Bethany College Endownment Fund

“The board of trustees consist of at least seven, but not more than nine trustees, the exact number of which is determined by the bethany college board by resolution and elected by the college board at its fall meeting. Included in the number of trustees elected by the board are the following: -the president of bethany college, chairperson of the bethany college board, and the treasurer of bethany college, all of whom serve as ex-officio trustees with one vote each; and, -up to six of the non-ex-officio trustees, some or all of whom may be non-members of the bethany college board.”

“The college reserves the right to amend the trust agreement.”

“The audit committee reviews the form 990 and makes a recommendation to the board of trustees to approve the filing.”

“The conflict of interest policy covers each member of the board of directors and the trustees of bethany college trust. If a person covered under the policy has a significant financial interest, either personal or professional, in any transaction involving the college, or being considered by the college, such person shall, as soon as he or she has knowledge of the transaction, take the following actions: fully disclose, in writing, the precise nature of his or her interest in such transaction(s) to those at the college involved with the transaction(s) and to the chairperson of the board of directors, or board of trustees, whichever is appropriate. The board member, trustee or chairperson may request an opinion on the existence of a conflict from the college's general legal counsel. After having disclosed the conflict, the board member or trustee may decide to decline to participate in discussion of the matter as to which a conflict exists. In such instances, the meeting minutes shall reflect such decision of self-recusal or abstention. Notwithstanding the board member's or trustee's decision to participate in discussion of the matter as to which a conflict exists, that board member or trustee shall not vote on the issue. If the board member or trustee does not decline to participate in discussion of the matter as to which a conflict exists, the chairperson shall, prior to consideration of the matter, and in open session, identify the conflict. The individual as to whom a conflict is identified may then participate in open discussion of the matter if a majority of the members authorize such participation by majority vote. If such authorization is given, the individual shall, nonetheless, abstain from voting on the matter. A board member or trustee who recuses himself or herself from participation in discussion of and voting upon a matter shall not be counted toward a quorum for that vote. If a conflict involving the chairperson is at issue, the vice chairperson shall assume the role of the chairperson in addressing the conflict. All proceedings resulting from potential and actual conflicts of interest are documented in the meeting minutes or as otherwise appropriate.”

“The organization makes its financial statements, conflict of interest policy and governing documents available upon request.”

“Change in funds held by others 267,778.”