Benedictine University

“Benedictine university is a membership corporation with two classes of participants in the corporation: members and trustees. Members of the corporation are the individuals constituting the board of directors of st. Procopius abbey, a not-for-profit corporation. The benedictine monks of st. Procopius abbey founded benedictine university as st. Procopius college in 1887.”

“It requires a two-thirds affirmative vote of all members to approve: (1) any sale, mortgage or encumbrance of any real estate of the university; (2) the merger, liquidation or dissolution of the university; (3) changes or amendments of the articles of incorporation of the university and by-laws; and (4) election of trustees. (new trustees are elected by a majority of the trustees in office at any regular meeting of the full board.)”

“The cfo, compliance officer, and the director of general accounting review the draft form 990, together with its outside accounting firm. The completed 990 is reviewed by the finance and audit committee of the board of trustees. A copy is provided to each member of the full board of trustees prior to filing.”

“The compliance officer annually distributes the conflicts of interest policy and disclosure questionnaire, to trustees, officers, faculty and staff. Trustees receive a copy of the conflicts of interest policy in the trustee handbook. Each is required to annually disclose any actual or potential conflicts of interest by signing and submitting the university disclosure questionnaire and updating it as pertinent new interests or situations arise. Responses to the disclosure questionnaire are reviewed and disclosed conflicts are resolved. The office of the provost, the office of business and finance services, and the compliance officer provide assistance by answering questions and providing guidance on approaches to resolving conflicts of interest. Individuals who fail to complete the annual disclosure questionnaire and/or fail to disclose actual or potential conflicts of interest are subject to appropriate disciplinary and corrective action.”

“The process for determining compensation of the president of the university: the chairman of the board of trustees and three independent members of the board comprised the compensation committee. This group reviews and determines executive compensation through the use of comparable compensation data from various sources including the chronicle of higher education, professional search firms specializing in higher education placement, and case compensation data. The committee met and reviewed salary history and performed an analysis in reaching the annual compensation. Contemporaneous documentation was kept and maintained.”

“The process for determining compensation of the executive vice president of the university: the chairman of the board of trustees and three independent members of the board comprised the compensation committee. This group reviewed and determined executive compensation through the use of comparable compensation data from various sources including the chronicle of higher education, professional search firms specializing in higher education placement, and case compensation data. The committee met and reviewed salary history and performed an analysis in reaching the annual compensation. Contemporaneous documentation was kept and maintained.”

“The university makes its governing documents, conflicts of interest policy and financial information available to the public upon request. The financial information is also published in the university's voices magazine. In fy2016 the benedictine university conflicts of interest policy is available on the compliance page of the university's website.”

“As an academic community committed to liberal arts and professional education distinguished and guided by its roman catholic tradition and benedictine heritage, the university prepares its students for a lifetime as active, informed, and responsible citizens and leaders in the world community.”

“Benedictine university dedicates itself to the education of undergraduate and graduate students from diverse ethnic, racial, and religious backgrounds. As an academic community committed to liberal arts and professional education distinguished and guided by its roman catholic tradition and benedictine heritage, the university prepares its students for a lifetime as active, informed, and responsible citizens and leaders in the world community.”

“Due to a restatement of the organizations financial statements, the amounts previously reported for temporary restricted net assets and permanently restricted net assets have changed. There has been no change to unrestricted net assets. There is no change in the total net assets being reported. Temp. Restricted net assets, as previously reported: $2,059,547. Temp. Restricted net assets, as restated: $7,859,076. Perm. Restricted net assets, as previously reported: $14,663,098. Perm. Restricted net assets, as restated: $ 8,863,569.”

“Transfer of assets from springfield college: $124,788. Change in fair value of interest rate swap: $15,414. Total other changes in net assets: $140,202.”

“This process has not changed from the prior year.”