Concordia College Corporation

“Annually, nine members of the board are designated to serve on the executive committee which has the authority to act as may be necessary on behalf of the board between meetings. All actions of the executive committee are reported to the board.”

“The bylaws of the organization were updated to change the frequency of the election of regents from six years to four years.”

“Voting members of the corporation assembly elect members to the Board of Regents. Voting members are members of the board of regents and one pastor and two lay people from each conference or cluster in the corporate territory which coincides with the membership of the Evangelical Lutheran Church in America in the Eastern North Dakota Synod, the Western North Dakota Synod, the Montana Synod, the Northeastern Minnesota Synod, the Northwestern Minnesota Synod, and the Minnesota counties of Big Stone, Stevens, Pope and Stearns in the Southwestern Minnesota Synod.”

“The Board of Regents has delegated responsibility for review of the Form 990 to the Governance Committee. A public inspection copy of the Form 990 was provided to the Governance Committee of the Board of Regents.”

“The conflict of interest policy is distributed annually to members of the board of regents and to key employees reporting directly to the president. Each of these individuals is expected to annually sign and submit to the secretary of the board a statement disclosing all material financial interest ($10,000 or more), known to the regent or key employee, of the regent, key employee or family member, in any outside entity with which the regent or key employee knows the college has or is considering a transaction or other business relationship. Annual disclosure statements are reviewed by the secretary, submitted to the chair of the audit committee and if a material financial interest is disclosed it may be referred to the board. If it is determined that a conflict of interest exists, the interested regent will be required to leave the meeting prior to discussion of and vote on the proposed transaction or agreement.”

“The compensation for the President is determined in an annual review by the Executive Committee of the Board of Regents. The review includes data from comparable institutions and a defined target within those institutions. The review and recommendation regarding compensation are presented to the Board of Regents for action. The decision is recorded in the minutes of the meeting. The compensation for the vice-presidents is determined in an annual review by the President. The review includes data from comparable institutions.”

“Governing documents and the conflict of interest policy are available upon request. The public inspection copy of Form 990 is also available upon request.”

“Actuarial Adjustment -1,572,573. Cash Surrender Value of Life Insurance 122,857.”

“The selection and oversight process regarding the financial statement audit has not changed from the prior year.”