North Central College

“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 financial analyst gather all information from various areas of the college and submit to tax professional for the first draft of the 990. The assistant vp of finance/controller and financial analyst review and make necessary changes. The second draft was reviewed by the vp of finance and the college president. 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. It is the policy of north central college that all voting members of the board review a final copy of the form 990 before filing for their review or comment.”

“Each trustee shall complete and sign a conflict of interest disclosure form annually which shall indicate that the trustee acknowledges a conflict of interest or potential conflict of interest, if any. And shall recuse himself or herself pursuant to the procedures adopted by the board on that matter. In addition. A trustee must also make changes to their disclosure form as his or her situation changes or conflicts of interest or potential conflicts of interest arise throughout the yer.”

“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, 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 documentations 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.”

“- Total Revenue: 8591, Related or Exempt Function Revenue: , Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: 8591;”

“The Executive Committee shall transact such business as may be referred to it by the Board, and any other business which the interests of the College may require during the intervals between regularly scheduled Board meetings.”

“The form 990-t shows unrelated business income in the amount of $471,072. This amount includes disallowed transportation fringe benefits of $3,908, which is not reflected on part viii, column c. As a result, part i, line 7a is $467,164.”

“North central college is a diverse community of learners dedicated to preparing students to be curious, engaged, ethical, and purposeful citizens and leaders in local, national and global contexts. In 2017-2018, the college served 2,965 full-time and part-time students. 27 states and u s territories and 37 countries are represented in our student population. About 1,368 students reside on the college campus each term. North central college conferred 668 undergraduate degrees and 83 masters degrees in the 2017-2018 academic year.”

“Change in fair value of interest rate swap agreement - 2743942; change in value of split-interest agreement - 311428; other transfers - -31617;”