Alverno College

“This corporation is owned and operated as a subsidiary 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 corporation having been organized , governed, and operated by such religious community and members of such religious community composing the corporate membership of the corporation.”

“The corporation 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 corporate membership.”

“See bylaws. The corporate members shall have the following powers and duties: a) to adopt or change the mission and to safeguard the purposes of the corporation, to annually meet with the board of trustees and review the functions of the board of trustees and the operations of the corporation 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 coporation. E) to approve the corporation'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 corporation. G) to establish the guidelines and to annually approve the operating and capital budgets of the corporation. H) to approve the auditing firm for the corporation 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 corporation. J) to approve all debt obligations of the corporation in excess of a threshold established from time to time by the corporate members. K) to approve all major fund drives l) to approve the merger, consolidation, or dissolution of the corporation and to approve the plan for such disposition as proposed by the board of trustees.”

“The 990 goes to the audit committee for review and approval and then it gets final review and approval from the board of trustees before being filed with the irs.”

“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.”