Olivet College

“The 990 is received by the cfo from the third party preparer and it is reviewed and discussed with the president. A copy of the 990 is made available by e-mail to all voting members of the board of trustees with an opportunity for comments or questions. The board of trustees has delegated authority and responsibility for approving the 990 to the finance committee of the board. The 990 is reviewed by the finance committee and is discussed at a finance committee meeting. After review and approval by the finance committee the 990 is filed.”

“Annually, in october, each trustee is required to complete forms disclosing any conflict or potential conflict. The forms are reviewed by the assistant to the president. Any disclosed conflict or potential conflict is then reported to the president and the chair of the board of trustees. The policy also requires trustees to disclose conflicts or potential conflicts at the earliest practical time.”

“The human resource department does benchmarking studies of all positions using industry data of similar sized institutions. These benchmarks are used along with employee evaluations to determine compensation of all staff including officers and key employees.”

“All information is available upon request. Form 990 is also posted annually on guidestar's website. The 990 is public information through the michigan attorney general's office.”

“Compensation reported on part vii of the 990 is based on calendar year compensation using a cash method of reporting as required by the irs instructions for form 990, part vii. Compensation reported on the functional allocation schedule on part ix is reported on the accrual basis of accounting for the fiscal year and includes all forms of compensation to officers, directors, trustees and key employees as required by the irs instructions for form 990.”

“Letter of credit fees: program service expenses 0. Management and general expenses 49,727. Fundraising expenses 0. Total expenses 49,727. Bad debt - business office: program service expenses 0. Management and general expenses 10,000. Fundraising expenses 0. Total expenses 10,000. Speakers & programs: program service expenses 64,708. Management and general expenses 0. Fundraising expenses 0. Total expenses 64,708. Prof & contractual: program service expenses 2,123,219. Management and general expenses 416,951. Fundraising expenses 20,042. Total expenses 2,560,212.”

“Change in valuation of split-interest agreements 159,296.”

“Olivet college has a committee that assumes responsibilty for oversight of the audit of its financial statements and selection of an independent accountant. This process has not changed from the prior year.”

“Employer identification number: 38-1459365 for the year ending june 30, 2014 olivet college, hereby elects, pursuant to irc sec. 168(k)(2)(d)(iii), not to claim the additional 50% depreciation allowable under irc sec. 168(k) for the following qualifying property placed in service during the tax year ending june 30, 2014. All property in the 3, 5, 7 & 15 year class. See attached form 4562.”