Drake University

“The board audit committee is charged with review of the form 990 on behalf of the entire board of trustees. A copy of the complete form 990 is made available to each member of the board of trustees via the board portal. In october 2014, upon completion of the current year's return, business & finance staff, along with drake's external tax firm reviewed the completed form 990 with the audit committee.”

“A conflict of interest form is annually completed by each drake university trustee, officer, and key administrator. The form is collected by the president's office which ensures all requested forms are received. The results are sent to the office of the vice president of finance and administration for further review and monitoring as needed. Drake's external audit firm also reviews forms as part of their annual audit.”

“The compensation committee of the drake university board of trustees, comprised of non-employees of the university, reviews and approves the compensation of the president and other key employees. The committee is provided, by drake university human resources, comparability data from several sources, including the annual survey conducted by the college and university professional association for human resources (cupa-hr). Over 1,000 institutions participated in the survey in the fall of 2013. Results were published in february of 2014. The cupa-hr salary survey tool allows drake university human resources to conduct a survey of salaries limited to drake's peer group. This evaluation is performed annually. The committee maintains minutes of its meeting pertaining to salary decisions and completes contemporaneous substantiation of its deliberation and decision.”

“The organization's form 1023, form 990 and form 990-t are available to the public upon request.”

“The organization's audit report is available on the university's website. The bylaws of the organization are also available on the university's website. The organization's governing documents and conflict of interest policy are not available to the public.”

“Change in value of split interest agreements -66,357. Change in value of interest rate swap agreements 302,210. Postretirement benefit plan related changes 111,250.”

“The process for audit oversight and selection of an independent accountant has not changed from the prior year.”

“All amounts in part v of the various form 8621's should be zero. Due to system limitations, zeros could not be entered in each line. Instead, the software leaves each line blank.”

“Drake university indirectly made transfers of cash to many foreign corporations via partnership investments during the year. Only three of these transfers exceeded the form 926 reporting threshold.”