Madonna University

“The sole member of the corporation is felician services, inc., an illinois not-for-profit corporation. It has the authority to appoint, elect, remove with or without cause or determine the number of trustees of the corporation after consultation with the madonna university board of trustees.”

“Felician services, inc. Has the sole authority to authorize the corporation to incur any indebtedness (other than trade obligations incurred in the regular course of business) and to approve the purchase, transfer, sale, long-term lease, or encumbrance of any real property owned by the corporation.”

“The 990 is reviewed by the university audit committee and the committee recommends to the board of trustees.”

“Annually the president requires the board of trustees, vice presidents and associate vice presidents to sign a conflict of interest form to disclose any and all areas that could be construed as a conflict of interest. The president reviews each of the forms to identify if any potential or actual areas of conflicts have been disclosed. If potential or actual areas of conflict are disclosed or discovered, the president would ask those individuals to recuse themselves from participating in any deliberations and decisions related to the areas of conflict.”

“The president, as a member of the felician sisters of livonia, the sponsoring body of madonna university, is not compensated. However, a lay equivalent salary is paid to the felician order for services rendered. The salary rate is determined by reviewing salaries paid to presidents at other comparable private and religiously sponsored institutions. For the incoming president, the executive search firm used to hire the new president provided salary ranges for comparable institutions. The chairman of the board then entered into negotiations with the new president to finalize a salary and benefit package.”

“The chief financial officer in consultation with the president reviews compensation based on cupa data for comparable private institutions of size and revenue then determine appropriate pay amounts.”

“Information is made available to the public upon request.”

“The mission of madonna university, a catholic and franciscan institution of higher learning, is to instill in its students christian humanistic values, intellectual inquiry, a respect for diversity, and a commitment to serving others through a liberal arts education, integrated with career preparation, and based on the truths and principles recognized within the catholic tradition.”

“Adjustment of interest rate swap value -450,794 gross inco fm fundraising less contributions -33,418 fundraising expenses for events -79,557 interfund sales transaction eliminated tsf to exp as reduc 310”

“Fundraising expenses for events 79,557 non operating disposition of assets (loss)/gain 3,900”