Grand View University

“The articles of incorporation were amended as follows: article ii formatting was changed and the objects and purposes of the corporation were updated. A statement was added to prohibit the conduct of any activities not permitted under section 501(c)(3) of the internal revenue code. Article iv was changed to elaborate on the name of the related southeastern iowa synod. The terms and eligibility of board members was removed. Article v formatting was changed to an outline style presenting the information regarding the board of trustees including number of trustees, members of the board of trustees, election and ratification of trustees, powers, board terms, annual meeting and board officers. Article xiii was changed to state that amendments approved by the board shall not become effective until they have been ratified by the synodical council of the southeastern iowa synod of the evangelical lutheran church in america. The by-laws were amended as follows: article i, section 18, b. Changed from "audit committee" to "audit and compliance committee." other verbiage was changed accordingly and a statement was added that "the audit and compliance committee shall also oversee the system for compliance with legal and regulatory requirements."”

“The synodical council of the southeastern iowa synod of the evangelical lutheran church in america ratifies and approves board members nominated and elected by the board.”

“Grand view's board of trustees delegates the detailed review of the financial statements and form 990 to the audit committee. If necessary, corrections are made following that review. Once finalized, the form 990 in its entirety is made available to the full board of trustees for review for the october board meeting and prior to filing with the irs.”

“Conflict of interest questionnaires are distributed and collected each academic year from the officers, trustees and key employees. Any potential conflicts are disclosed, reviewed by the vice president for administration and finance or designee and reported to the audit committee of the board. When necessary, individuals will abstain from any discussion or vote that pertains to these previously disclosed or newly developed conflicts of interest.”

“The compensation committee of the board of trustees determines the compensation for grand view's president and other officers through a process which includes review and approval by independent persons, comparability data and contemporaneous substantiation of the deliberation and decision. The compensation committee (made up of five board of trustees members with four out of five independent members) meets each year and reviews the following, among other data: president's self evaluation, comparative salary data from both the iowa association of independent colleges and universities and the national yaffe & company executive compensation survey for colleges and universities, comparisons of the president's compensation to the faculty and staff increases, the compensation history of the president, and the employment agreement with the president. A similar process is followed for other officers of the university with compensation packages recommended by the president. Upon deliberation and based on the compensation philosophy adopted by the board of trustees, the compensation committee recommends the compensation of the president and other university officers to the executive committee of the board of trustee. The executive committee reviews and approves, when deemed appropriate, the recommendations of the compensation committee. A summary report is provided annually to the full board of trustees regarding the compensation philosophy, the evaluation of the president's performance and the compensation package of the president and other university officers. The deliberation and decisions of all committees and the board of trustees are documented in minutes taken for all meetings. In preparation for the compensation adjustments effective in january 2014, an independent compensation and benefits consultant was hired in fall 2013 to assist the compensation committee in its duties. Included in the scope of services provided by the consultant was a detailed compensation comparability study using the national yaffe study as a base and then pulling out a sample of higher education entities comparable to grand view university. Upon conclusion of the consultant services, the consultant issued a letter of opinion regarding reasonableness that included the following opinion: "the comparability data attached meets the definition for reasonable compensation and provides appropriate basis upon which the board may rely in establishing, for purposes of treasury regulation subsection 53.4958-4(b)(ii)(b), the rebuttable presumption of reasonableness." the consultant further concluded that compensation provided to the president and other officers was reasonable based on the compensation comparability study.”

“The governing documents, conflict of interest policy and financial statements are available upon request in the office of the controller at grand view university, located at 1200 grandview ave, des moines, ia 50316.”

“Eric burmeister's salary is for teaching, not for services rendered as a trustee.”

“Grand view university engages, equips, and empowers students to fulfill their individual potential and serve society. Committed to the development of the whole person - mind, body and spirit - and to preparing students for successful careers and responsible citizenship both in their communities and in a diverse and changing world, grand view offers a liberal arts education that: *challenges students to inquire with a disciplined and critical mind, communicate effectively, and display an awareness of the global issues that affect us all. *creates a community of learners where differing perspectives are welcome, where friendly interaction is the norm, and where intellectual and personal integrity is expected and modeled. *offers a supportive environment where students can engage in community with others, discern life purpose, and grow in leadership. *affirms christian faith and ethics as a vision for life, a vision that enhances our respect for the diversity and dignity of all people, for relating to others, and for the pursuit of lifelong learning. Informed by its danish lutheran heritage, grand view is a school for life.”

“Unrealized gain on interest rate swap 706,545.”