Alverno College

“This college is owned and operated as a sponsored ministry of the school sisters of st. Francis of st. Joseph's convent, milwaukee, wisconsin, inc., a religious community of the roman catholic church, by virtue of the college having been organized, governed, and operated by such religious community and members of such religious community composing the membership of the college.”

“The college shall have members of no fewer than three (3) in number or more than six (6) in number. They shall be the provincial team and treasurer of the school sisters of st. Francis, united states province. The board of trustees shall consist of not less than fifteen (15) nor more than forty (40) trustees as determined from time to time by the board of trustees with the approval of the membership.”

“See bylaws. The members shall have the following powers and duties: a) to adopt or change the mission and to safeguard the purposes of the college, to annually meet with the board of trustees and review the functions of the board of trustees and the operations of the college in accord with the school sisters of st. Francis philosophy, values and heritage. B) to appoint six (6) trustees to the board for terms of three (3) years. C) to appoint a school sister of st. Francis to the committee for the selection of the president of the college, and to approve the slate of nominees for the position of president of the college. D) to approve any amendments, restatements or modifications of the articles of incorporation and the bylaws of the college. E) to approve the college's establishment of another corporation, endowment, foundation, or trust, and to approve such organization's articles and bylaws. F)to approve any contract undertaken with a management firm for general administration services or full operation of the college. G) to establish the guidelines and to annually approve the operating and capital budgets of the college. H) to approve the auditing firm for the college and any of its affiliated entities, and to accept the audit report. I) to approve the purchase, sale, lease, transfer, or mortgage of any real property of the college. J) to approve all debt obligations of the college in excess of a threshold established from time to time by the members. K) to approve all major fund drives l) to approve the merger, consolidation, or dissolution of the college and to approve the plan for such disposition as proposed by the board of trustees.”

“Our standard procedure before filing the form 990 is to present to the audit committee for review and approval. Upon final approval by the audit committee, the form 990 excluding schedule b gets final review and approval from the board of trustees before being filed with the irs. Due to time constraints in order to appropriately file by the extended due date, the form 990 will be reviewed by the audit committee and the board of trustees after the return is filed.”

“A conflict of interest questionnaire is completed on an annual basis and reviewed by both the audit committee and board of trustees.”

“President compensation process: the trustees use the wisconsin association of independent colleges and universities annual executive compensation report as the primary tool in determining compensation. Performance is evaluated on an annual, written basis, and the salary is commensurate with length of tenure and level of performance as measured against established goals.”

“AVAILABLE UPON REQUEST.”

“Other expenses: program service expenses 5,322,340. Management and general expenses 486,573. Fundraising expenses 7,557. Total expenses 5,816,470.”

“Change in value of split interest agreements 46,041.”