Rockhurst University

“An independent accounting firm prepares and reviews the 990. The 990 is then reviewed by university management and accounting personnel. Any questions or concerns that university management and accounting personnel have are addressed and any corrections or clarifications are made. The draft version of the 990 is then provided to the audit committee of the board of trustees for review. Any questions or concerns that the audit committee members have are addressed and any corrections or clarifications are made. An electronic copy of the final form 990 with all required schedules is provided to all members of the board of trustees prior to filing.”

“A copy of the conflict of interest policy is provided at the time of hire for faculty and administrative staff, and thereafter is available on the university's intranet site. Members of the president's cabinet must sign an annual conflict of interest statement. In the case of the board of trustees, a copy of the conflict of interest policy is provided at the time of election, and thereafter on an annual basis. Each june trustees, officers, key employees and highly compensated employees are also required to complete annually a disclosure statement regarding business and family relationships, related persons and activities. The completed disclosure statements are reviewed by university management and accounting personnel, and are kept on file in the university's office of finance and human resources. If an interested party is an employee, a member with oversight of the department employing the individual shall make a determination as to whether a conflict exists and implement the appropriate safeguards and conflict management plan to protect the university and the parties, including notifying the board of trustees if the interested party is an officer, trustee or member of a committee. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the board of trustees or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists. If the governing board of trustees or committee has reasonable cause to believe an interested person has failed to disclose actual or possible conflicts of interest, it shall inform the interested person of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose. If, after hearing the interested person's response and after making further investigation as warranted by the circumstances, the governing board of trustees or committee determines the interested person has failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action.”

“The executive committee of the board of trustees determines the annual compensation for the university president. The president's compensation is compared to available salary data for a benchmark group of thirty peer institutions. The terms of the president's compensation are documented in a written employment contract on file in the university human resources department. The university cabinet and president make an annual recommendation to the board of trustees for any salary adjustments for faculty and administrative staff within the parameters of the annual operating budget. Additionally, officers of the board of trustees annually reviews compensation for the key employees of the university and compares compensation to appropriate historical and benchmark data.”

“The financial statements, compensation paid to the president's religious order, governing documents, and conflict of interest policy are available upon request.”

“Unrealized gain on interest rate swap agreements 155,230.”

“No change from prior year.”