Drake University

“The board audit committee is charged with review of the form 990 on behalf of the entire board of trustees. Upon completion of the current year's return, finance staff, along with drake's external tax firm, reviewed the completed form 990 with the audit committee. A copy of the complete form 990 was made available to each member of the board of trustees via the board portal prior to filing with the internal revenue service.”

“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 chief financial officer for further review and monitoring as needed. Information reported on the forms is also provided to the audit committee annually for review, assessment, and monitoring as needed.”

“Drake university participates annually in the college and university professional association for human resources (cupa-hr) salary surveys. The administrative salary survey reports base salary information for senior level administrative positions. A peer group of institutions that are similar to and compete with drake university was established for purposes of compensation analysis. Factors included in determining the drake university peer group include: academic programs, enrollment, budget size, student demographics and academic quality. The cupa-hr salary survey tool allows drake to compare base salaries against those reported by peer institutions, thereby providing highly reliable comparable salary information. Drake university also participates in secondary survey sources. Drake participates periodically in a survey of senior positions conducted by an independent consulting company, yaffe and company (yaffe survey). This survey does not target drake's peer group, but provides key information about other contract terms beyond base salary, such as incentive and deferred compensation. It also provides data with respect to benefits such as car allowances, memberships and housing allowances. Annually the director, hr and the chief administration officer develop a communication to the board of trustees compensation committee documenting an analysis of base salary compensation for the president and non-faculty members of the president's council (council). The drake university compensation committee of the board of trustees ("the committee") is an independent body comprised of non-drake university employees. Extensive and complete comparability data exists to meet the requirements of the rebuttable presumption standard of reasonableness for executive compensation as set forth by the treasury department's regulations implementing internal revenue code section 4958. In addition, the university periodically undertakes a review by an independent third-party compensation consultant of all components of the president's compensation, including base salary, bonus structure, deferred compensation, benefits and total remuneration. The committee completes contemporaneous substantiation of its deliberation and decision in the form of an itemized resolution.”

“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 -172,427. Change in value of interest rate swap agreements 1,185,829. Post-retirement benefit plan related changes 452,822.”

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