Drake University

“The executive committee shall be chaired by the board chair and shall include all committee chairs and the president. The executive committee is empowered to provide general supervision of the administration and property of the university between meetings of the board, except that, unless specifically empowered by the board to do so, it may not take any action inconsistent with a prior act of the board, award degrees, alter bylaws, locate permanent buildings, remove or appoint the president, or take any other action which has been reserved by the board. The executive committee shall meet when called by the board chair. A majority of the members of the executive committee shall constitute a quorum for the transaction of business. Minutes of the meetings of the executive committee shall be taken and shall be distributed promptly to all trustees following each executive committee meeting.”

“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. It will be determined whether conditions or restrictions, if any, should be imposed to manage, reduce or eliminate such conflict of interest. The proceedings are recorded in the audit committee's meeting minutes.”

“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. 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. Annually the director of 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. 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 split interest agreements -269,652. Change in postretirement benefit plans 1,155,138.”

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