Kings College

“Directors eberhard faber, michael d. Molewski, and richard j. Pinola have business relationships. Directors rev. Thomas j. O'hara, c.s.c. And james t. O'hara have a familial relationship. Rev. Thomas j. O'hara, c.s.c. Is the provincial of the u.s. Province of holy cross priests and brothers. The president of king's college, rev. John j. Ryan, c.s.c. (along with all other priests and brothers employed by the college) are members of the u.s. Provinces of holy cross priests and brothers. Rev. John f. Denning, rev. Daniel groody, rev. Gerard j. Olinger, rev. Mark l. Poorman, rev. James l. Rebeta, rev. Kevin p. Spicer, bro. Donald stabrowski, rev. Oliver f. Williams, and rev. John l. Young are members of the u.s. Province of holy cross and directors of the college.”

“The management of the dining services and conference and events departments are contracted to the compass group (chartwells). The respective managers employed by chartwells report to the director of contract compliance (college employee). The ultimate decision authority rests with the college's managers and executive vice president & cfo, including personnel decisions. Employees of chartwells are subject to the employee pay practices and benefits offered by chartwells.”

“The members of the corporation of king's college include all full-fledged members of the congregation of holy cross whose official assignment is directly related to king's college. The members meet at least annually and as often as deemed necessary by the members, corporate officers or board of directors.”

“The members of the corporation, through consultation with various board committees, elect the board of directors. The board of directors acts as the governing body of the college.”

“The form 990 and 990t is provided to the college's audit committee, in draft form, during a regularly scheduled meeting. The information presented to the committee members is provided to them prior to the meeting date for review and analysis. The committee members review the forms individually and raise questions and concerns regarding the information presented to management during the meeting. Following approval of the audit committee, the draft forms are made available to the entire board through a secure board portal accessible to all members. The board chair informs the directors of the drafts and how to access them during a regularly scheduled meeting. Comments regarding the forms are accumulated and addressed by the controller and chief accounting officer during a subsequent period of no less than 30 days. The forms are also reviewed by independent certified public accountants specializing in non-profit tax compliance. At the conclusion of the review period, the board of directors will authorize management to file the forms with the internal revenue service.”

“The assistant to the president of the college will distribute the conflict of interest policy and certification statement at the direction of the board chair. The policy and certification statements are distributed prior to the annual meeting each october. The completed certifications are reviewed by the controller and chief accounting officer, who obtain additional information as necessary. The board chair and president of the college monitor compliance with the policy during each board meeting where voting actions occur. Individuals with identified conflicts are prohibited from providing commentary or voting on the related resolutions related to the conflicted transactions.”

“The college's board of directors maintains an executive compensation committee to determine the compensation of the ceo and members of the executive team, including all vice presidents. Compensation is based on an evaluation of salaries paid to individuals with similar roles at comparable institutions within the geographic region. The ceo prepares annual evaluations of the performance of each vice president and recommends an annual raise and performance bonus. The executive's total compensation, including bonuses, are used to evaluate the compensation of each individual. The compensation committee reviews comparable data in relation to the total compensation paid to each executive and approves the compensation package.”

“The college maintains public inspection copies of forms 990 and form 990-t in the college's business office during regularly scheduled hours. Further, a copy of the form 990 is available at www.guidestar.org.”

“The college does not make its governing documents, conflict of interest policy or financial statements available to the general public. The conflict of interest statement and by-laws are available on the college's intranet website to individuals with access to the college's network. The college makes it's financial statements available to college employees through individual request made to the college's controller and chief accounting officer during regularly scheduled business hours.”

“Change in beneficial interest in perpetual trusts -206,712. Change in fair market value of interest rate swaps -1,793,251. Gain on termination of interest rate swap 68,760.”

“There has been no change in the selection or oversight of the college's independent auditors. The college's audit committee meets with the representatives of the independent auditors at least two times per year. The committee reviews the qualifications, compensation, and services provided by the independent auditing firm. The audit committee reviews and executes the engagement letters related to the services provided and reviews all communications required by auditing standards generally accepted in the united states of america. The audit committee recommends appointment of the independent auditors to the full board for approval annually.”