacted from schedule b) of the form 990 prior to filing.”

“The board of trustees has a code of ethics, as well as a provision in its bylaws, which deals with conflicts of interest. Review of situations to determine a conflict are carried out by the university's vice president and general counsel and if necessary the board's executive committee. Board members found to have a conflict on a particular item recuse themselves from participating and voting in connection with that item. Such recusals are placed on the record. Also, members of the board, president's cabinet officers and key employees complete an annual disclosure questionnaire which gathers information required by irs regulations regarding transactions with "interested persons and the us department of education's related party disclosure requirements.”

“The process for determining compensation for the president of the university is set forth in the university's executive compensation policy and the monmouth university compensation committee charter entitled "responsibilities of the committee and members of the committee." pursuant to that policy, the board's compensation committee (all of whom are independent) and the vice president and general counsel review comparable compensation data provided by an independent outside consultant and make compensation recommendations to the full board of trustees as to the compensation for the president of the university. The compensation committee, the executive committee and the full board of trustees take minutes concerning such actions. Each committee reviews and approves the minutes for its respective committee, and the full board of trustees reviews and approves the minutes from the full board meeting.”

“The university does not currently make its governing documents or financial statements available to the general public. The university's conflict of interest policy and form 990 are available on the university's website.”

“Rekha datta and laura moriarty were reported as officers of the university in previous years. They no longer serve in the capacity of an officer and are currently employed by the university as full-time faculty members. For this reason, they are listed as former officers and their average hours per week reflect their current faculty responsibilities.”