Saint Peter'S University

“On may 14, 2014 the university's board of trustees approved the resolution from its governance subcommittee clarifying four processes outlined in the by-laws including: - clarification of the process for trustee resignations; - clarification of the definition of "written notice" for special meetings of the board; - clarification that a quorum is sufficient for resolutions approved without a meeting; and - clarification of the membership of the executive committee (to include the vice chair).”

“The organization's Board of Trustees has several committees that meet on a regular basis. Although there is no formal contemporaneous documentation for these meetings at the committee level, each committee reports directly to the organization's Board of Trustees wherein all discussions at the committee levels are documented in written meeting minutes of the full Board of Trustees.”

“The university's federal form 990 was provided to each voting member of its governing body, its board of trustees, prior to filing with the internal revenue service ("irs"). In addition, the university's audit committee performed a detailed review of the federal form 990. The university's board of trustees has delegated to the audit committee the responsibility to oversee and coordinate the federal form 990 preparation, review and filing process for the university and its affiliate. As part of the tax return preparation process, the university hired a professional cpa firm with experience and expertise in both education and not-for-profit tax return preparation to prepare the federal form 990. The cpa firm's tax professionals worked closely with the university's finance personnel including the vice president of finance and business and controller to obtain the information needed in order to prepare a complete and accurate tax return. The cpa firm prepared a draft federal form 990 and furnished it to the university's finance personnel for review. The university's finance personnel reviewed the draft federal form 990 and discussed questions and comments with the cpa firm. Revisions were made to the draft federal form 990 where necessary and a final draft was furnished by the cpa firm to the university's finance personnel for final review and approval. Following the finalization of the review and approval of the form 990, the university's audit committee performed a detailed review which was presented and discussed at its meeting held on march 18, 2015. In conjunction with the audit committee meeting wherein the form 990 was presented and discussed, the form 990 was provided to each voting member of its governing body.”

“The university regularly monitors and enforces compliance with its conflict of interest policy. Annually all members of the board of trustees, directors, officers and members of senior management are required to review the existing conflict of interest policy and complete a questionnaire. The completed questionnaires are returned to the organization's secretary to the board for review. Thereafter, the organization's secretary to the board prepares a summary of the completed questionnaires which contains information disclosed on an individual by individual basis. If applicable, the secretary to the board presents this summary to the university's executive committee for their review, discussion, investigation and implementation of any necessary mitigating behavior.”

“THE UNIVERSITY'S BOARD OF TRUSTEES HAS AN EXECUTIVE COMPENSATION COMMITTEE ("COMMITTEE"). THE COMMITTEE REVIEWS THE "TOTAL COMPENSATION" OF THE UNIVERSITY'S PRESIDENT WHICH IS INTENDED TO INCLUDE BOTH CURRENT AND DEFERRED COMPENSATION AND ALL EMPLOYEE BENEFITS, BOTH QUALIFIED AND NON-QUALIFIED. THE COMMITTEE'S REVIEW IS DONE ON A CONTRACT RENEWAL BASIS WITH PERFORMANCE BONUSES REVIEWED AND APPROVED ANNUALLY. THE COMMITTEE ENSURES THAT THE "TOTAL COMPENSATION" OF THE PRESIDENT OF THE UNIVERSITY IS REASONABLE. THE COMMITTEE OBTAINS AND RELIES UPON "APPROPRIATE DATA AS TO COMPARABILITY" PRIOR TO MAKING ITS DETERMINATION. THE COMMITTEE IS COMPRISED OF MEMBERS OF THE BOARD OF TRUSTEES, EACH OF WHOM ARE INDEPENDENT AND ARE FREE FROM ANY CONFLICTS OF INTEREST. Although there is no formal contemporaneous documentation for the executive compensation committee meetings at the committee level, this committee reports directly to the organization's Board of Trustees wherein all discussions at the committee level are documented in written meeting minutes of the full Board of Trustees. THE COMPENSATION AND BENEFITS OF OTHER EXECUTIVES REPORTED IN CORE FORM, PART VII AND SCHEDULE J OF THIS FORM 990 ARE REVIEWED ANNUALLY BY THE PRESIDENT WITH ASSISTANCE FROM THE UNIVERSITY'S HUMAN RESOURCES DEPARTMENT IN CONJUNCTION WITH THE INDIVIDUAL'S JOB PERFORMANCE DURING THE YEAR AND IS BASED UPON OTHER OBJECTIVE FACTORS DESIGNED TO ENSURE THAT REASONABLE AND FAIR MARKET VALUE COMPENSATION IS PAID BY THE UNIVERSITY. OTHER OBJECTIVE FACTORS INCLUDE MARKET SURVEY DATA FOR COMPARABLE POSITIONS, INDIVIDUAL GOALS AND OBJECTIVES, PERSONNEL REVIEWS, EVALUATIONS, SELF-EVALUATIONS AND PERFORMANCE FEEDBACK MEETINGS.”

“The university's filed certificate of incorporation and any amendments can be obtained and reviewed through the state of new jersey department of the treasury. The university's financial statements, governing documents and conflict of interest policy are available to the public upon request and at management's discretion.”

“Father michael braden and father vincent j. Sullivan are jesuit priests who are officers of the university but they are not issued a form w-2 for the salaries they derive. For calendar year 2013, father braden was paid $62,430 and father sullivan was paid $29,919. However, they receive no benefits from the college and their entire salaries are deposited directly into the jesuit province bank account. Per the instructions to the form 990, their salaries are not required to be reported on core form, part vii or schedule j.”

“Certain board of trustee members, officers and/or directors listed on core form, part vii and schedule j of this form 990 may hold similar positions with both the university and its affiliate. The hours shown on this form 990, for board members who receive no compensation for services rendered in a non-board capacity, represent the estimated hours devoted per week for the university. To the extent these individuals serve as a member of the board of trustees of the university's affiliate, their respective hours per week are approximately one hour. The hours reflected on part vii of this form 990, for board members who receive compensation for services rendered in a non-board capacity and paid officers, reflect total hours worked per week on behalf of the both the university and its affiliate; not solely the university.”

“Other changes in net assets or fund balances include: - pension gain - $6,884,509; - change in value of split-interest agreements - ($64,827); and - change in fair value of interest rate swap agreements - $317,956.”

“An independent cpa firm audited the combined financial statements of the university and its affiliate for the years ended june 30, 2014 and june 30, 2013; respectively, and issued audited combined financial statements. An unqualified opinion was issued by the independent cpa firm each year. The university's audit committee assumes responsibility for oversight of the audit of the university's combined financial statements and the selection of its independent auditor.”