Monmouth University Inc.

“There are three classes of trustees who serve on the board of trustees: regular trustees, life trustees and trustees emeriti. Life trustees are eligible to be elected after distinctive service on the board for two full terms as a regular trustee. Trustees emeriti are eligible to be elected after distinctive service for at least two consecutive terms without interruption as a regular trustee 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. Trustee emeriti may vote at committee meetings but not at full board meetings. There are six members of the board of trustees who are trustee emeriti. 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, 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 take any action that the full board of trustees is authorized to take with certain exceptions. The executive committee may not: Take any action inconsistent with a prior act of the full board of trustees, award degrees (other than honorary degress), select or appoint trustees or officers, change the university's mission or purpose, sell the university's assets, adopt the annual budget, alter bylaws, remove or appoint the president or take any action specificially reserved to the full board of trustees. The executive committee also has authority to purchase, manage and sell land, buildings and capital equipment costing between $250,000 and $500,000. The executive committee may also take any action delegated to it by the full board of trustees.”

“Changes were made to the by-laws regarding the classes of trustees who serve on the board of trustees: regular trustees, life trustees and trustees emeriti. Previously, trustees emeriti were eligible to be elected after distinctive service for at least five years as a life trustee. The changes allow trustees emeriti to be elected after two consecutive terms as a regular trustee without interruption 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.”

“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 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. Also, members of the Board and the President's Cabinet Officers complete an annual disclosure statement setting forth their business and other interests. 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.”

“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 document 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. Minutes of both the Compensation Committee and the Board of Trustees meetings concerning such actions are reviewed and approved by both bodies. The President's compensation was last set by this process January 1, 2016.”

“Monmouth University does not currently make its governing documents available to the general public. Both the University's conflict of interest policy and financial statements are available on the University's web page.”

“Adjustment of ($84,000) to CONTRIBUTIONS RECEIVED DURING THE FISCAL YEAR ENDED JUNE 30, 2015 INCLUDED IN THE 2014 FORM 990, PART VIII, LINE 1F THAT WERE RECORDED IN THE AUDITED FINANCIAL STATEMENTS DURING THE FISCAL YEAR ENDING JUNE 30, 2016.”