The King'S University

“The Form 990 is prepared by an independent CPA firm and is first reviewed by the Director of Finance and President. A full copy of the 990 is then provided to the board members prior to being filed.”

“The conflict of interest policy requires each trustee to disclose actual or possible conflicts of interest on an annual basis. The Executive Team, which consists of the President and two Vice Presidents, evaluates each disclosure to determine if an actual conflict exists; in the case that a member of the Executive Team is involved in the disclosure, the Board will make the determination. Following the disclosure, the responsible person recuses him or herself from the discussion and vote on the transaction or arrangement involving the possible conflict of interest. The Chairperson has the authority to appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. After excercising due diligence, the Board and/or Executive Team shall determine whether the university can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest.”

“Compensation for the President and other officers is determined by the Executive Committee of the Board. Comparability data is examined annually, including Form 990s from similar universities. Compensation deliberations are recorded in the board minutes.”

“The organization's conflict of interest policiy and financial statements are available upon request.”

“The Board of Trustees assumes responsibility for oversight of the audit of its financial statements and selection of the independent accounting firm used.”