Lindenwood Education System

“The university amended its by-laws in 2021 to officially change its name to lindenwood university.”

“Information needed to complete the form 990 is compiled by the accounting department and the return is prepared and signed by rubinbrown llp. The completed 990, including required schedules is provided to the board of directors before filing.”

“Prior to a trustee action on a contract or transaction involving a conflict of interest, a trustee having a conflict of interest and who is in attendance at the meeting shall disclose all facts material to the conflict of interest. A director or committee member who plans not to attend a meeting at which he or she has reason to believe that the board or committee will act on a matter in which the person has a conflict of interest shall disclose to the chair of the meeting all facts material to the conflict of interest. A person who has a conflict of interest shall not participate in or be permitted to hear the board's or committee's discussion of the matter except to disclose material facts and to respond to questions. A person who has a conflict of interest with respect to a contract or transaction that will be voted on at a meeting shall not be counted in determining the presence of a quorum for purposes of the vote.”

“Compensation for the president is fixed by a five year written contract containing a fixed rate of pay over the five year term. No additional bonuses, incentive payments, or other compensation is paid in addition to the contractual sum. Any changes in the salary amount is handled via an amendment to the contract, which would have to be approved by the board of directors. The amount of compensation is determined by a compensation committee, appointed by the chairman of the board. This committee consisted of board members with various professional, legal, and business backgrounds. The compensation committee determines the salary parameters based on an extensive review of salaries and compensation paid presidents of other similarly sized universities, including data from the carnegie classifications published in the chronicle of higher education. Negotiations between the committee and the president lead to a draft contract that is submitted to the lindenwood university board of directors executive committee for review, comment, and oversight instruction. Changes, modifications, and recommendations from the executive committee lead to further negotiations with the president in order to implement their recommendations. The final contract draft is then submitted to the full lindenwood university board of directors for approval. The lindenwood university president reviews benchmark compensation data relative to internal and external peers. Those findings, coupled with an evaluation of overall work performance are used to determine annual salaries of key employees within the university.”

“The organization's governing documents, conflict of interest policy and financial statements are not made available to the public at this time. The university will provide a copy of the irs form 990 upon written request to the university.”

“Change in value of split-interest agreement 45,196. Impairment loss -3,513,881.”

“There was no change from prior year.”

“Subsequent to june 30, 2021, the university reached an agreement to sell its belleville campus. As a result of the sales transaction, management recorded a non-cash impairment charge on the long-lived assets associated with the campus at june 30, 2021.”