Bradley University

“The form 990 detail is prepared by the associate controller and assistant controller. The entire form is then reviewed and approved by the chief operations officer. Thereafter, the form 990 is provided to the audit committee of the board of trustees for review prior to submission to the entire board of trustees.”

“On an annual basis, the trustees of the board complete conflict of interest forms. Forms are reviewed and disclosed to the executive committee as appropriate. Conflict of interest forms are also completed annually by officers and key employees. Forms are reviewed by the president. The president's conflict of interest form is reviewed by the compensation committee of the board of trusteees. Faculty must certify to their department chairs on an annual basis their compliance with the university's conflict of commitment and conflict of interest policies by completing a form. The department chair forwards these certifications to the provost. If there is a conflict, an ad hoc disclosure form is completed. After department chair reviews, this form is forwarded to the dean, then provost for approval of determination. Certain administrative and professional staff at the university are also required to complete conflict of interest forms. These forms are then reviewed by their directors and forwarded to the appropriate vice president for review, approval, and determination.”

“The compensation committee of the board of trustees reviews the president's compensation based upon form 990 of other organizations and compensation surveys. A written employment contract is issued. The university president determines compensation of the other officers and key employees based upon compensation surveys. This is then submitted to the compensation committee of the board of trustees for review. A written employment contract is issued.”

“Documents are available upon request.”

“Effective january 1, 2021, the university enacted a plan amendment, approved by the board of directors, which significantly reduced the long-term liability associated with the self-insured health plan. As of january 1, 2021, retirees must now sign up for medicare and purchase a supplement to pay for expenses not covered by medicare. The university now sponsors a medicare advantage supplemental plan which is insured by a third party and integrates with medicare to cover the retirees medical and prescription expenses. This arrangement will move 100% of the medical and prescription expense of future retirees to medicare and the third-party plan with the university's expense being 50% of the premium. The effect of the plan amendment resulted in a decrease in the accumulated postretirement benefit obligation of $29,103,895 recognized as a prior service credit, at may 31, 2021. Certain eligible employees and retirees are grandfathered under the former plan, and thus a liability for that obligation does remain.”

“Swap contract gain 1,264,308. Changes in split dollar interest -166,793.”

“The organization did not change its oversight process or selection process during the tax year.”