North Central College

“There were 33 voting members at the beginning of fiscal year 2015 and 35 voting members at the end of fiscal year 2015. The president and 8 other members of the board have a conflict based on the criteria provided. Executive committee chair. There shall be an executive committee of up to thirteen members, composed of the chair, the four vice-chairs, the secretary, the audit committee chair, the president of the college and up to five at-large members. A quorum shall consist of seven members. Duties. The executive committee shall transact such business as may be referred to it by the board of trustees, and any other business which the interests of the college may require during the intervals between meetings of the board. It shall hold such meetings as it may deem desirable, and shall keep an accurate record of its proceedings and receive approval of these minutes at the next regularly scheduled meeting of the board and to such other persons as the committee may designate. The committee shall annually set by june 30 the salary and benefits to be provided the president of the college for the following fiscal year.”

“JEFF OESTERLE AND SCOTT WHERLI - Business relationship, KEVIN GENSLER, RAY KINNEY, AND SCOTT WEHRLI - Business relationship”

“A review was conducted prior to filing the 990 with the irs. The assistant vp of finance/controller and assistant controller gather all information from various areas of the college and submit to tax professionals for the first draft of the 990. The assistant vp of finance/controller and assistant controller review and make necessary changes. The second draft was reviewed by the vp for business affairs and the college presidents. Again, updates and changes were made if necessary. A final draft was sent via email to all voting board members for their review. If any changes were required after board review, they were sent to the tax professionals for incorporation into the form 990.”

“The conflict of interest statements are sent to each board member with the may board packet, which includes reading materials for the upcoming meeting. All board members are expected to return the conflict of interest statements at the may board meeting, if not sooner. A process has been established to follow up with any members who have not returned the conflict of interest statements with the given parameters. The college monitors conflicts of interest by sending out a questionnaire annually, as well as at every meeting the question is raised if a conflict arises. If a conflict arises, that individual is prohibited from participating in the governing body's deliberations and decisions in the transaction under discussion.”

“The compensation committee (a sub-committee of the board) is responsible for determining the president's salary and reviewing the vice president's salaries. The compensation committee works with human resources (and possibly outside consultants) to obtain comparable salary/benefit data from organizations such as college and university personnel association (cupa), in order to establish appropriate salary/benefit packages. The compensation committee consists of the chair of the board and two active trustees, who are not related to the president or vice presidents and do not perform management-directed services to the college. The college has an annual review of their compensation process. Annually, the executive committee reviews the compensation committee's recommendations and approves the president's compensation. The vice presidents' compensation is brought before the board of trustees in an executive session at the fall meeting. Contemporaneous documentation is maintained for all compensation decisions.”

“See narrative for line 15a.”

“The conflict of interest policy, financial statements and public disclosure copies of the 990 and 990t are available to the public at north central college's website www.noctrl.edu.”

“Vending - Total Revenue: 14984, Related or Exempt Function Revenue: , Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: 14984;”

“North central college is a community of learners dedicated to preparing students to be informed, involved, principled and productive citizens and leaders over their lifetime. In 2014-2015, the college served 3,043 full and part-time students. 33 states and u s territories and 40 foreign countries are represented in our student population. About 1,5000 students reside on the college campus each term. North central college conferred 735 undergraduate degrees and 101 master's degrees in the 2014-2015 academic year. The college also served 2,564 people in non-credit educational and community programs.”

“Change in Fair Value of Interest Rate Swap Agreement - -1739098; Change in Value of Split-Interest Agreement - -82246;”