Capital University

“Delegation of broad authority to a committee - per the university's bylaws, article xvi, section 2 (in part), the executive committee shall have the authority to act for the board of trustees on all matters except for the following, which shall be reserved for the board: presidential selection and termination; trustee and board-officer election; changes in institutional mission and purposes; changes to the charter or articles of incorporation; incurring of corporate indebtedness; sale of university assets or tangible property; adoption of the annual budget; and conferral of degrees. The executive committee shall report any action it takes to the board. These bylaws or other board policies may reserve other powers for the board of trustees. In addition to its authority to take action on emergency matters that cannot or should not be deferred to the board's next scheduled meeting, the executive committee shall oversee the work of board committees and the university's planning process and progress on planning goals.”

“Reportable relationships - neil mortine and marty mcdonald have a business relationship.”

“Changes to governing documents - the university's bylaws were changed in febraury, 2023 to decrease the length of terms for officers from three-year terms to two-year terms.”

“Review of form 990 - form 990 is reviewed by management and presented to the members of the integrity and compliance committee by the outside public accounting firm on april 2, 2024. After review by the committee, each board member is provided a full copy of the return prior to its electronic filing with the internal revenue service.”

“Monitoring and enforcement of conflict policy - the conflict of interest policy covers trustees and officers (all university officers, key employees, and budget managers). The policy requires trustees and officers to act in the best interests of the university, sign the conflict of interest policy annually, and fully disclose any conflict. Potential conflicts are reviewed at the level of the governance committee of the board of trustees, which may consult with other committees of the board if necessary. If a conflict exists, the person with the conflict must abstain from influencing, deliberating or voting on the matter, and the action or transaction must be documented as being clearly in the best interest of the university.”

“Compensation review of top management official - the presidential assessment task force of the executive committee of the board reviews the president's goals, accomplishments, and evaluation of performance. The board also references college and university professional association for human resources (cupa-hr) data, evangelical lutheran church of america (elca) presidential survey and other salary surveys for guidance on salaries for like institutions. This process is formally documented and was last undertaken during the 2023 fiscal year. Compensation review of other employees - when a vice president is hired, the human resources department provides the president benchmark salary data to determine the appropriate salary. The president monitors and reviews goals and accomplishments of the vice presidents on an on-going basis.”

“Availability of documents - a copy of the audited financial statements is posted on the university's website as soon as approved by the board of trustees. The conflict of interest policy is posted on the hr homepage. The bylaws are posted on the hr homepage and the university's webpage. No other documents are available to the public.”

“Postretirement benefit obligation adjustment 164,565. Actuarial change in annuity liability and maturities -221,043.”