Millikin University

“The prepared 990 is reviewed by the vice president of finance and business affairs before it is filed with the irs. It is also distributed to all members of the board of trustees and discussed and accepted by members of the audit committee and governance committee before it is filed with the irs.”

“Annually, the president's office sends out a questionnaire to all officers, trustees, and key employees in which any potential conflicts of interest are disclosed. The president's office monitors the return of all questionnaires and reviews and maintains these records.”

“The board's executive committee has overall responsibility for the compensation review of the president. The purpose of the process is to set the president's annual compensation based on three factors: a. Summative performance appraisal focused on annual goals, with consideration of the results of the evaluation conducted in the previous fall; b. Market analysis, especially peer and benchmark data; c. Institutional needs. The process begins annually in early may with the president's submission to the board chair of: first, a status report on the current year's goals that, in many cases, will anticipate year-end results; and second, a set of proposed goals for the upcoming academic year. The board chair will also receive appropriate peer and benchmark data from the human resources office. The executive committee will review the president's performance, with the board chair discussing their conclusions orally with the president to ensure the accuracy and fairness of judgements. The executive committee will then discuss its conclusions and compensation recommendation with the president. The board chair will discuss the executive committee's conclusions and compensation recommendation with the full board in executive session, with the president in attendance. The board will then approve the president's compensation for the following year, and the board chair will then prepare the necessary written confirmation. The board chair and president will meet privately to conclude the process. The president as overall responsibility for the compensation review of the vice presidents. A market analysis is done by the hr office that includes peer and benchmark data. This analysis is then used as a tool for determining salary changes.”

“The organization's governing documents, conflict of interest policy, and audited financial statements are made available to the general public with copies provided upon request.”

“Change in beneficial interest in perpetual trusts 372,045. Change in measurement of asset retirement obligation 1,536,594. Change in fair value of interest rate swap agreement 429,366.”

“THE AMENDED RETURN IS BEING FILED TO REPORT A FOREIGN INVESTMENT HELD BY THE ENTITY. THE FOLLOWING LINES DETAIL WHAT FORMS, PARTS, AND LINES WERE UPDATED OR ADDED: FORM 990, PART IV, LINE 14b - UPDATED TO SELECT "YES" SCHEDULE F, PARTS I & IV - ADDED FORM 926, PARTS I-IV - ADDED”