Olivet Nazarene University

“There shall be an Executive Committee composed of the President of the University plus eight members from the Board of Trustees. The eight members shall be the Officers of the Board of Trustees (Chair, Vice Chair, and Secretary), the Chair of the Business and Finance Committee, and four additional members elected by the Board of Trustees. The Committee shall contain at least three District Superintendents, at least two pastors, and at least two laypersons. Election shall first be held for the Officers of the Board by a ballot consisting of two nominees for each office and then for the additional members with consideration given to representation of the various Districts. In the interim of regular and special meetings of the Board, the responsibility and authority of the Board of Trustees shall be vested in the Executive Committee with the limitations set forth in the bylaws.”

“The bylaws were amended to reflect the following changes: 1) Removed wording regarding Alumni representatives only being able to be on the Board of Trustees for Olivet and no other university 2) Added wording to allow adjuncts to be able to be on the Board of Trustees 3) Added wording for the removal of a Board of Trustees member with a 2/3 vote of the Board of Trustees, where a quorum is present, in addition to their term expiring 4) Changed the length of the term of the Board of Trustees officers from one to two years at time of election 5) Added clarifying wording regarding the number of clergy and lay members, including officers 6) Added a dissolution clause”

“Form 990 is prepared by an independent CPA firm and reviewed in detail by the organization's top management. The reviewed Form 990 is then made available to the board of directors after filing with the IRS.”

“The organization requires all officers and board members to annually complete and sign a conflict of interest questionnaire. The VP of Finance and Financial Services office are responsible for reviewing the signed statements and ensuring that interested persons are in compliance with the conflict of interest policy. Should any potential conflicts of interest be disclosed, the board member or officer would be asked to refrain from participation in any deliberation or decision with regard to matters affected by the relationship.”

“The compensation of the President is determined by the independent members of the Executive Committee. The HR Director provides comparability based upon the salary analysis using 2-3 different surveys. Once the salary is determined, the President receives an approved annual percentage increase. This process is documented in the Executive Committee minutes.”

“The President and the Director of HR determines the salaries of the other officers. The HR Director reviews salaries provided by the CUPA survey as well as a CCCU survey and evaluates the role of each officer VP and makes a determination of the appropriate salary based on the scope of their responsibilities and their experience in their role. The process is documented in the respective HR file.”

“The governing documents, conflict of interest policy and financial statements are available upon request.”

“Compensation reported in Part VII, column D and Schedule J, Part II, column B is the amount reported on the individual's W-2, box 1 or 5 (whichever amount is greater) per the IRS instructions. In the case of minister's compensation when box 5 of the W-2 is not applicable, box 1 compensation is used. Employee deferrals to qualified retirement plans are normally captured in box 5, not box 1 of Form W-2. For reporting purposes we have included the minister's retirement plan deferrals in Part VII, column F and Schedule J, Part II, column C.”

“Misc. Revenue - Total Revenue: 1141692, Related or Exempt Function Revenue: 1141692, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ;”

“Adjustment to trust liability - 43905;”

“At the time of the filing of Form 990, the unrelated business taxable income was still being determined.”