Grace Christian University

“Ken kemper (college president) and keith kemper (director) are brothers. Jim velting (director) now deceased, was the uncle of richard velting (chairman).”

“The college's articles of incorporation were amended in the current year to include all associate, bachelors, and masters degrees now offered by the college.”

“A draft copy of the college's form 990 is reviewed and approved by members of management and the finance committee of the board prior to final submission. The final form 990 is available to the full board upon request.”

“Each board member, the college president, members of senior management, employees, and certain volunteers are required to sign the college's conflict of interest statement. The statement must be kept on file and updated annually.”

“Compensation of members of senior management, including the college president is determined annually by the executive committee during the annual budgeting process. Comparable data is considered; however, budgetary constraints generally dictate a limit to compensation levels. The results of this process are documented and maintained in the personnel files of the respective employees.”

“Governing documents, policies and financial statements are available to interested parties upon request.”

“Miscellaneous: program service expenses 48,891. Management and general expenses 67,022. Fundraising expenses 90. Total expenses 116,003. Sports: program service expenses 97,119. Management and general expenses 0. Fundraising expenses 0. Total expenses 97,119. Marketing: program service expenses 95,575. Management and general expenses 0. Fundraising expenses 1,396. Total expenses 96,971. Repairs & maintenance: program service expenses 52,994. Management and general expenses 25,303. Fundraising expenses 0. Total expenses 78,297. Community service: program service expenses 67,258. Management and general expenses 0. Fundraising expenses 0. Total expenses 67,258. Vehicles: program service expenses 9,576. Management and general expenses 46,194. Fundraising expenses 469. Total expenses 56,239. Professional development: program service expenses 10,166. Management and general expenses 28,438. Fundraising expenses 371. Total expenses 38,975. Bad debt: program service expenses 0. Management and general expenses 36,252. Fundraising expenses 0. Total expenses 36,252. Class fees: program service expenses 31,846. Management and general expenses 0. Fundraising expenses 0. Total expenses 31,846. Bank fees: program service expenses 0. Management and general expenses 31,822. Fundraising expenses 0. Total expenses 31,822. Postage: program service expenses 11,511. Management and general expenses 11,865. Fundraising expenses 5,801. Total expenses 29,177. Residence halls expense: program service expenses 25,962. Management and general expenses 0. Fundraising expenses 0. Total expenses 25,962. Events: program service expenses 22,021. Management and general expenses 0. Fundraising expenses 2,424. Total expenses 24,445. Special projects: program service expenses 2,278. Management and general expenses 21,730. Fundraising expenses 0. Total expenses 24,008. Meals: program service expenses 18,762. Management and general expenses 3,893. Fundraising expenses 743. Total expenses 23,398. Consumable equipment: program service expenses 15,365. Management and general expenses 3,184. Fundraising expenses 1,680. Total expenses 20,229. Telephone: program service expenses 15,668. Management and general expenses 3,917. Fundraising expenses 0. Total expenses 19,585. Accreditation expense: program service expenses 18,825. Management and general expenses 275. Fundraising expenses 0. Total expenses 19,100. Dues and subscriptions: program service expenses 0. Management and general expenses 13,518. Fundraising expenses 0. Total expenses 13,518. Publications: program service expenses 0. Management and general expenses 0. Fundraising expenses 10,635. Total expenses 10,635. Financial aid expense: program service expenses 6,184. Management and general expenses 0. Fundraising expenses 0. Total expenses 6,184. Fund development: program service expenses 0. Management and general expenses 0. Fundraising expenses 4,164. Total expenses 4,164. Registrar: program service expenses 813. Management and general expenses 0. Fundraising expenses 0. Total expenses 813.”

“Unrealized gain on beneficial interest 37,492.”

“The finance committee of the college and members of senior management assume responsibility for the annual financial statement audit and selection of the independent audit firm. There have been no changes to this process during the current year.”