Northwestern College

“Drew Vogel (Board Secretary) serves as a board member of Iowa State Bank, with which the college holds bank accounts. Drew Vogel (Board Secretary) is a stockholder of Diamond Vogel Paint, which furnishes paint and painting supplies to the college in the value range of $10,000-20,000 in the normal course of business. Amy Van Es (Board Member)-father Dale Den Herder, owns a majority interest in AmBank Company. Within that ownership are several trusts, whereby Amy is one of the beneficiaries of two of those trusts. The College had $35,132,634 invested with American Investment and Trust, a company of AmBank. Kent Wiersema (Key Employee)-wife Amy works at the college in the admissions office with a compensation of approximately $45,000. Michael Andres (Board Member) is the faculty representative.”

“The Form 990 is prepared by the Senior Accountant, reviewed by the Comptroller, Vice President for Finance and Operations and the President. The form is then made available to the Finance Committee. Once the Finance Committee approves the Form 990, it is made available to the Board of Trustees for their review prior to submission of the Form 990 to the IRS.”

“Detailed conflict of interest questionnaires are provided annually to the trustees, officers and key employees. The questionnaires are then reviewed by the Finance Committee of the Board for any possible conflicts. The procedure requires specific areas to be addressed at a minimum, the specific concerns to be addressed individually and acted upon. Minutes are required of the Finance Committee for any and all actions with regard to any conflict of interest proceedings.”

“The Associate Director of Human Resources does market surveys, uses data for college and universities from CUPA, CCCU, IAICU and uses local or regional data that is relevant. The Associate Director of Human Resources prepares a summary showing current salary, prior salary, market survey data, current pay range and market comparisons to current pay and pay range. The summary is reviewed by the Executive Committee, which functions as the compensation committee of the Board of Trustees. Based on the above data the Executive Committee establishes reasonable compensation for officers, trustees and highly compensated employees.”

“The governing documents and bylaws are available on the Iowa Secretary of State website. The conflict of interest policy is in the trustee handbook along with the faculty and staff handbooks and are available upon request. The financial statements are made available to the community through a published and annual report and the Form 990 is made available on the web at Guide Star website as well as upon request.”

“Computer Equipment Capitalized - $137,208; Books - $16,443; Other Equipment Capitalized - $43,943”