Concordia University

“There are 17 voting members of the university's board of regents: 1) the president of the northern illinois district of lutheran church missouri synod (lcms), ex officio, elected by convention of the northern illinois district of the lcms. 2) four members elected by convention of the northern illinois district of the lcms. 3) four members elected by the lcms at the national lcms convention. 4) seven members elected by the board of regents. 5) one member is appointed by the praesidium of the lcms. All voting members of the board of regents have the same power and authority, regardless of the manner in which they are elected to the board. Each voting member serves a three year term and may not serve more than nine consecutive years. Terms are staggered. The president of the university also serves as an ex officio, non-voting member of the board.”

“To prepare the 990, the university controller provided the necessary information to the university's auditor, sikich. Sikich prepared the first draft and sent it to the controller for review, along with a list of questions. The controller and cfo reviewed the draft and responded to the questions. Sikich then provided a final draft to the controller which was then sent to the board of regents' finance committee. The committee was authorized, through board resolution, to act on behalf of the entire board to review and approved the irs form 990. During this review, members of the committee were able to provide questions or comments to the cfo and controller, if any. If needed, the 990 was amended. The committee then voted to approved the filing of the irs form 990 through resolution. After this vote, the irs form 990 was sent to the entire board of regents. The final, approved, irs form 990 was then filed. While not anticipated, if a question or concern is expressed by a member of the board of regents at an upcoming board meeting which results in a need to correct the already filed return, the controller will work with sikich to file an amended return.”

“Board members are required to complete conflict of interest questionnaires. Additionally, all officers and key employees are regularly required to self-report and disclose any such conflicts on an ongoing basis.”

“In addition to approving the concordia university's annual contract, there are several other individuals who have their salaries renewed and approved by the finance committee of the board of regents. These individuals include the president's cabinet and all individuals who have the ability to affect employees' compensation. This includes all members of the human resources and payroll departments, as well as the university's controller, assistant controller and director of budget services. Annually, the director of human resources and the assistant controller provide the board with these individuals' compensation, as well as comparative data from similar universities. Once the data is reviewed, annual compensation increases for these individuals are either approved or rejected. The approval or rejection is documented through a formal board of resolution of the concordia university board of regents.”

“Concordia university makes its articles of incorporation, bylaws, conflict of interest policy, whistle blower policy, irs form 990, and audited financial statements available to the general public on its website. (http://www.cuchicago.edu/aboutconcordia/ourmission/financialinformation/)”

“Equity transfer to concordia university foundation -43,914. Change in trust value 235,058. Change in value of life insurance 13,416. Unrealized gain on interest rate swap agreement -142,154.”