Anderson University Inc.

“The Executive Committee is composed of seven trustees including the Chair and Vice Chair. The other five members are elected annually by the Board of Trustees. Other members may meet with this Committee, they do not have voting power. It is the duty of the Executive Committee to act on behalf of the Board of Trustees during the period between the Board's meetings.”

“The University's Form 990 is prepared by an independent CPA firm. Prior to the 990 being filed with the IRS, the 990 is reviewed in detail by the University's Controller and Assistant Treasurer, Vice President for Finance and Treasurer, President and the Audit Committee. The University's Board of Trustees delegates the review of the Form 990 to the Audit Committee, a subcommittee of the University's Board of Trustees. Before filing the 990, the Board of Trustees receive a copy to review.”

“The Controller annually monitors all existing conflicts and enforces compliance with the University's conflict of interest policy by conducting a review prior to the University's annual audit. The University's conflict of interest policy states that all employees and Board of Trustees submit a conflict of interest form each year of employment. Determination of existing conflicts is the responsibility of the Controller who will also review with the Vice President for Finance and Treasurer. Persons with conflicts do not participate in decisions and deliberations of the governing body.”

“15a - The independent Executive Committee of the Board of Trustees establishes the salary of the President upon recommendation of the subcommittee on evaluation and compensation. This process is directed through the Office of Work Life Engagement where compensation is compared to area benchmark information. Work Life then presents a recommendation to the VP for Finance and Treasurer to present to the Board of Trustees for approval annually. This process is documented in the board minutes. 15b - The salaries of other Executive officers of the University are established independently of the President, subject to the approval of the subcommittee on evaluation and compensation. This process is directed through Human Resources where compensation is compared to area benchmark information. The University's strategic plan is to reach compensation rates at 80% for staff and 77% for faculty of benchmark. HR then presents a recommendation to the President for approval annually. The President may appoint and establish the salaries of administrative officers as he/she deems appropriate. This process is documented in the HR files.”

“The University's governing documents and conflict of interest policy are available on the University's public website. The University's financial statements are not made available to the public but the financial statements are available at emma.msrb.org for bondholders.”

“In accordance with the principles of FASB ASU 2016-14 (ASC 958),the organization has implemented required changes to its audited financial statements for the period ended 5/31/2019. To date, Form 990 and its associated schedules have not been updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Part X, Lines 27-29: Line 27 - Net assets without donor restrictions $28,668,602 Line 29 - Net assets with donor restrictions $37,418,181 Total net assets $66,086,783”

“Actuarial change in annuities and trusts -112,790.”

“The organization's Board assumes responsibility for oversight of the audit of its financial statements and selection of its independent accountanting firm. This process has not changed since the prior year.”