St Marys University of Minnesota

“The executive committee has the full powers of the board to take such action as may be necessary or appropriate in the event of an emergency or other exigent circumstances, as determined by either the president or the chair. The committee consists of the chair, the vice chair, the president, the secretary, the treasurer, the chair of each of the standing committees, the immediate past-chair of the board if that person is still serving on the board, and the provincial of the midwest district of the brothers of the christian schools.”

“The de la salle christian brothers (midwest district) are considered members. As an entity, they do not have any voting powers.”

“The president of the university and the provincial of the midwest district of the brothers of the christian schools shall be voting ex-officio members of the board of trustees.”

“Each committee reports its action to the general session of the board of trustees. Committee actions are documented through the minutes of the general session.”

“The finance and audit committee of the board of trustees has the responsibility of reviewing and approving the form 990. After review by the audit committee, the board of trustees receives a copy of the public inspection copy of the form 990.”

“In june of each year, trustees, office holders and committee members disclose in writing: (1) all contracts or business transactions between the university and the trustee, office holder or committee member; (2) all contracts of business transactions between the university and a family member; and (3) all contracts or business transactions between the university and an organization in which the trustee, office holder or committee member or their family member has a material financial interest. All conflicts of interest are reported to the general counsel and the chair of the board. The general counsel shall review the report and then present a report to the executive committee with the details of the conflict of interest and recommendations. Upon receipt of the report from the general counsel, the executive committee shall meet to determine whether a conflict of interest exists or appears to exist. The executive committee shall record a summary of the interest, the determinations made and the actions taken by the committee regarding the possible conflict. The executive committee may take any action it deems appropriate including: 1) finding that the potential conflict of interest is not direct or material and that the university's interests are best served by the trustee's, office holder's or committee member's participation; 2) restricting the trustee, office holder or committee member from attending any meeting or gathering at any time at which the matter in question is discussed; or 3) upon determining that the contract or business transaction is in the university's best interest and is fair and reasonable, approve the proposed contract or business transaction.”

“The board of trustees is responsible for reviewing, assessing, and approving the compensation for the president annually. External counsel is engaged periodically to assist with the assessment of compensation. The president supported by the avp for human resources and chief financial officer is responsible for reviewing, assessing, and approving the compensation of all other positions annually. External counsel is engaged periodically to assist with the assessment of executive-level compensation, defined as cabinet-level positions. Salary survey data from cupa-hr (college university professional association human resources), a national data-base of higher education salary information, is used to assess and establish compensation for employees.”

“The university's articles of incorporation are public documents available from the minnesota secretary of state. The bylaws are available upon request. The conflict of interest policy is available on the university's website. Financial statements are available upon request and through emma (electronic municipal market access).”

“Saint mary's university of minnesota is a private catholic institution that serves about 4,100 students annually. The university offers a comprehensive, personalized education guided by its lasallian catholic heritage. With a wide array of programs for all students at every stage of their lives, from undergraduate to doctorate, saint mary's relevant and reputable programs, real-world experiences, and caring faculty help students achieve their goals. The university has campuses in winona, minneapolis, and rochester. Saint mary's undergraduate liberal arts college offers a variety of majors at its stunning 450-acre winona campus, serving about 840 students. The vibrant college boasts challenging academic programs and traditional residential experience. The schools of graduate and professional programs offer bachelor's completion, master's and doctoral degrees, and accelerated graduate certificate programs, serving about 3,000 students each year. Saint mary's offers flexible course schedules, diverse learning formats, multiple start dates throughout the year, and online programs for working adults, improving access to a quality education for learners at all stages of life.”

“Loss on funds held by others 7,010. Loss on actuarial adjustment -11,539.”

“Neither the oversight process nor the selection process of the independent accountant changed during the tax year.”