Lafayette College

“Governance, management, and disclosure - governing body and management the executive committee of the board consists of the chair, vice chair, and secretary of the board, the chairs of the standing committees of the board, the president of the college, and the immediate past chair of the board for the period of one year next ensuing the termination of his or her incumbency in that office in the event he or she continues to serve during that period as a member of the board of trustees. The executive committee transacts such business as may be committed to it by the board, and, when the business of the college requires, it may act for the board in all matters not especially reserved, subject to approval by the board at its first meeting thereafter. The committee has the following responsibilities: development of a long-range master plan for the college subject to periodic review and revision; consider and recommend policies for financial long-range planning, budgeting, pricing and fees; nominate candidates for the board. Copies of the minutes of its transactions are circulated among the members of the board prior to the next ensuing meeting of the board, and, when approved, reported as transactions of the board.”

“Governance, management, and disclosure - governing body and management trustees fisher and kamine had a business relationship in fy 2015-16. Trustees helmer and kuestner had a business relationship in fy 2015-16. Trustee arhart's law firm provided legal advice to various trustees at an arm's length basis.”

“Governance, management, and disclosure - policies process for the review of form 990 the form 990 return is prepared by the college's administration and forwarded to the college's outside tax advisor for review and input into electronic media. The college will discuss the return with its outside tax advisor and make revisions prior to printing the first draft return. The audit committee reviews the first draft return, recommends changes, which are then incorporated into a revised draft return. The audit committee reviews the second draft return to ensure the committee's requested changes were made. The administration will then distribute the second draft return to the full board of trustees with a request for review and comment. If any questions or comments are received from a board member and the return is revised as a result, the administration will advise the full board of the change before filing of the final return.”

“The conflict of interest policy for trustees, board members, officers of the administration, and other key employees of lafayette college was approved by the college's board of trustees on october 27, 1979. This policy is mailed to all applicable individuals annually for their review and disclosure of both any exceptions to the policy and any affiliations for which the policy requires disclosure. The college also requires the same individuals to prepare a form 990 disclosure annually. All disclosures required under this policy must be directed in writing to the secretary of the board of trustees who is responsible for the administration of this policy. Matters under this policy concerning trustees are initially reported to the chairperson of the board and the college's general counsel for action. Matters concerning staff are referred initially to the college's general counsel and then to the president. Information disclosed to the secretary (or chairperson or president) is held in confidence except when the best interest of the institution is served by disclosing the information to the board in executive session.”

“The process for determining the compensation of the officers of the administration: the president recommends the compensation for officers (vice-presidents). Based on a written annual performance summary, each officer's compensation is then established by the compensation committee which reviews data obtained from its external compensation consultant on salaries of comparable officers from comparable institutions and adjusts that data through surveys and other available resources.”

“The college's audited financial statements are available on the college's public website. The college's governing documents and conflict of interest policy are not available to the public on its website. Requests for copies of forms 990 and 990t are provided promptly upon request in either hard-copy or electronic forms, and the college does not charge for either copying or mailing costs. After the filing of the form 990 return for the same tax year, the college will provide a copy to guidestar for publication on their website.”

“In an environment that fosters the free exchange of ideas, lafayette college seeks to nurture the inquiring mind and to integrate intellectual, social, and personal growth. The college strives to develop students' skills of critical thinking, verbal communication, and quantitative reasoning and their capacity for creative endeavor; it encourages students to examine the traditions of their own culture and those of others; to develop systems of values that include an understanding of personal, social, and professional responsibility; and to regard education as an indispensable, lifelong process.”

“Change in estimate annuities payable 3,608,197. Change in fv of hedge/swaps -5,368,219. Change in postretirement benefits 3,065,000.”