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 chief business officer and the controller of xavier university. The return will be made available to all board members prior to filing.”

“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 questionnaires are administered by the general counsel and secretary to the board for the members of the board of trustees. Human resources administers distribution and collection for 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 the 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 includes 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 trustees and 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 c0mpensation 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 public on xavier's website.”

“Change in fair value interest rate swap 7,803,215. Actuarial change in post retirement health care benefits 151,496. Purchase of controlling interest in xu student health and wellness center -150,422. Loss on defeasance -1,953,077. Fund raising and gaming activities (net) -62,264.”

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