Wilkes University

“Wilkes university has established a review process for the form 990. Once the draft form 990 return is received, it is reviewed by the controller's office. After this review, it is sent to the vp of finance and general counsel. A final review is then done by the board of trustees before the return is filed.”

“Wilkes university's conflict of interest policy covers all board members and any individual that has budgetary/financial responsibilities within the university. Any conflicts of interest concerning board members are forwarded to the audit committee for review and approval. All conflict of interest statements are reviewed upon submission and forwarded to the audit committee as appropriate.”

“The human resources committee of the board of trustees performs an annual review of the compensation provided to the university's president and vice presidents. Benchmark data, including data from colleges and university professional association for human resources (cupa) is used for comparitive purposes for executive positions. The last benchmarking comparison was completed in august of 2014. The university keeps written documentation of the human resources committee's deliberation and decision making process.”

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

“The university has begun a distance education program offering graduate nursing programs.”

“In april 2015, fasb issued asu 2015-03, interest - imputation of interest (topic 835-30): simplifying the presentation of debt issuance costs. The asu requires that debt issuance costs related to a recognized debt liability be presented as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. While effective for fiscal years beginning after december 15, 2015, early adoption is permitted. The university has elected to early adopt this guidance in 2015 by retroactively reporting deferred bond issuance costs of $875,856 (previously reported in 2014 in prepaid expenses and other assets) as a deduction from bonds payable (long-term debt) at may 31, 2014 in the statement of financial position. The adoption had no impact on the university's financial position or results of operations. In may 2015, fasb issued asu 2015-07, fair value measurement (topic 820): disclosures for investments in certain entities to calculate net asset value per share (or its equivalent). Asu 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value ("nav") per share practical expedient. It also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. While effective for fiscal years beginning after december 15, 2015, early adoption is permitted. The university elected to early adopt this guidance in 2015. The adoption had no impact on the university's financial position or results of operations. Based on these adjustments, the beginning year balance sheet amounts for other assets and long term debt have been adjusted.”

“Student loans advanced 953,006. Change in liability on split interest agreements 18,131.”