Xavier University

“James l. Wainscott, a trustee of xavier university, has a business relationship with robert j. Kohlhepp and ralph s. Michael, iii, trustees of xavier university. John s. Prout, a trustee of xavier university, has a business relationship with ralph s. Michael, iii, a trustee of xavier university.”

“The form 990 was prepared by deloitte tax llp using the information provided by xavier university management. The completed form 990 was reviewed by the senior vice president and cfo, vice president business services and risk management, and the controller of xavier university and simultaneously with filing was made available to all board members via a portal.”

“The conflict of interest policy requires all officers, directors, and key employees to complete an annual questionnaire pertaining to conflicts of interest. Distribution and collection of the questionnaire is administered by general counsel and secretary to the board relative to members of the board of trustees, and by human resources relative to employees. Disclosed conflicts and potential conflicts by trustees are reviewed by the governance committee of the board of trustees, and by the audit and risk management committee of the board of trustees for employee officers and key employees. Trustees with a transactional conflict are required to recuse themselves from any discussion and/or vote pertaining to the conflicted transaction, and this is reflected in the minutes of the organization.”

“Although the following procedures were followed regarding the determination of the president of xavier university's compensation, the compensation reported on this form 990 was not actually received by the president of the university, but rather by his religious order in accordance with his vow of poverty. In determining compensation of the organization's president, other officers and key employees, the process included a review and approval by the independent persons on the board of trustees who evaluate performance, comparability data, and contemporaneous substantiation of the deliberation and decision. The compensation was reviewed and approved by the executive committee of the board of directors or the compensation committee. In the review of the compensation, the president, other officers and key employees were compared to individuals that hold similar positions at similar universities. The determination of similar universities was made by the compensation committee of the board of trustees with the assistance of a professional consulting firm. During the review and approval of the compensation, documentation of the decision was recorded in the committee minutes. Individuals were not present when their compensation was decided.”

“The organization will provide any documents required to be open to public inspection upon request. Form 990 is available to the public on xavier's website.”

“Form 990, part vii does not include any compensation for the president of xavier university, michael j. Graham, sj. Father graham's annual salary is $378,750 which was paid directly to his religious order in accordance with his vow of poverty.”

“Change in fair value of interest rate swaps -2,183,669. Actuarial change in post-retirement health care benefits 404,430. Net asset decrease on early redemption of bonds payable -11,354,544. Cash contribution from xuprop co, a related tax-exempt entity 107,295. Cash distribution to xuprop co - cincinnati, a related tax-exempt entity -565,728. Cash contribution from xuprop co - norwood, a related tax-exempt entity 172,459. Cash distribution to xuprop co - dana, a related tax-exempt entity -799. Cash contribution from xuprop co - plaza, a related tax-exempt entity 394,226.”

“The audit and risk management committee is responsible for the oversight of the audit and selection of an independent auditor. This process has not changed in the current year.”