National University

“Section 4.6 defines trustee emeriti as honorary title with non-trustee status. Section 4.9 replaces chancellor with president and clarifies filling unexpired terms. Section 4.3 changes the number of trustees to no less than 10 and no more than 15. Section 5.6 removes smg chair as member of all committees with voting rights.”

“The university cfo and svp, administration and finance review the organization's form 990 prior to submission to the audit committee of board of trustees for their review. Once the internal review is completed, the form 990 is sent to the board of trustees for their review. The board of trustees asks questions to management if there are any and management addresses any questions posed to them. After the board of trustees completes their review, the form 990 is finalized and timely filed.”

“The board of trustees has annually reviewed and approved (by a majority of disinterested trustees) the business transactions with trustees or their affiliated professional service firms. Such reviews include consideration of data on comparable service providers collected by university counsel. The interested trustees were excused from board sessions during which those business transactions were discussed and did not participate in voting on such transactions. Questionnaires are distributed every january. Compliance with the conflict of interest policy is monitored by university counsel and was reviewed by the board during the year ended june 30, 2023.”

“Compensation of the president of the university is reviewed by the board at the time of hiring and as necessary thereafter. Compensation of other officers and key employees is reviewed by the human capital and compensation commitee. Compensation is determined with regard to compensation paid to senior executives of comparable non-profit and proprietary institutions in education and other fields. The process is documented and was last completed in june 2023.”

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

“Grants description - the university receives seog, pell, smart, and acg grants from the u.s. Government. These grants are disbursed to a large number of students. Detailed lists are maintained by the university.”

“Compensation: related party - all compensation for certain officers, directors, trustees, key employees, and highest compensated employees is allocated by national university foundation ("nuf" formerly smg) to nus affiliates pursuant to the affiliation agreement. For a complete listing of related party allocation of compensation and benefits please refer to nuf (formerly smg) form 990, schedule j and part vii disclosure.”

“Bad debt write off -6,185,786. Transfer pursuant to all assets/liabilities transaction - smg -120,760,000. Transfer pursuant to merger - ncu 29,907,742.”