Lakeland University

“Each board member has one vote. There is a wide variety of background. The board of trustees has fiduciary authority over strategic decision making over the organization. There shall be an executive committee of the board of trustees consisting of the chair, vice chair, treasurer, and secretary, as well as chairs of the finance, infrastructure, & administration, committee, audit committee, trusteeship & human capital committee, and other committee chairs the board may establish. The board may also elect one of its members as an alternate member of the executive committee in place of any absent members, upon request of the chair of the board. The executive committee may exercise all powers of the board in management of the university, except actions in election of officers, filling vacancies in the board or executive committee, and any other matter which the board of trustees expressly orders withheld from the authority of the executive committee.”

“All members of the finance committee are provided with the draft of the 990 before filing for review. Further, the 990 is made available for all board members, published on the trustee portal and notifications are sent to all trustees.”

“The university's conflict of interest policy applies to all of its officers and trustees. The policy requires all interested persons disclose any personal, familial, or business relationships that may give rise to a conflict of interest, as well as any other situation that could affect their independent, unbiased judgement in their decision-making authority and responsibility. The full board reviews all potential conflicts of interest. When a trustee is determined to have a conflict of interest, they must refrain from participating in any discussion or consideration of the interested transaction. Additionally, upon the majority vote of the board or at the request of the board chair, the interested trustee must be excused from the meeting which the interested transaction or conflict is considered and discussed, unless the board requests information for interpretive or special reasons. In the event that the board or executive committee is required to vote on the conflict of interest, the interested trustee shall not be present at the time of the vote. The results of the board's deliberations are documented in its meeting minutes.”

“Lakeland's hr department provides the chairman of the board comparative data. Lakeland's policy and recommendations are reviewed by the chairperson and are discussed with the executive council if necessary. Lakeland's hr department provides the president comparative data and the salaries are reviewed annually through the budget cycle. The process described here was last completed in 2023.”

“The university's financial statements and governing documents are made available to the public upon request.”

“Accretion expense 5,036. Adjustment of actuarial liability for annuities payable -36,939.”