The Cedarville University

“The chair of the board is the chair of the executive committee. Other members of the committee are the vice chair, secretary, treasurer, chair of each standing committee of the board and two trustees at large. The president is an ex-officio member of the executive committee. The executive committee conducts business between regular board meetings if necessary, and any actions are reported to the full board at the next meeting. Form 990, part vi, line 1b mr. David dykema, mr. Timothy knight, dr. Corey abney, mr. Daniel petek and dr. Dominic mckinley are considered non-independent board members due to compensation listed on part vii.”

“Cedarville's board of trustees operates in committee fashion. The business committee (also serving as the audit committee and investment committee) is responsible to the full board for finance related items. As such, a copy of the form 990 was provided to the business committee for review prior to filing. Additionally, the university's outside independent cpa firm prepared and reviewed the form 990 prior to filing.”

“The university enforces compliance with the conflict of interest policy by requiring trustees to annually sign bylaws statements. All trustees are required to disclose to the board any possible conflict of interest at the earliest practical time. No trustee shall vote on any matter under consideration at a board or committee meeting in which such trustee has a conflict of interest. The minutes of such meetings shall reflect that a disclosure was made and that the trustee having a conflict of interest, abstained from voting. If a trustee is uncertain as to whether a conflict of interest may exist, the trustee may request the board or committee resolve the question by majority vote.”

“Compensation for the president and other officers is set by an independent body consisting of the executive committee of the board of trustees. Comparable market data is used. This process and results are thoroughly documented in the committee minutes.”

“The university makes its governing documents and conflict of interest policy available to the public upon request. Financial statements are not available to the general public.”

“During the tax year, compensation was paid to two employees subject to confidentiality agreements. The information required to be disclosed in form 900 part vii and schedule j is as follows: part vii reportable comp. Deferred/non-taxable comp. Employee 1 - confidential $166,778 $46,889 average hours per week: 40 employee 2 - confidential $170,030 $34,821 average hours per week: 40 schedule j part i line 4b during the tax year, employee 1 and employee 2 received severance pay of $40,045 and $125,000 respectively. These amounts are included in reportable compensation.”

“Change in value of life income agreements -$359,686”