Beloit College

“The executive committee of the beloit college board of trustees acts as the compensation committee. There are 5 members of this committee, the chair of the board, the chair of the budget committee, and 4 members elected from the full board. The process used to determine the compensation of the president and to review the compensation of the officers of the college is detailed below: 1. Market data from compensation surveys of member colleges of the associated colleges of the midwest/great lakes colleges association (acm/glca), member colleges of the wisconsin association of independent colleges and universities (waicu), and twenty comparative national residential liberal arts colleges beloit uses for a variety of purposes are used to compare the salaries, benefits and other perquisites of the president and officers of the college. 2. The executive committee uses the market data as part of their decision process. Prior to the spring board of trustee meeting the executive committee is also provided with an annual report and reflection on the previous year authored by the president. This is discussed by the executive committee with the president and in executive session at their spring meeting. Following this discussion, the executive committee decides on a compensation proposal to bring to the full board. 3. The executive committee takes their recommendation regarding the president's compensation for review and consideration to the full board also at the spring board of trustee meeting. At this meeting, the executive committee summarizes the president's annual report, their own deliberations, and the argument for the compensation recommendation they are proposing. 4. Once the compensation package is approved, it is communicated to the vice president for human resources and operations who implements the decision for the next fiscal year.”

“Beloit college's form 990 was prepared by an independent certified public accounting firm. A draft of the form 990 was provided electronically to the board of trustees audit committee for review at the april audit committee meeting. The april meeting agenda included discussion of questions or concerns regarding the information contained in the form 990. Once all issues and questions regarding the return were resolved, the form 990 was finalized to incorporate any necessary changes. An updated version was provided electronically to the controller to distribute to the audit committee for additional matters to be addressed and resolved. The finalized version of form 990 was filed with the irs on or before april 15th filing deadline. To respect the wishes of certain donors to remain anonymous, we have chosen not to provide a full disclosure copy of the 990 to the full governing board of beloit college. The board does, however, receive a full report less the donor names and addresses to review. A full disclosure copy, with all donor information, will be filed with the irs.”

“Trustees and officers are required to complete conflict of interest documents annually.”

“The college participates annually in an officer compensation survey conducted by the wisconsin association of independent colleges and universities (waicu), and an annual administrative salary survey conducted by the associated colleges of the midwest (acm) with bi-annual inclusion of the great lakes college assn (glca). The surveys are reviewed as a part of the process for determining encumbent salary increases annually. Additionally, the surveys and independent comparability data from the waicu and acm/glca schools were utilized to determine compensation for hiring executives, officers and key staff to fill vacancies.”

“Audited financial statements are available on the college's web site. Other documents may be made available upon request.”

“Beloit college engages the intelligence, imagination, and curiosity of its students, empowering them to lead fulfilling lives marked by high achievement, personal responsibility, and public contribution in a diverse society. Our emphasis on international and interdisciplinary perspectives, the integration of knowledge with experience, and close collaboration among peers, professors, and staff equips our students to approach the complex problems of the world ethically and thoughtfully.”

“Change in value of split-interest agreements -1,483,060. Change in value of beneficial interest in perpetual trusts 42,429. Interest rate swap loss -1,384,942.”