Albright College

“Four members of the board of trustees are co-owners of a business that rents office space and other property to the college.”

“The college engages aramark corporation to provide food services for the college community. In fiscal year 2015, aramark was also engaged to provide facility management on the college campus. Barnes and noble college bookstore, llc operates and provides services for the college's bookstore. Bright horizons family solutions, formally hildebrandt learning centers, llc, operates the albright early learning center.”

“The initial review is performed by the college's finance department. Once management is satisfied, the form 990 is distributed to the audit committee of the board of trustees for review and approval. Upon approval, the public disclosure version of the return is posted on the board of trustees' intranet site for the full board's access prior to filing with the irs.”

“Article xi, conflict of interest of the board of trustees' bylaws requires all of the college's trustees and officers to sign a "conflict of interest disclosure statement" annually acknowledging his or her affirmative duty to disclose conflicts of interest, and/or potential conflicts of interest. The board of trustees' trusteeship and governance committee routinely reviews and discusses potential conflicts of interest and the annual statements. The college will not transact business with any entity in which a trustee and/or officer has an interest unless such interest is appropriately disclosed; the interested trustee/officer abstains from deliberation or voting on the matter; and the action or transaction is documented as clearly in the best interest of the college.”

“The president is the college's chief executive officer. Article v of the board of trustees' bylaws requires that the president, in conjunction with the compensation committee, develop annual performance objectives for approval by the full board. It further requires that the compensation committee determine the president's compensation based on the annual performance assessment and report such for approval by the board of trustees. The compensation of other officers (vice-presidents) and annual performance assessments are the responsibility of the president. On an annual basis, the college utilizes the services of a consultant with expertise in not-for-profit executive compensation to review executive compensation levels through participation in their executive compensation survey for colleges and universities. These surveys give comparative data, including salaries for executive level officials (president and vice-presidents), to ensure that compensation does not exceed fair market value. The president, in concert with the director of human resources, is responsible for reviewing and establishing ongoing salary levels for the respective vice-presidents. Minutes are kept of all board of trustee meetings and committee meetings, including the compensation committee. With regard to vice-presidents, performance assessments and evaluations are documented in their respective personnel files.”

“Governing documents, conflict of interest policy, and financial statements are available to the public upon request.”

“An administrative committee has been assembled and has met to develop a document retention and destruction policy. The policy development and implementation processes are ongoing.”

“Change in value of annuity contract agreements -131,863. Change in value of interest rate swaps 309,580.”