West Chester University Foundation

“The executive committee is composed of the officers of the wcu foundation, the president of west chester university (wcu), the vice president for advancement & sponsored research, the vice president for administration and finance, and the executive director of wcu foundation. The executive committee is authorized to act for the board between its regular meetings. The executive committee has and may exercise all of the powers and authority of the board in the management of the foundation.”

“The chief financial officer reviews the 990 draft in detail. Once the final 990 has been approved by the chief financial officer, the draft 990 is provided to each trustee for review and comments in advance of the filing deadline.”

“Annually conflict-of-interest forms are completed by each trustee and officer disclosing circumstances that might dissuade them from acting in the best interest of west chester university foundation. In addition, trustees shall make prompt and full disclosure to the board of a prospective situation that may involve a conflict of interest as soon as that conflict is known. This disclosure should be made a matter of the record, either through an annual procedure or when the interest becomes a matter of board action. If a conflict of interest should arise, the executive director and the board member should promptly resolve the matter and the resolution should be recorded in the minutes of the board. Trustees with conflicts shall remove themselves from negotiations, decisions, deliberations, or votes involving the conflict. This shall not be construed as preventing the trustee from stating his position in the matter or from answering pertinent questions from the board when his/her knowledge may be of assistance. Family and business relationships are explicitly mentioned in the policy as sources of potential conflicts. Managers and employees are expected to volunteer conflicts of interest as they arise to the executive director. The executive director determines whether a conflict of interest exists, and requests the manager or employee to recuse himself from topics and voting on issues related to the conflict.”

“The executive director's compensation is approved in advance by the board of trustees' nominating and human resource committee. Prior to making the determination the committee obtains compensation data of at least three comparable organizations in similar communities for similar service. In addition, board members are invited to offer feedback to the committee on the performance-based goals established for the position. The committee documents the basis for its decision concurrently with making the determination. Compensation is defined in the executive director's three-year employment contract. In december 2012, a three-year contract was executed for the period july 1, 2013 through june 30, 2016. The chief financial officer's compensation is approved in advance by the board of trustees' nominating and human resource committee. Prior to making the determination the committee obtains compensation data of at least three comparable organizations in similar communities for similar service. In addition, board members are invited to offer feedback to the committee on the performance of the chief financial officer. The committee documents the basis for its decision concurrently with making the determination. Compensation is determined annually.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Change in value of split-interest agreements -5,737. Transfer from university student housing, llc 4,586,704. Change in csv of life insurance -411. Realized gains on the sale of investments -1,385,202.”