Earlham College Inc

“The Executive Committee has and may exercise all of the authority of the Board of Trustees in the management of the Corporation's affairs during intervals between the meetings of the Board of Trustees, provided that the any official action taken by the Executive Committee on behalf of Earlham or the Board (a) is consistent with existing Board policies or prior delegations of authority to it, (b) is undertaken after notice to all trustees with no trustee objecting, or (c) is reasonably required in the judgment of the Board Chair and President to protect the best interests of Earlham from prejudice. The Executive Committee shall be subject to the authority and supervision of the Board of Trustees. The Chair of the Board shall serve as the chair of the Executive Committee. The members of the Executive Committee shall also include the Vice Chair, Secretary, President, and the chairs of the Board's Standing Committees except the Investment Committee. The Chair may invite other trustees, officers of Earlham, or advisors to the Board or Earlham to participate in any meeting of the Executive Committee.”

“Western Yearly Meeting of Friends appoints six trustees to the Earlham Board. The Earlham Alumni Association elects four trustees. Seven trustees are nominated by the Earlham Board of Trustees and approved by Western Yearly Meeting. Additionally, six trustees are nominated and appointed solely by the Earlham Board and the President serves ex officio.”

“The Form 990 is prepared by an independent CPA firm. The Assistant Controller, Controller and VP of Finance and Administration perform a detailed review. Then, a copy of the Form 990 is provided to each member of the full governing body prior to its filing.”

“Earlham's conflict of interest policy requires that officers, trustees, and key employees disclose any situations that may result in a conflict of interest or the appearance of a conflict of interest. Questionnaires must be completed annually but updated sooner if a person's situation changes. Disclosures are summarized and reviewed by the Audit Committee of the Board. If a trustee has a conflict, they will not participate in the decision-making process.”

“15a - The President's compensation is reviewed and determined annually by a Committee consisting of the current and immediate past Chair of the Board of Trustees. The Committee considers compensation data from other schools from the Great Lakes Colleges Association salary comparisons while undertaking their review and documents the decision in the committee minutes. 15b - The President reviews and determines annually the compensation of Vice Presidents and Deans, taking into consideration comparability data and the approved budget for compensation increases, if any. This process is documented.”

“The organization's governing documents, conflict of interest policy, and financial statements are available to the public upon request.”

“Change in split interest agreements 572,746. Change in value of interest rate swap 1,294,950.”

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