University of St Francis

“A review was conducted prior to filing the 990 with the irs. The director of accounting and others in business affairs gather all information from various areas of the university and submit the information to external tax professionals to prepare the first draft of the 990. The director of accounting then reviews the draft and makes any necessary corrections and changes. The second draft was reviewed by the vice president for administration and finance and the president of the university. Again, updates and changes were made if necessary. A final draft was sent via email to all voting board members for their review and acceptance. If any changes were required after board review, they were sent to the tax professionals for incorporation into the final form 990.”

“Conflict of interest disclosure statements are sent to each board member each summer. All board members are expected to return the conflict of interest disclosure statements to the executive assistant to the president at the fall board meeting, if not sooner. A process has been established to follow up with any members who have not returned the conflict of interest disclosure statement within the given parameters. The university monitors conflicts of interest by sending out a questionnaire annually. In addition, conflicts are monitored at every meeting a question regarding conflicts is raised. If a conflict arises, the board member recuses himself/herself from participating in the governing body's deliberations and actions on the topic or transaction under consideration.”

“The executive committee of the board of trustees functions as the compensation committee and is responsible for determining the president's salary and benefits. The compensation committee works with human resources, the president, and outside consultants (as needed) to obtain comparable salary and benefit data from organizations such as the college and university personnel association (cupa), in order to establish appropriate salary and benefits packages. The compensation committee consists of the chairperson of the board of trustess and the executive committee of the board of trustess, who are not related to the president and do not perform management-directed services to the university. The president of the university has a multi-year contract, performance against which is reviewed annually to determine if all objectives have been satisfied. The president of the university - upon consultation with the executive committee of the board of trustees - is responsible for determining the compensation of the president's direct reports and the academic deans and works with human resources to obtain comparable salary and benefits data from organizations such as cupa. All compensation decisions are contemporaneously documented.”

“The organization makes its governing documents and conflict of interest policy available to the public upon request. The audited financial statements and public disclosure copies of the irs form 990 and 990-t are available to the public at the university of st. Francis' website, www.stfrancis.edu.”

“Change in fair value of interest rate swap agreement 1,467,911. Change in value of split-interest agreements 516,871.”