Mount Vernon Nazarene University

“From the organization's bylaws: section 8: duties of the executive committee of the board of trustees. In the interim of annual or special meetings of the board of trustees, the management of the affairs of the corporation shall be vested in the executive committee. 1. The executive committee shall meet as often as is necessary and shall be governed by such rules as it may adopt, provided such rules and regulations are in harmony with the bylaws of the corporation. 2. The executive committee shall act on whatever matters of corporation business as shall be referred and assigned to it by the board of trustees. 3. The executive committee may by resolution authorize the sale, conveyance, or mortgaging of any real property held by the corporation, other than the main campus. 4. The executive committee shall approve the guidelines under which the senior administrators of the university are selected. The president shall confer with the executive committee prior to selection, reassignment, or termination of a senior administrator. 5. The executive committee shall keep a record of its proceedings and copies of these minutes shall be sent to each member of the executive committee within five days after the executive meeting. Minutes of action must also be received by the members of the board of trustees at its next meeting. 6. The executive committee may authorize and approve resolutions necessary to open and close bank, stock, bonds and other investment accounts and designate signatory authority thereon.”

“Kent a. Estep and christopher m. Weghorst - family relationship”

“A copy of the final form 990 and supplemental schedules was provided to all the members of the governing board shortly after filing with the irs.”

“As the conflict of interest policy was recently developed during the fiscal year, the organization is still developing procedures to regularly and consistently monitor and enforce compliance with the policy.”

“The university's governing body has an independent executive committee that reviews the compensation for the president on an annual basis considering factors such as performance and comparability with institutions of similar size and mission. Such deliberations are documented in the minutes of the committee. The president's compensation was established under a written employment contract, which provides incremental adjustments based on the percentage change in the nationwide consumer price index. As a matter of policy, such adjustment shall be included in the president's salary without specific action by the board of trustees, though the board may elect to suspend or amend the level of cost-of-living adjustment in years when it is deemed to be of financial necessity. The review was last done october 2012.”

“Financial statements, governing documents, and conflict of interest policies are not required disclosures pursuant to internal revenue code (irc) section 6104. These documents are currently available upon request to entities determined by management to have a legitimate interest.”

“Compensation paid to trustees paul a. Whiteford, david p. Johnston, douglas vannest, geoff kunselman, samual s. Barber and josephus foster was provided in exchange for services as adjunct faculty members or speaking at university events. These persons are not compensated in their position as trustees.”

“Gain on postretirement benefit related changes - 379565; gain on change in split-interest agreements - 118341; uncollectible student receivables - -121036;”