Eastern University

“The Executive Committee is composed of officers of the Board; the Chairpersons of Standing Committees of the Board; the President of the University, and such other Board members, not to exceed two in number, as shall be appointed by the Chairperson of the Board. Subject to the provisions of the University's Charter and Bylaws, the Executive Committee exercises all powers of the Board of Trustees in the interim between meetings of the Board.”

“The Form 990 is prepared by an independent CPA firm. Prior to filing the Form 990, the return is reviewed in detail by the VP for Finance & Operations, Associate Controller, Treasurer (Chair of the Board Finance & Operations Committee), and the Chair of the Audit Committee. The Form 990 is distributed in electronic form to the entire Board of Trustees prior to filing.”

“The conflict of interest policy is included in the employee handbook of the University, and it is monitored and enforced by departmental and/or divisional managers. Officers, trustees, and key employees are annually required to disclose interests that could give rise to conflicts. Should any potential conflicts of interest be disclosed, the trustee or officer would be asked to refrain from participation in any decision with regard to matters affected by the relationship.”

“15a - The compensation for the President is established by the Executive Compensation Committee of the Board of Trustees. The Committee reviews market data as to compensation levels for comparable positions at similar organizations, and it maintains minutes of its meetings. The process was last completed during the 2015-16 tax year during which the Committee engaged a compensation consultant. 15b - The President determines compensation for all other officers using comparability data and the deliberation and decision are documented.”

“The institution's governing documents, conflict of interest policy and financial statements are available upon request.”

“Compensation reported in Part VII, column D and Schedule J, Part II, column B is the amount reported on the individual's W-2, box 1 or 5 (whichever amount is greater) per the IRS instructions. In the case of minister's compensation when box 5 of the W-2 is not applicable, box 1 compensation is used. Employee deferrals to qualified retirement plans are normally captured in box 5, not box 1 of Form W-2. For reporting purposes we have included the employee's retirement plan deferrals in Part VII, column F and Schedule J, Part II, column C.”

“In accordance with the principles of FASB ASU 2016-14 (ASC 958),the organization has implemented required changes to its audited financial statements for the period ended 12/31/18. To date, Form 990 and its associated schedules have not been updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Part X, Lines 27-29: Line 27 - Net assets without donor restrictions $30,001,372 Line 29 - Net assets with donor restrictions $29,722,715 Total net assets $59,724,087”

“The organization's audit committee assumes responsibility for oversight of the audit of its financial statements and selection of its independent accountant. This process has not changed since the prior year.”