Philadelphia University

“Philadelphia university's ("university") federal form 990 was provided to and made available to each voting member of the organization's governing body prior to filing of the federal form 990 with the internal revenue service ("irs"). As part of the federal form 990 tax return preparation process the organization hired a professional certified public accounting ("cpa") firm with experience and expertise in 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 and other university individuals including, but not limited to the board appointed audit committee and controller ("internal working group") 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 universitys internal working group for review. The university's internal working group 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 internal working group for final review and approval prior to providing it to each voting member of the organization's governing body and before filing with the irs.”

“Philadelphia university ("university") monitors compliance with their conflict of interest policy by requiring each board trustee, officer and senior staff to disclose any material facts as to any financial interests in the annual conflict-of-interest disclosure statement signed by each person. Additionally, financial interest disclosure is required when matters come up for action by the board or any board committee. The conflict-of-interest disclosure requires annual disclosure of interests, such as a list of family members, substantial business or investment holdings, and other transactions or affiliations with business or other organizations. The disclosure is filed annually and reviewed by the secretary of the university. All new trustees and officers must complete and file the disclosure within 30 days of the initiation of their duties as trustee or officer. A material matter, for purposes of the university's conflict-of-interest policy, is defined as any contract or transaction for which the consideration exceeds $5,000 singularly or in the aggregate over a one year period. A trustee or officer having such financial interest in any material matter shall not vote or otherwise participate with respect to the matter. They may be counted in determining the quorum for the meeting at which the matter is considered but shall not be present when the final discussion is held and the vote is taken. Minutes from the meeting will reflect such disclosure and abstention.”

“The compensation of philadelphia university's ("university") president, officers, all members of the president's council and any other employee of the university determined to be in a position to exercise substantial influence over the affairs of the university is determined through a multi-step process. The university participates in the annual compensation and benefits market survery conducted by the organization of college and university personnel administration for human resources ("cupa"). This survey data provides comparable compensation data for similarly qualified persons in comparable positions at other universities or professions in comparable industries. The cupa survey uses subjective criteria to compile market composites under a variety of multi dimensional data groups. The information submitted to legal counsel and presented annually by the human resource office for review by the university's executive compensation committee of the board of trustees. The compensation committee consists of at least three members, including a chair who is the chair of the board. Committee members must be independent from the business operations of the university. The committee members are chosen by the chair of the board. The committee meets as often as necessary but at least once a year and will report to the board on the activities of the commitee from time to time. The committee recommends to the full board for approval the total compensation package including incentives, prerequisites and fringe benefits for the president. The committee also reviews and approves recommendations by the president for the terms of employment and total compensation of all members of the president's council. Specifically, the committee reviews and approves base salary ranges and participation and benefit levels associated with all forms of compensation determining the reasonableness of the compensation. The commitee documents in a written report within 30 days of making its determination of reasonableness with respect to compensation of disqualified persons under section 4958 of the code: (a) the terms of the transaction that were approved and the date it was approved; (b) the members of the committee who were present during debate on the transaction that was approved and those who voted on it; (c) the comparability data obtained and relied upon by the committee and how the data was obtained; and (d) any actions taken with respect to consideration of the transaction by anyone who is otherwise a member of the committee but who had a conflict of interest with respect to the transaction. The report must be approved by the committee as reasonably accurate and complete within a reasonable time thereafter and forwarded or otherwise made available to the board.”

“Philadelphia university's by-laws, financial statements and conflict of interest policies are availale upon request. Philadelphia university has issued tax-exempt bonds to finance various capital improvement projects, renovations and equipment. In conjunction with the issuance of these tax-exempt bonds, philadelphia university's financial statements were included with the tax-exempt bond prospectus which was made available to the general public for review. Philadelphia university's filed certificate of incorporation and any amendments can be obtained and reviewed through the commonwealth of pennsylvania.”

“Core form, part vii and schedule j reflects an officer receiving compensation and benefits from this organization. Please note this remuneration was for services rendered as a full-time employee of the organization; not for services rendered as a voting member or officer of the organization's board of trustees.”

“Built in 1992, the award winning paul j. Gutman library blends a traditional print collection with continually expanding digital resources. Gutman library staff work collaboratively with the philadelphia university community to ensure students achieve institutional learning outcomes. The library develops, preserves, organizes and makes accessible a variety of relevant physical and digital collections which support philadelphia university's curricular and research goals. Philadelphia university's academic computing, honors program and learning center serve to enhance the student's learning experience and promote successful outcomes over a cross section of students.”

“Certain reclassifications have been made to the prior year balances previously reported to conform to the current year presentation in the organization's audited financial statements. The organization's beginning net assets were not adjusted to reflect the reclassifications.”

“An independent cpa firm audited the financial statements of the organization for the fiscal years ended june 30, 2017 and june 30, 2016. The independent cpa firm issued an unqualified opinion with respect to the audited financial statements.”

“Philadelphia university's board-appointed audit committee engaged an independent accounting firm to prepare and issue an audit in accordance with the uniform guidance.”