Lycoming College

“A draft public disclosure copy of the form 990 was provided to members of the audit committee of the board of trustees and reviewed by the audit committee at a meeting with baker tilly, the independent auditors of the college. Following that review, the public disclosure copy of form 990 was provided to each trustee of the college and was recommended for approval by the chairman of the audit committee to the board of trustees at its annual spring meeting prior to filing with the irs.”

“The audit committee of the board periodically reviews the college's conflict of interest policy to ensure that it is comprehensive, clearly defines the term "conflict of interest", and contains procedures for adequately resolving and documenting potential conflicts. The policy requires annual signoff by the board of trustees, the president, and members of the president's administrative cabinet. Before the board or a committee of the board considers a proposed transaction/arrangement, any interested person must disclose the existence of the financial interest and disclose all material facts to the board or committee. The interested person will then leave the meeting while the board or committee determine and vote upon the conflict of interest. The board or committee may, if appropriate, consider alternatives to the proposed transaction/arrangement. The interested person would abstain from voting on the matter. All determinations and votes are documented in the minutes of the board of trustees or committee meetings. If anyone fails to disclose an actual or possible conflict of interest, the board will determine the appropriate disciplinary and corrective action up to removal from the board.”

“The executive committee of the board of trustees sets the parameters for the overall salary pool for college employees at their february meeting as part of the annual budget cycle. The personnel committee of the board of trustees reviews and sets the salary and benefits for the president at their april meeting each year. The personnel committee also reviews and sets the salaries for the senior officers of the college (provost and dean of the college, vice president for finance and administration, vice president for enrollment management, vice president for student life and vice president for college advancement). The personnel committee is provided with comparative data for the president and senior officers relative to similar institutions in mission, enrollment size, finances, etc. The personnel committee also receives a report of how faculty salaries and compensation compare at lycoming college relative to similar institutions. This review and approval process is documented via minutes of the personnel committee meetings. The president approves the salary for all other employees within the parameters set by the board, the college's salary grades for each position and various compensation surveys. The president receives comparative data for all mid-level and administrative employees from the same comparison group that is used by the personnel committee. The director of human resources provides comparative data for all positions to the president. Continuing faculty and staff salaries are approved by the president upon the recommendation of the corresponding senior officer and based on the college's evaluation and personnel policies.”

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

“Change in value of split-interest agreements -602,989. Change in beneficial interest in perpetual trusts -118,043.”