Elmhurst University

“Form 990, Part V, Line 1A The total on this line does not include 4,524 form 1098-Ts, which the university is required to file with the IRS and provide to its U.S. person students. Form 990 Review Process Form 990, Part VI, Line 11b The final review Form 990 and its various schedules were prepared by a national CPA firm, and then were reviewed by the Key Officers of the organization prior to making it available to the Board of Trustees. After the Key Officers reviewed the form, it was distributed to the Audit Committee of the Trustees at their Spring meeting. Identified necessary changes were incorporated following the board review process and a final copy of the filing was made available to all members of the board of trustees prior to filing.”

“Form 990, Part VI, Line 12c Conflict of interest forms are sent to Trustees, Officers, Key Employees (as applicable) and others for completion. The completed forms are returned to and reviewed by the Board Audit Committee Chair. The Audit Committee Chair together with the Audit Committee is responsible for administration of this policy. Matters of concern are brought to the Chair of the Board of Trustees or the President. Approval of compensation transactions and other transactions covered by the policy are done through a review composed entirely of individuals who do not have any conflict of interest with respect to the arrangement or transaction at hand. Persons determined to have a conflict of interest are prohibited from participating in the governing body's deliberations and decisions in transactions which may relate to the conflict. They rely upon independent comparability data or valuations prior to making a determination. Matters related to compensation rely on external expertise in higher education.”

“Form 990, Part VI, Line 15a The current President was hired effective July 1, 2016 as the result of the Presidential Search Committee that was Chaired by a College Trustee and advised by a third party consulting firm. The Board approved the President's contract which spans the four years ending June 30, 2020, and the contract defines the terms of compensation, which was based on a review of comparable compensation of similarly qualified persons, similar positions, and similar organizations. The Presidents salary is to be reviewed annually and the salary may be adjusted upward, by the sole discretion of the board, based on the boards assessment of the Presidents performance. Compensation is contemporaneously documented within the presidential search committee records.”

“Form 990, Part VI, Line 15b Top management's (Vice Presidents and Deans) salaries are reviewed annually by a process similar to all other employees. The President performs a formal evaluation. Using the CUPA-HR annual Salary Survey--the annual performance evaluation and the financial constraints of the College--the President then determines the salary revisions which are reviewed by the Human Resources Committee of the Board of Trustees. All other key employee salaries are reviewed annually by a similar process as the top management. Formal performance evaluations are performed by the supervisor of each key employee with recommendations for salary revisions provided to the top management employee over that area of responsibility. The evaluations and recommendations together with the comparison to the CUPA-HR annual Salary Survey and the preset budget for salary increases are reviewed by each top management administrator with recommendations presented to the President. Final approval is given by the President. Minutes of the human resources committee document the determinations made during executive session.”

“Form 990, Part VI, Line 19 The governing documents and financial statements of the college are available upon request, and financial statements are provided to various State Agencies, US Department of Education, various banks and others per agreement. In addition, the Annual Form 990 Information Return and 990-T Tax Return and all related documents and schedules are available to the public upon request. The conflict of interest policy is sent annually to all members of the Board of Trustees, Officers, Key Employees and other identified employees.”

“Form 990, Part XI, Line 9 change in value of interest-rate swap..............$(6,916,475) Change in beneficial interest in trusts...............$(87,695) Restructuring.......................................$1,977,228 Rounding...................................................($3) Total..............................................$(5,026,945)”