Taylor University

“The University's board of trustees has delegated broad authority to act on its behalf to the Executive Committee. The Executive Committee shall consist of the Chair of the Board; the Vice Chair of the Board; the Secretary; the Treasurer (who serves as chair of the Business & Finance Committee); the President of the University, the chair of the Investment Committee, the chair of the Audit Committee, and the chair from each of the Strategic Committees; and two members of the Board elected at large. Members-at-large shall be nominated by the Committee on Trustees and shall not serve more than two consecutive terms of one year. The immediate past Chair of the Board shall serve as a member of the Executive Committee for the first year following the expiration of his or her term as Chair of the Board; provided, however, that the former Chair remains a member of the Board of Trustees. The Executive Committee shall 1) Have power to transact all necessary business of the University between meetings of the full Board, including the power to enter into contracts and agreements connected with the ordinary course of business, but it shall not have the power to buy or sell real estate (except real estate received as gifts to fund life income agreements) or to employ or release a President of the University; 2) Under the coordination of the Vice Chair of the Board, serve as a nominating committee for honorary degree candidates; 3) Determine the salary of the President of the University and the President's direct reports.”

“Officers of Taylor University are also officers of 1846 Real Estate - Kershner Commons, LLC, a related organization. - Business relationship”

“The University's board of trustees has delegated authority for the formal review of its Form 990 to the Audit Committee. The Audit Committee substantively reviewed the Form 990 prior to its filing. In addition, the University's independent CPA firm prepared the Form 990 and then reviewed it with the management team and with the audit committee. The University utilized this process to ensure that its Form 990 received substantive review by trustees and professionals with specific knowledge of the University's activities and extensive financial, accounting, and tax expertise. A copy of the Form 990 is provided to the organization's governing body before it is filed with the IRS.”

“The University has adopted a Conflict of Interest Policy that requires trustees, officers and key employees to submit an annual conflict of interest disclosure. The annual disclosure requires trustees, officers, and key employees to disclose, in writing, any known financial interest that the individual (together with family members) has in any business entity that transacts business with the University. In addition, trustees, officers, and key employees are required to immediately disclose any possible conflict of interest that arises mid-year in relation to a proposed transaction. The Conflict of Interest Policy requires that any individual with a conflict be recused from the decision making process, that independent trustees or committee members determine that the proposed transaction is in the best interests of the University, and the transaction must be approved by a vote of the independent trustees or committee members without the participation of any interested individual. The annual conflict disclosure statements are submitted to, and reviewed by, the Audit Committee chairperson. In addition, the executive staff is responsible for monitoring any possible conflict transactions that arise and managing them to ensure that all transactions represent arms' length, fair market value terms for the benefit of the University.”

“The University has adopted an Executive Compensation and Intermediate Sanctions Policy that ensures that all compensation arrangements with related parties are evaluated and entered at arms' length and that any compensation that is paid to a related party is reasonable and reflects fair market value. The Policy encourages the application of the rebuttable presumption standard of Code Section 4958 and the related Treasury Regulations by (a) excluding any interested party from the decision making process, (b) requiring disinterested board or committee members to obtain and rely upon comparability data when setting the proposed compensation terms, (c) requiring the approval of the transaction in advance by disinterested Trustees or committee members, and (d) requiring contemporaneous documentation (i.e. minutes) reflecting the decision and the process by which it was made. In the case of the President's compensation, the Executive Committee of the board of trustees, composed entirely of independent outside Trustees, is responsible for ensuring that the process outlined above is applied. The process occurred in August 2023.”

“The University has adopted an Executive Compensation and Intermediate Sanctions Policy that ensures that the compensation arrangement with officers and key employees is evaluated and entered at arms' length and that any compensation that is paid to officers and key employees is reasonable and reflects fair market value. The Policy encourages the application of the rebuttable presumption standard of Code Section 4958 and the related Treasury Regulations by (a) excluding any interested party from the decision making process, (b) requiring disinterested board or committee members to obtain and rely upon comparability data when setting the proposed compensation terms, (c) requiring the approval of the transaction in advance by disinterested Trustees or committee members, and (d) requiring contemporaneous documentation (i.e. minutes) reflecting the decision and the process by which it was made. In the case of other officers and key employees, the Executive Committee of the board of trustees, composed entirely of independent outside Trustees, is responsible for ensuring that the process outlined above is applied. The process occurred in 2023.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request, either as printed or an electronic copy for the same period of disclosure as set forth in IRC section 6104(d).”

“All Other Program Service Revenue - Total Revenue: 3239266, Related or Exempt Function Revenue: 3239266, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ;”

“Change in Fair Value of Split-Interest Agreements - 954144;”