Mercyhurst University

“Owen McCormick (Trustee) business relationship with Marlene Mosco (Trustee)”

“Corporate bylaws were amended at the Oct. 11, 2014, meeting and reflect major changes in the role of the Sisters of Mercy as Trustees. (1)The president (or her designee) of the New York, Pennsylvania, Pacific West (NyPPaW) Community is no longer an ex officio Trustee; (2)The number of Sisters of Mercy required to be Trustees of Mercyhurst University is at least two but no more than five; (3)The election of a Sister-Trustee must be approved by the Conference for Mercy Higher Education; and, (4)A Sister Trustee is no longer required to have a seat on the Committee on Governance, but is required to be a member of the Subcommittee on Institutional Planning. Also, the chair of the board was given authority to call an executive session with or without ex officio Trustees. Standing and subcommittee chairs were given authority to hold executive sessions with Trustees whenever needed. Voting by Written Consent was changed to Action by Unanimous Written Consent. Name of the Committee on Trusteeship was changed to Committee on Governance. Name of the Subcommittee on Strategic Finance was changed to Subcommittee on Institutional Planning. The president was given the authority to recommend internal professionals for appointment to standing or subcommittees; and the chair of the board may appoint external professionals from the community to serve on these committees. Executive Committee membership was clarified to also include assistant secretaries, treasurer, and one Sister-Trustee. Officers of the board were changed to include a treasurer from the board of trustees.”

“The Form 990 for Mercyhurst University for the current fiscal year end was reviewed in detail by the Assistant Vice President for Finance and Treasurer prior to filing with the IRS. In addition to management's review, the final Form 990, including all required schedules, was made available to each voting member of the Mercyhurst University Board of Trustees before the filing deadline. Trustees were given an opportunity to ask questions and provide feedback to management prior to the filing of the return with the IRS.”

“Mercyhurst University has a written Conflict of Interest Policy. All officers, Trustees, and members of the President's staff are required to disclose to the Board of Trustees any possible conflict of interest at the earliest practical time. Further, the Trustee shall absent him or her from discussion of, and abstain from voting on, such matters under consideration by the Board of Trustees or its committees. Each officer, Trustee, and member of the President's staff shall complete and sign by May 15 of each year (or the first business day thereafter if May 15 falls on a weekend or holiday) a conflict of interest disclosure form provided annually by the Secretary of the Board of Trustees. The annual conflict of interest disclosure forms are reviewed first by the Chair of the Board of Trustees, who also serves as Chair of the Executive Committee and by the full Executive Committee of the Board of Trustees typically at its Fall meeting. Copies of the annual conflict of interest disclosure forms are provided to the Executive Committee of the Board of Trustees, the Chair of the Board of Trustees, the Secretary of the Board of Trustees, the Chair of the Committee on Audit, the external audit firm, and the President of the University. In February 2013, the Board of Trustees introduced a mid-year Conflict of Interest Update to the annual Disclosure Form to enable those covered by the Conflict of Interest Policy to disclose any new conflicts that have arisen since the completion of the annual conflict of interest disclosure form.”

“The President reviews compensation increases for all employees. The President specifically makes recommendations for salary increases for employees who report directly to him, and all officers and key employees. Salary increases are merit based, based upon the President's assessment of the individual's performance. In May the President presents his recommendations to the Committee on Compensation of the Board of Trustees for review and approval. The committee reviews the compensation requests to ensure that their compensation reflects Mercyhurst University's compensation philosophy, complies with rules governing tax-exempt universities described in the Internal Revenue Code, complies with compensation rules and regulations promulgated by any other regulatory agency or legislative authority and aligns appropriately with compensation levels at comparable universities. After approval salary increases are communicated to employees in the form of an annual appointment letter signed by either the President or the Vice President for Finance and Administration.”

“Mercyhurst University posts its audited financial statement on the same webpage that it accomplishes its public disclosure requirement for its Federal Form 990 and 990T. Additionally, on that website, it alerts users that if they wish to obtain either the University's Conflict of Interest policy or the governing documents of the University, they are available upon request.”