Knox College

“The Bylaws were last amended June 3, 2017. Substantive changes included: (1) Changing the maximum number of Trustees to 43. (2) Setting term limits for the Board Chair, Vice-Chair and committee chairs to 4 years. (3) Creating a Vice-Chair of the Board position which replaced the Secretary of the Board. (4) Increasing the dollar threshold for the President's authority to sell real property. (5) Designating the oversight of risk management to the Executive Committee and Audit Subcommittee. (6) Revising the responsibilities of the Investment Subcommittee to include the selection and management of an investment consulting firm for the role of the College's Chief Investment Officer.”

“The 990 was reviewed by the Chair of the Audit Subcommittee and the Chair of the Committee on Finance. The 990 is made available to all College Trustees for review before it is filed.”

“Officer's Conflict of Interest (From Bylaws of Knox College): Any conflict of interest on the part of an officer of the College designated in this article, or members of such officer's immediate family, shall be disclosed by the officer in writing to the Board of Trustees at least annually and made a matter of record. When any such interest becomes relevant to any subject requiring administration or Board of Trustees' action, the officer having a conflict shall call it to the attention of the President and, if the matter is being considered by the Board of Trustees or one of its committees, to the attention of the Board or such committee. The officer shall not participate in the discussion of the subject or make any recommendations regarding the subject in which the officer or a member of the officer's immediate family has a conflict of interest, and shall not use personal influence to affect the decision with respect to such subject. An officer of the College who is excluded from participating in discussions or making recommendations regarding the subject because of such conflict or interest shall, however, briefly state the nature of the conflict and shall be encouraged to answer pertinent questions of the Trustees when the officer's knowledge of the subject will assist the Board of Trustees, any of its committees or the administration. The minutes of any meeting attended by the interested officer at which the subject is discussed shall reflect that a disclosure was made and that the interested officer abstained from the discussion except to the extent provided above.”

“The College does not have a written document retention and destruction policy. The record retention and destruction policies are developed, as needed, by each department to address their specific type(s) of records. Departments follow industry standards that are appropriate for their specific type(s) of records. In conjunction with record destruction for confidential records, the College contracted with a vendor to provide locked bins for departmental use and the secure destruction of these records.”

“Compensation is reviewed annually. This review includes cost of living statistics, compensation paid for similar positions at other similar colleges, and compensation paid locally for like positions. A standard achievement increase is determined and is approved by the Board of Trustees during the June meeting in conjunction with the approval of the following year's budget. The Board of Trustees reviews the President's salary and approves any changes. All staff increases are reviewed by the President, Vice Presidents, and heads of departments.”

“The College is not required to file a copy of Form 990 with the State of Illinois or any other state.”

“The Bylaws of the College are available on the College's website (www.knox.edu). Each fall, conflict of interest forms are distributed to trustees, officers, and department heads. Financial statements are available upon request in the Treasurer's Office. All trustees are provided copies of the financial statements each year.”

“Change in fair value interest rate swaps $2,406,726; postretirement benefits other than periodic costs $18,116; adjustments of amounts due under split interest agreements ($99,689); change in value of perpetual trust $592,491”