Carleton College

“The college's executive committee includes the chair of each board committee and the president. Between meetings of the board of trustees, the executive committee shall have general supervision of the administration and property of the college except that unless specifically empowered by the board of trustees to do so, it may not take any action inconsistent with a prior act of the board of trustees, alter bylaws, remove or appoint the president of the college, or take any action which has been reserved for the board.”

“Management presented the form in its entirety to the audit committee of the board of trustees prior to submitting it to the irs. The form 990 is also included on the college website and provided with the board materials for all board members to reference.”

“Officers, trustees, and key employees are required to annually disclose interests that could give rise to conflicts. Interests include related party relationships, substantial business or investment holdings and other transactions or affiliations with businesses or other organizations. Transactions with parties with whom a conflicting interest exists may be undertaken only if all of the following are observed: 1) the conflicting interest is fully disclosed; 2) the person with the conflict of interest is excluded from the discussion and approval of such transactions; 3) a competitive bid for comparable valuation exists; and 4) the audit committee of the board of trustees has determined that the transaction is in the best interest of the organization. Individuals with an identified conflict of interest are restricted in how they are allowed to proceed with the transaction. The individuals are allowed to participate in the discussion, but not allowed to vote on the transaction.”

“The president's compensation is determined annually by chair of the board and reviewed by the human resources subcommittee and the executive committee of the board of trustees. The review compares data from 25 of the college's peer institutions, as well as utilizing various salary surveys. Every third year the college uses an independent compensation consultant to conduct the review. A formal review of compensation is conducted annually. The review compares data from 25 of the college's peer institutions, as well as utilizing various salary surveys. The college uses the process to review the following positions: vice president & treasurer, vice president of development and alumni relations, vice president & provost, vice president & dean of admissions, vice president of student life & dean of students, chief of staff, vice president for inclusion, equity, and community, and chief investment officer. The president submits salary recommendations for the vice presidents, the chair of the investment committee submits recommendations for the chief investment officer, & the chief investment officer submits recommendations for the director of investments to both the human resources subcommittee and the executive committee for approval. Every third year the college uses an independent compensation consultant to conduct the review. The process described here was last completed in 2024.”

“Carleton's governing documents, conflict of interest policy, and financial statements are available on the college's website and are available upon request.”

“Net change in value of split-interest agreements -1,924,917.”

“Oversight and selection of an independent auditor is a responsibility of the audit committee of the board of trustees.”